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After the will is read, the executor must inventory and gather the assets of the estate.The executor must pay creditors, file tax returns and pay any taxes due. Then, he must collect any money or benefits owed to the decedent. Finally, he or she distributes the remainder in accordance with the will.

Notify all creditors. File tax returns and pay final taxes. File the final accounting with the probate court. Distribute remaining assets to beneficiaries. File a closing statement with the court.

Give the house, the land or the business to just one child and make up the difference with a monetary share for the others. Alternatively, stipulate that the asset be sold and the proceeds divided evenly. That way, the one who really wants the asset can buy the others out.

After someone dies, it can be a number of months before the assets are distributed to the beneficiaries. If a Grant of Probate is necessary, the Supreme Court needs to be informed of the current assets and liabilities of the deceased before probate can occur.

After the Grant of Probate has been issued, our Probate Solicitors estimate that for a straightforward estate, it will take another 3 to 6 months before the funds can be distributed to the beneficiaries.

This fiduciary serves under supervision of the court for period of at least 6 months. It takes about 1 to 4 weeks to get someone appointed, so as a practical matter, it will take around 7 months to probate an estate in Arkansas in a best case scenario.

If the estate is small and has a reasonable amount of debt, six to eight months is a fair expectation. With a larger estate, it will likely be more than a year before everything settles.

When the executor has paid off the debts, filed the taxes and sold any property needed to pay bills, he can submit a final estate accounting to the probate court. Once the probate court approves the accounting, he can distribute assets to you and other beneficiaries according to the terms of the will.

Unfortunately, every estate is different, and that means timelines can vary. A simple estate with just a few, easy-to-find assets may be all wrapped up in six to eight months. A more complicated affair may take three years or more to fully settle.

Arkansas Petition For Distribution of Assets of The Estate

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