Add Conditional Fields Legal Arkansas Small Estates Forms For Free

If you're looking for a simple way to get a deceased person's property and you qualify to use a small estate affidavit, you should use it. The process is quick and relatively painless. For example, using a small estate affidavit for a bank account can be as simple as filling out a form and giving it to the bank.

Probate assets can include: Real estate and vehicles. Titled assets owned solely by the deceased person will be part of the probate process.

Things that are not a part of the probate estate include property owned jointly by the spouses, beneficiary deeds, transfer upon death accounts, pensions, life insurance benefits, etc. In Arkansas, boats and other vehicles are not considered part of the property that passes through probate.

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).

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 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.

Some ways to avoid probate proceedings in Arkansas include: Using a living trust, Qualify for Arkansas small estate laws, or. Transfer on death designations.

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.

Dying Without a Will in Arkansas The court will then follow intestate succession laws to determine who inherits your assets and how much they get. If there isn't a will, the court will appoint someone, usually an adult child or surviving spouse, to be the executor or personal representative.