Arkansas Elder Law &
THE RAYMON B. HARVEY LAW FIRM
Special Needs Trusts
Three important things to remember about wills:
1. A will is a “naming document.” A will can name who will receive assets when the owner dies. A will can name an executor (or personal representative)-the person who will handle assets subject to the will, the debts. And, a will can name a guardian (for minor children).
2. A will impacts assets included in the “probate estate.” It has no impact on an asset for which a “probate-avoider” such as a beneficiary designation is in effect.
3. A will does not result in avoiding probate. In fact, wills are a central document in many probate proceedings.
A person who dies without a valid will is “intestate.” The intestate person has failed to name who will receive assets in his or her probate estate.