Call today for a consultation 501-588-4451

Robertson, Oswalt, Nony & AssociatesCall today for a consultation
501-588-4451

Robertson, Oswalt, Nony

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.

+

Making a

POSITIVE

Difference In Your Life

What is probate in Arkansas?

On Behalf of | Oct 6, 2021 | Estate Administration

After a person dies in Arkansas, their debts must be paid off and their remaining assets distributed to their heirs. This is known as probate, and it is done under the supervision of a probate court judge.

While every state has its own probate laws, the process tends to be pretty similar across the country. That said, here is a brief overview of how probate works in Arkansas.

Filing in court and naming a personal representative

First, after a person dies, a petition for probate must be filed with the court. The judge will appoint a personal representative to oversee the resolution of the deceased’s estate. Usually, the deceased’s estate plan will name who they wanted for their personal representative (also known as the executor). But if it does not or the person died intestate (without a will), the judge will choose someone for the job.

The personal representative’s responsibility is to settle any debts the deceased owed when they died, pay taxes owed by the estate and distribute the remaining assets according to the deceased’s will (if they left one) or Arkansas intestacy laws. The first step is to make an inventory of the property in the estate: bank accounts, retirement savings, real estate, investments and personal property like vehicles, antiques and collections.

Give proper notice

Once that is done, it’s time to give notice to all potentially interested parties that the deceased has passed away. Typically, this is done by contacting the deceased’s beneficiaries if they did not already know. Creditors are also interested parties. State law requires that the personal representative also pay to put a notice in the newspaper for at least two weeks to let creditors know. Then the creditors have six months to make a claim against the estate.

Taxes, debts and gifts

Meanwhile, the estate may owe income taxes. If it does, the personal representative must file the returns with the state and the IRS. Then, once all taxes and debts are paid off, the remainder goes to the beneficiaries named in the will or trust — or, if the person died intestate, the assets would go to the deceased’s heirs in the order laid out by the law.

Depending on whether the deceased did comprehensive estate planning or not, along with the size of the deceased’s estate, probate can be relatively fast and smooth or take a long time. Fortunately, the personal representative can hire an attorney to guide them through the process.

Archives

findlaw-network
Here when you need help. Call 501-588-4451 to set up your consultation

Hear From Our Clients

“Our attorney showed an immense amount of care while working quickly, efficiently, and effectively… We are back on track in our lives because of you.”