Do I Really Need a Will? What Happens if I Don't Have One?

A will, also called a "last will and testament," can help you protect your family and your property. Many a close family has been divided (many bitterly) over "who gets what" when a loved one dies. "She said I could have her diamond ring". "He said I could have his gun collection". Much confusion and many lifelong hard feelings can be resolved on the front end, simply by designating what property you want to give to what relative/friend/charity.

Even more volatile are the arguments that occur concerning which spouse, step-spouse, former spouse, or relative should continue raising (and be legally responsible for) any minor children after a parent dies. Again, even a simple will can save a lifetime of hard feelings and familial strife.

You can use a will to:

• leave your property to people or organizations
• name a personal guardian to care for your minor children
• name a trusted person to manage property you leave to minor children, and
• name an executor, the person who makes sure that the terms of your will are carried out.

What happens if I die with out a will?

In Arkansas, if you die without a will, your property will be distributed according to state "intestacy" laws. Arkansas's intestacy law gives your property to your closest relatives, beginning with your spouse and children. If you have neither a spouse nor children, your grandchildren or your parents will get your property. This list continues with increasingly distant relatives, including siblings, grandparents, aunts and uncles, cousins, and your spouse's relatives. If the court exhausts this list to find that you have no living relatives by blood or marriage, the state will take your property. This list is further complicated by former spouses, court orders, step-children, in-laws, etc.

The best advice is to meet with a qualified attorney (not all attorneys practice this type of law) and review with him/her what your assets are, and what your wishes are at your death. Most wills are fairly simple and uncomplicated - and thus, less expensive. Some, however, can be much more complicated, need additional trusts, or legal documents, and can be more expensive.

The WORST thing you can do is - NOTHING, especially if you have minor children still at home.