Many people put off the need for a will during their lifetime. If you choose not to create a will, you may assume that your spouse will still be entitled to all of your assets. The truth is, this may not be the case. Take a look at the following information, to learn more. If you’d like to make sure that you’re in control over how your assets are distributed, work with an estate planning attorney to create your will. If you have any questions about how a will gives you control, contact an estate planning attorney.
Without a will in place, you’re not in full control over how your property is distributed. If you choose not to create a will, it’s important to think about a few things. This will help you get a better idea of how your assets will be distributed.
Do you own property jointly with another individual? If so, this person will be given your assets after death. This can be a one way to ensure that your spouse will be given certain property. It’s important to carefully think through this ownership decision because there are pitfalls to joint ownership, even with a spouse.
Additionally, your state laws will determine how your individually owned assets are distributed after death, if you choose not to create a will. You may assume that your spouse will get most of your assets, but this is likely not the case. Many state laws, including Arkansas, ensure that children, even minor children, get a significant portion of an individual’s assets.
Take the time to handle your estate planning affairs so that you’re in full control over how your assets are distributed. By creating a will, you can outline how you wish for your assets to be given away, making it possible for you to leave a large portion of your assets to your spouse.
If you have any questions, or if you’d like to create a will, consult with a qualified estate planning attorney.