Wills & Why We Need Them

WILLS & WHY WE NEED THEM

     No one wants to think about it, but our time on this earth is very limited.  We can't predict how or when our lives will come to an end.  For that reason, every person, especially those with children, should begin thinking about the future and make plans to ease the burden for their family.  A Last Will and Testament (a "Will") is a document that can relieve some of these burdens and ensure your last wishes are carried out. 

     A Will is the simplest part of an estate plan that specifies and controls the disposition of your property at your death.  A Will is a legal document that is drafted during your lifetime that can address several issues including but not limited to:

• Property and asset distribution;
• Naming the person who will handle your affairs; and
• Naming legal guardians for your children.

     In the absence of a Will, Arkansas law deems that person to have died "intestate" and your property and assets will be distributed according to Ark. Code Ann. § 28-9-214 and § 28-9-215.  If any of the family members listed under these statutes cannot be found, your property will ultimately be given to the county where you resided at your death.  See Ark. Code Ann. § 28-9-215.  Moreover, the court will be in charge of naming who administers your estate and naming a guardian for any minors involved.  

     There are positives and negatives to every type of estate planning but a Will is a safety net to ensure your family, favorite charities, or friends receive your property and assets the way you intended.  Of course, there are several formalities and hoops to jump through to ensure a Will is effective but I'll save that for an upcoming post.