When a loved one dies in Arkansas, families often have to deal with the difficult probate process. Probate is the legal method for managing a deceased person’s estate, paying debts, and distributing assets. Whether your loved one had a will or died without one, knowing the steps involved can help lessen stress and ensure you follow Arkansas law.
At Edward O. Moody, P.A., our Arkansas estate planning attorneys can help you deal with Arkansas’ probate process. Speak with us today to get started.
Step 1: Determine If Probate Is Necessary
Not every estate in Arkansas will require you to go through probate. Probate may be avoidable if:
- The estate is valued under $100,000
- It does not include real property
- Assets are held in joint tenancy, payable-on-death accounts, or living trusts.
- The decedent’s property passed directly to heirs under small estate procedures.
If probate is necessary, the process starts in the circuit court of the county where the deceased lived.
Step 2: File a Petition to Open Probate
The process officially begins when someone files a Petition for Probate with the court. This person is often a family member or the named executor. This petition requests:
- Appointment of a personal representative (executor or administrator).
- Validation of the will, if there is one.
If there is no will, the court appoints an administrator and the estate is distributed according to Arkansas intestacy laws.
Step 3: Notify Heirs and Creditors
Once the court appoints a personal representative in your case, it must:
- Notify all of the known heirs and beneficiaries
- Publish a notice to creditors in a local newspaper for two consecutive weeks, allowing creditors six months to file claims
Step 4: Inventory and Appraise Assets
The personal representative must create a detailed inventory of the estate, including:
- Real estate
- Bank accounts
- Vehicles
- Personal property
- Investments
A court usually needs to assess assets for their fair market value. The inventory is then submitted. The court will calculate any estate taxes or fees that apply to your estate.
Step 5: Pay Debts and Expenses
Before distributing assets out of the estate, it must settle:
- Outstanding debts
- Funeral expenses
- Court costs
- Legal fees
- Taxes owed by the decedent or the estate
The personal representative uses estate funds to pay valid claims. If the estate does not have enough assets, Arkansas law sets a specific order for payments.
Step 6: Distribute Remaining Assets
After settling debts and once the creditor claim period ends, the personal representative distributes the remaining assets to heirs or beneficiaries. This is done according to:
- The terms of the will, if there is one
- Arkansas intestate succession laws, if there is no will
Real property transfers may need deeds and other filings with the county recorder.
Step 7: Close the Estate
To complete probate, the personal representative submits a final accounting to the court that includes:
- All income and expenses
- Asset distributions
- Remaining balances
Once all of that is approved, the court will issue an order closing the estate. This officially ends the probate process.
Timeline and Considerations with Arkansas Probate
The Arkansas probate process typically takes six months to one year, depending on:
- Estate complexity
- Creditor claims
- Disputes among heirs
Hiring a probate attorney can help make sure everything follows the rules and cut down on delays. Families should also think about estate planning tools, like trusts and payable-on-death accounts, to make future probate easier.
Learn More About Arkansas Probate with the Assistance of a Skilled Probate Attorney
Probate can seem like a lot to deal with, but you can handle it well with the assistances of a qualified attorney. Don’t hesitate to reach out if you are dealing with the loss of a loved one, or want to pre-plan your future to avoid putting this burden on those you leave behind.
Let the dedicated personal injury attorneys at Edward O. Moody, P.A. review your case. Contact us today for a consultation.