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To make a living trust in Arkansas, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trusts beneficiariesthat is, who will get the trust property. Create the trust document.
3. Dower (Curtesy). Arkansas provides the surviving spouse rights to property that the decedent held during their marriage. These rights provide the surviving spouse a fractional interest of that property.
In California, a community property state, the surviving spouse is entitled to at least one-half of any property or wealth accumulated during the marriage (i.e. community property), absent a pre-nuptial or post-nuptial agreement that states otherwise.
Your spouse has the right to use, for life, 1/3 of your real estate. After you die, your children or other descendants inherit the property outright. In addition, your spouse inherits 1/3 of your personal property outright.
Annual trust fees will generally run somewhere between one and two percent of the total value of the assets being administered under the trust. For trusts that are not court-supervised, it is a good idea to set a limit on the trustees compensation in the trust document itself.
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The difference is that a trust is a separate legal entity that holds your assets. Where a will is a document you can create, sign, and stow away, a trust is more involved. You need to specify exactly which assets are to be held in your trust and update your trust if your wishes change.
Spouses in Arkansas Inheritance Law Whether or not you have a will when you die, your spouse will inherit your property through a doctrine known as dower and curtesy. If you have no children or descendants, your spouse automatically inherits half of your real estate and half of your personal property.
Annual trust fees will generally run somewhere between one and two percent of the total value of the assets being administered under the trust. For trusts that are not court-supervised, it is a good idea to set a limit on the trustees compensation in the trust document itself.
The trust takes legal control of your assets, but you are able to continue to use them during your lifetime. Once you die, the assets in your living trust Arkansas, are passed via the trust to the beneficiaries you have named. Trusts provide a wide range of benefits, making them attractive as an estate planning tool.
An Arkansas living trust allows you to transfer your assets into a legal creation called a trust as part of your estate planning process. The trust takes legal control of your assets, but you are able to continue to use them during your lifetime.