Probate can be a time-consuming and complicated process at times. With the right legal strategies, you can often avoid Arkansas probate. This helps reduce the difficulty of managing your estate after your death. Your beneficiaries will have less stress and you can be assured your assets are distributed the way you want. This can make a major difference across the board, so long as you work with a knowledgeable estate planning attorney.
At Edward O. Moody, P.A., our Arkansas estate planning lawyers know which legal strategies will work in your unique situation. Let us help you avoid Arkansas probate and streamline how your estate works. The right tools can make all the difference, and we’re to guide you through the process. Schedule a meeting today.
What Is Probate and Why Do I Want To Avoid It?
Probate is a process where the court supervises and manages an estate after your death. It helps to validate a will if there is one, or pass the estate through intestacy if not. It can help settle debts and distribute a deceased person’s assets. In Arkansas, probate can be a lengthy process, especially for more complicated estates.
Reasons to avoid probate include:
- Delays in asset distribution
- Court and attorney fees
- Public disclosure of estate details
- Family disputes over assets
Strategy 1: Use a Revocable Living Trust
This kind of trust is a very powerful tool to help you avoid probate. In this process, you transfer ownership of your assets to the trust while you’re still alive. When you pass, the successor trustee takes over without ever needing to involve the court.
This helps avoid probate and also maintains your privacy. It also lets your trustee manage the assets if you become incapacitated before you pass away. This makes it helpful and flexible.
Strategy 2: Use Beneficiary Designations
Many assets can completely skip probate if you designate them the right way. This often applies to:
- Life insurance policies
- Retirement accounts
- Payable on death accounts
- Transfer on death accounts
- Transfer on death deeds
When using this strategy, it is very important to keep your beneficiaries updated when life inevitably changes.
Strategy 3: Joint Ownership with Right of Survivorship
The right type of joint ownership can help you pass things without the need to go through probate. Joint bank accounts or real property often passes this way. However, this can expose that joint owner to your creditors or other legal issues, so it’s important to talk to an attorney first.
Strategy 4: Small Estate Affidavit
Arkansas offers a simplified probate alternative for small estates.
- Eligibility: Estates valued under $100,000 (excluding homestead and exempt property), with no unpaid debts other than funeral costs.
- Process: Heirs can file an affidavit with the court 45 days after death to collect assets without formal probate.
This is a cost-effective option for modest estates with minimal complications.
Strategy 5: Use a Transfer-on-Death (TOD) Deed for Real Estate
Arkansas law allows property owners to record a TOD deed, which names a beneficiary to receive the property upon death.
- No probate required
- Revocable during your lifetime
- Avoids gift tax consequences
This tool is especially useful for passing down a home or family land without court involvement.
Consult an Arkansas Probate Avoidance Attorney for Help with Your Estate Plan
Don’t rely on DIY estate planning tools or strategies, as they’re usually ineffective or invalid under Arkansas law. A little planning now can save you and your loved ones time, money, and frustration during an already difficult time. It is a practical solution to many problems others face when they don’t contact an attorney.
Let the dedicated estate planning attorneys at Edward O. Moody, P.A. review your case. Contact us today for a consultation.