Living Trust Arkansas

The person creating a living trust in arkansas is known as the grantor.

Living trust arkansas.

Revocable living trust the short definition. When you die and leave. Three questions about living trust in arkansas. The arkansas trust code.

Arkansas does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid arkansas s complex probate process. For now just remember a trust is a way to protect assets and pass assets to others without the need for judges and courts i e. Later in this guide we will go over a more detailed definition of a revocable living trust. A living trust is a trust established during a person s lifetime in which a person s assets and property are placed within the trust usually for the purpose of estate planning.

The grantor can choose which property he or she wants the trust to own and how he or she want the assets to be distributed by the trustee. The arkansas revocable living trust is an entity into which a person places assets in order to avoid the arkansas probate process after they die the grantor creator chooses a trustee to manage all assets within the trust and distribute them to the beneficiaries once the grantor dies. A living trust offers quite a few advantages first and foremost in most states a living trust lets you avoid the hassle of probate. March 21 2012 by audra bailey wilcox leave a comment.

Good law for arkansas lynn foster i. Download the arkansas living trust form which allows a grantor to transfer certain assets or property into a separate entity which is administered by a trustee chosen by the grantor. Arkansas living trusts for married single others. Trusts provide a wide range of benefits making them attractive as an estate planning tool.

The arkansas living trust is a form that allows a grantor to transfer their assets and property to a separate entity to be distributed to a beneficiary upon the grantor s death any interest or income accrued from the grantor s assets may still be distributed to the grantor during their lifetime with a revocable trust. Though a living trust can be used for a range of reasons many people use them in order to avoid the complicated legal process known as probate. What is the main benefit of creating a living trust. Why create a living trust if you already have a will.

The trust is a legal entity whereby a settlor splits the bundle of sticks of property ownership into two bundles responsibility and enjoyment and transfers them to two persons the trustee and the beneficiary. Arkansas has a simplified probate process for small estates. An arkansas living trust is the best way to ensure your most significant property is distributed quickly and easily after your passing.