Arkansas Probate | Arkansas Inheritance Advances
Arkansas law requires probate, a judicial process that verifies a person’s will after they pass away. Probate falls under the jurisdiction of the state’s 28 probate courts, each representing a circuit. These Arkansas probate courts collect all assets and belongings into a formal estate, determine recipients and distribute the estate accordingly. Barring a few exceptions, all Arkansas estates must complete the probate process before heirs can receive their rightful inheritance.
Is Probate Required in Arkansas?
Arkansas requires probate for an inheritance if the person who died was the sole owner of the property.
How Do You Avoid Probate in Arkansas?
You can avoid your estate falling into probate by opening a living trust for the assets your heirs will receive. Alternatively, you could open a life insurance policy, retirement plan or bank account with predetermined heirs and a pay-on-death policy.
How Long Do You Have to File Probate After Death in Arkansas?
In Arkansas, an heir must submit a will to their circuit’s probate court within five years of the person’s death.
What Happens If Someone Dies Without a Will in Arkansas?
The Arkansas probate court will appoint an executor or personal representative to manage and disperse an estate if there is no will. The appointee is usually an adult child or surviving spouse who becomes responsible for dividing and distributing the assets as necessary.
Does Arkansas Have an Inheritance or Estate Tax?
Arkansas does not charge an inheritance or estate tax. However, local and federal laws will apply if you collect an Arkansas resident’s estate but live in another state. This means out-of-state heirs may have to pay estate taxes on the real estate they inherit. Any applicable taxes must be paid before beneficiaries can receive their inheritances.
Arkansas Inheritance Law for Spouses
A spouse may be appointed the personal representative or executor if their partner passes away without a will. Additionally, a spouse will inherit 1/3 of any real estate if the deceased has children or other descendants. The children or descendants will inherit the other 2/3. Spouses also inherit 1/3 of any personal property.
If there are no descendants and the marriage lasted at least three years, the spouse inherits all real estate and personal property. The spouse inherits half of all real estate and personal property for marriages of less than three years.
Delays to Your Inheritance in Arkansas
The probate process involves numerous interworking parts. It often takes heirs over a year to access their inheritances. The average probate completion time in the United States is nearly 18 months — Arkansas follows similar trends. Additionally, delays occur on occasion. The probate process causes some heirs to wait upward of three years for their inheritances.
Access Your Inheritance in Arkansas Immediately
Arkansas heirs awaiting their inheritances can expedite the process by requesting an inheritance advance from Inheritance Funding Company, Inc. (IFC). Because an inheritance advance is not a loan, you’ll never be personally responsible for repayment. You can receive a small or large portion of your expected inheritance in as little as 24 hours. We guarantee the fastest inheritance collection at the lowest price available.
IFC offers the best way for you to collect your inheritance fast. We’ve been in business since 1982 and have advanced hundreds of millions to heirs just like you. Our friendly staff will be more than happy to answer any and all questions you may have about the Arkansas probate process.
Are you ready to get started with Inheritance Funding? You can request a free quote and consultation when you fill out the contact form below. Get in touch with our team today to access your inheritance as quickly as possible!