Wills are legal documents that take effect after you die. Wills provide instructions about who should serve as your personal representative (called an
executor) and who should receive your assets. Wills also can name a guardian for a minor child and make arrangements for the care of a disabled child or adult. If a person dies without a valid will, Arkansas law determines who inherits the estate.
Living Wills: A Living Will allows you to designate specific treatments that you do not wish to have when you become terminally ill or permanently unconscious. In the absence of a Living Will, your medical provider will provide all treatments deemed necessary to keep you alive, even if the quality of your life will not improve. See the resources below to learn more.
Trusts are estate planning tools that name a trustee to manage a person's
assets during his or her lifetime, and tells the trustee how to distribute
those assets when the person dies. Unlike a will, a trust can reduce or
eliminate estate taxes, and the need for probate court.
The state of Arkansas defines guardianship as a person who has the legal authority to make decisions about a ward's care and in some cases their
property. A ward is a person whom has been appointed a guardian by a court.
A guardianship is not granted unless a prospective ward does not have the mental capacity to make competent decisions about his affairs
Small Estate: Small Estate laws were enacted in order to enable heirs to obtain property of the deceased without probate, or with shortened probate proceedings, provided certain conditions are met. Small estates can be administered with less time and cost.
Probate: Probating a will in Arkansas allows you to settle the estate of your loved one. Probate is the legal proceeding used to validate a will and give authority to the named personal representative, the person who oversees the estate's financial affairs and transfers inheritances to heirs and beneficiaries.