Arkansas Affidavit by an Attorney-in-Fact in the Capacity of an Executor of an Estate
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How to fill out Affidavit By An Attorney-in-Fact In The Capacity Of An Executor Of An Estate?
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FAQ
If any of these conditions apply, an estate might be able to avoid probate: Total estate value is less than $100,000 (and all debts, claims and any judgments have been paid) No Personal Representative has already been appointed. There is no petition for an appointment that is pending.
The process starts with a petition to the court in the county where the decedent lived at the time of death. The petition, also known as an application, asks the court to appoint an administrator. This is usually done by the person who wants to be the administrator.
If the estate must go through probate, the probate court will legally confirm your appointment as executor with what are called letters testamentary (sometimes called surrogate certificates).
In Arkansas, executor fees are calculated based on a percentage of the estate's worth, with the rate varying depending on the size of the estate. The fees shouldn't be more than 10% of the first $1,000, 5% of the next $4,000, and 3% of the remaining estate balance.
Finally, an executor has the power to distribute what remains of the estate to the beneficiaries. However, the executor cannot independently decide how the estate is distributed. They must follow the instructions in the will or the succession laws of the relevant jurisdiction.
If the court considers that the executor is only temporarily incapacitated, it may order that another person can act as executor while the named executor is incapacitated. If it considers that the incapacity is permanent, it will make a general order allowing another person to take over permanently.
The appointed executor of a will has legal authority and power over the estate of the deceased. They have the power to take control of the assets of the estate, sell property, pay debts and taxes, and distribute property to the beneficiaries.
In Arkansas, executors have a fiduciary duty to act in the best interests of the estate and its beneficiaries. This means they must act with care, loyalty, and impartiality while carrying out their responsibilities. Executors may also hire professionals, such as attorneys or accountants, to assist them in their duties.
