If you live in the state of Arkansas and are dealing with probate issue, there are a few things to keep in mind and consider before receiving your inheritance. Probate is the legal process of settling the estate of a recently deceased person with a valid will. Probate law ensures that creditors of the will are paid properly and that assets are distributed to the desired heirs or beneficiaries. Two people are necessary in the administration of the estate: the personal representative and the attorney for the personal representative.
If the deceased person leaves a will, it will most likely name a personal representative. However, if there is no will present, the law provides that the court give preference to relatives and heirs to choose the personal representative.
In the State of Arkansas, the estate’s personal representative will need to fulfill a request for the probate of the will and make sure that the assets are formally identified. Make sure to keep track of time limits for probate, as missing these deadlines can cause delays and other problems, especially with heir loans. The state of Arkansas allows for probate to be petitioned within five years of the testator’s death. The petition requires a name, age, address, place of death of the decedent, date, addresses and relationships of heirs, along with other specific information.
The estate’s personal representative is also accountable for the identification of real estate properties and personal assets of the deceased person. Arkansas requires that the identification process be formalized under oath. Individuals who refuse to appear in court when ordered, or refuse to respond to questions regarding the estate may be held in contempt of court.
Similar to other states, Arkansas does not have a separate probate court to handle estate and will matters, laws and regulations. Instead, the circuit court handles all probate laws. Probate is only possible in Arkansas if it is petitioned within a five year period after the decedent’s death. However, if you are looking for an inheritance advance, the earlier petition filed, the better the chance of the process running smoothly.
The final settlement and accounting of the estate cannot be filed until the expiration date of the time it takes creditors to file a claim against the estate. This time period is generally three months from the first publication of notice, but there are some cases where creditors are given six months. After the final accounting process has been completed, a court hearing must take place to approve the accounting.
Understanding and handling probate laws can be a difficult process to go through because of the intricate details and regulations. If needed, look to an experienced probate attorney in Arkansas that is familiar with the steps and specific state regulations and codes.
Probate Resources- Arkansas
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