Intestate Succession

If you die without a will or without transferring ownership of your assets into a trust then state statute will define who now owns your assets.  This generally means the following with certain exceptions (the marital home etc):

1. Your "legitimate" children get everything.  (love your step-children as your own?  Doesn't matter to the court, if you die intestate they don't take ... until perhaps #8)
2. Your spouse of greater than three years gets everything.  Your spouse of less than 3 years gets 50% of your estate
3. Your parents get everything (or the remaining 50%)
4. Your brothers and sisters get everything that would have gone to your parents were they living (and their descendants).
5. Your surviving grandparents, uncles, and aunts (and their descendants).
6. Your surviving great-grandparents, great-uncles and great-aunts (and their descendants).
7. Your spouse of less than three years - the other half they don't receive under #2 
8. The heirs of your last previous spouse that predeceased you
9. Lastly - if none of the above exist, your estate goes to the county in which you live.  

Sound confusing!?  It IS!  So, if you like this plan - no need for a will .... except that also, your estate will likely be required to put up a "bond" to protect against an executor of your estate absconding with the assets.  This increases the cost of probating an intestate estate.  Most wills include a provision to waive the requirement of bond.  

Holographic?

No, Holographic Wills are not holograms ... at least not yet!

Perhaps at some point in the technological future, we'll be able to video a hologram of ourselves detailing how we desire our property to be distributed upon death and the legal system will accept it.  Perhaps not!

Holographic is the legal term for a Will that is entirely handwritten and signed by the individual who is trying to plan for their death. Arkansas does recognize these as valid in § 28-25-104 of the Arkansas State Code.  

The problem with Holographic wills arrises in that they are exceptionally difficult to prove valid.  

For example, in my own family, a great uncle died years ago leaving only a holographic (handwritten) will detailing his wishes.  This instrument was challenged in court (LEGAL FEES!) (FILING FEES) (TIME) and eventually ruled as invalid.  As a result, my uncle's estate was divided according to the laws of intestacy.  

Now, I was quite young when this happened, so I hold no opinion on the validity of the holographic will in question, but presuming it WAS valid .... my uncle's wishes were not carried out.  Not only did his intended beneficiaries not receive their full inheritance, but the family members that did take through probate had to share the estate with their lawyer!  

Conclusion:  

If you're stuck in your basement/car/boat and a natural disaster/criminal/other prevents you from executing a will with witnesses and a notary and a Proof of Will at your local lawyers office .......

by all means write one up and sign it.  But know, your desired beneficiaries may very well have to overcome a hurdle or two to prove that you really did so!

Assuming you aren't facing imminent death in an extenuating circumstance, its probably worth the effort to go through the formalities of planning your estate with your local attorney.  

Introduction

Good morning or afternoon! Thank you for visiting my corner of the web.

I don't come from a family with a long history of legal employment. In fact, like many of you, I come from a lineage that often wonders if clients can really trust their Legal counsel.

You've probably heard the jokes ....

How do you know when a lawyer is lying?
His lips are moving.

Well I am not THAT lawyer.

This blog is intended as a place for honest analysis and insight into the legal world as it relates to YOU, the everyday client.


DISCLAIMER:
Every set of facts is different. Please be advised that the commentary offered on this blog does not constitute legal advice that you should rely upon when pursuing a claim, defending a claim, or otherwise conducting your business, life, or affairs.