Add a Number Field Legal Arkansas Small Estates Forms For Free

Non-Probate Arkansas Inheritances Any property in a living trust. Life insurance policies. 401(k)s, IRAs, other retirement accounts. Securities in transfer-on-death accounts. Pay-on-death bank accounts. Real estate held by a transfer-on-death deed or beneficiary deed. Joint tenancy real property.

In Arkansas, an estate with property valued at more than $100,000 must go through the probate process. If it is worse less than $100,000 then can go through the small estate process so long as you meet all the requirements above.

Create living trusts To avoid probate, most people create a living trust commonly called a revocable living trust. It is “revocable” because you may revoke it at any time. In a living trust, the trust is the owner of the assets and not you. Thereby, assets in the trust can skip probate.

Listed below are some of the assets that will not have to go through probate and instead go directly to the beneficiaries. Any property in a living trust. Life insurance policies. 401(k)s, IRAs, other retirement accounts. Securities in transfer-on-death accounts. Pay-on-death bank accounts.

The threshold for small estates varies, but it is currently $100,000. If the value of the deceased person's assets falls below this threshold, the process of probate can be simplified by using a small estate administration.

The probate process can change drastically if the decedent dies with a will, as opposed to without a will. If the decedent dies without a will, Arkansas intestate succession laws dictate the distribution of the estate. If the decedent dies with a valid will, the will outlines the distribution of assets.

The probate process begins when the decedent passes away. A petition is filed with the proper court to have probate opened. The next step is to identify the executor or personal representative of the decedent's estate. If there is a Will, an executor will likely be named in it.

In Arkansas, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

If you don't have a Will, the default order of descent goes like this: (1) full blood and adopted children of the decedent, subject to any dower, curtesy, and homestead interest of a spouse; (2) if no full blood or adopted children, then everything to a spouse of greater than three years or half of everything plus ...