Business & Finance Personal Finance

Procedures for Probate After a Death in Arkansas

    Time Frame

    • In Arkansas, the first time frame to be aware of is five years. That's how long the executor of the estate or other personal representative of the deceased has, from the date of death, to file a petition for probate of the will, which gets the ball rolling. Another deadline is for those who wish to file objections to the intended asset dispersal. Those responding to the required newspaper notice have three months. Those who were directly notified have 45 days.

    Petition

    • The simplest way to begin probate of a will is when an officially designated executor with the will in his possession files petition with the court for official asset dispersal. However, any person holding a valid will from the deceased can initiate the proceedings. The petition for probate should be submitted along with the will and name, place, date, address and age of death, as well as a list of heirs and estimated value of the estate.

    Process

    • The circuit court of the county where the decedent lived has jurisdiction in the matter. After the request for probate is filed, the court determines first that the will is authentic and meets all state tests for probate. If so, the next step is to determine what assets exist and who has claim to them. The executor is required to post notice of the probate proceeding in the local newspaper, as well as serve direct notice to some heirs and creditors. Contesting the will must be done in writing to the court. If no heirs or creditors exist, the process of distributing assets commences.

    Simplified

    • The Arkansas state code allows for a simplified probate process when an estate falls into the "small estate" category as defined by the court. To qualify for this streamlined probate method, an inheritance can be willed by the judge entirely to a surviving widow or minor children if no other claims exist. The other instance that falls within the "small estate" guidelines is when the assets in question do not exceed $50,000, though a mandatory 45-day waiting period is enforced.

SHARE
RELATED POSTS on "Business & Finance"
Can I Fund an IRA if I Have a 403b?
Can I Fund an IRA if I Have a 403b?
How to Raise a Credit Score in a Shorter Time
How to Raise a Credit Score in a Shorter Time
Can I Withdraw From My Pension Plan If I Leave the Company?
Can I Withdraw From My Pension Plan If I Leave the Company?
How to Describe the Curve of Exponential Growth
How to Describe the Curve of Exponential Growth
Government Assistance Pell Grants
Government Assistance Pell Grants
Optometry Scholarships & Grants
Optometry Scholarships & Grants
How to Invest in a Microloan
How to Invest in a Microloan
Most Affordable Place to Live & Retire in the U.S.
Most Affordable Place to Live & Retire in the U.S.
Facts About IRA Saving Accounts
Facts About IRA Saving Accounts
Can You Increase Social Security Benefits by Working After Collecting Social Security?
Can You Increase Social Security Benefits by Working After Collecting Social Security?
The Only Way To Trade Exponential Moving Average
The Only Way To Trade Exponential Moving Average
How to Fix a Bad Credit File
How to Fix a Bad Credit File
Can You Withdraw Funds From a Traditional IRA to Pay Your College Tuition?
Can You Withdraw Funds From a Traditional IRA to Pay Your College Tuition?
How to Open a Free Secured Bank Account Online
How to Open a Free Secured Bank Account Online
Government Grants for Home Improvement for Low Income People
Government Grants for Home Improvement for Low Income People
Does Checking Your Credit Report Lower Your Score?
Does Checking Your Credit Report Lower Your Score?
Legal Consumer Credit Counseling
Legal Consumer Credit Counseling
Reverse Repurchase Agreement Definition
Reverse Repurchase Agreement Definition
How to Calculate Equity Dilution
How to Calculate Equity Dilution
What Effects My Credit Score?
What Effects My Credit Score?

Leave Your Reply

*