Arkansas Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement

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US-03366BG
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Description

Most states have a statute that requires something to the effect that upon the filing of an account for final settlement by the executor of the estate of a decedent, a citation is required to be filed containing a statement that such final account has been filed, the time and place when it will be considered by the court, and a statement requiring interested persons that are cited to appear and contest the same if they see proper.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Arkansas's probate code requires estates to go through probate if the decedent owned property, had minor-aged children, or bequeathed valuable assets to beneficiaries, whether or not they died without a will.

In Arkansas, whether or not you have a will when you die, your spouse will inherit property from you under a doctrine called "dower and curtesy." Briefly, this is how it works: If you have children or other descendants. Your spouse has the right to use, for life, 1/3 of your real estate.

An executor oversees the administration of the deceased person's estate. This includes identifying and collecting all assets, such as bank accounts, real estate, and personal property, and determining their value. Executors manage the estate's assets until they are ready to be distributed to the beneficiaries.

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.

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.

When should you apply for probate? You can only apply for probate once the estate owner passes on. However, there is no time limit on when you can apply for probate. Keep in mind, though, that execution or administration of the estate is only possible after the grant of probate.

In Arkansas, an heir must submit a will to their circuit's probate court within five years of the person's death.

What happens to a deceased person's estate if you do not go to Probate? If you do not go to probate within 5 years of the decedent's death and there was a last will and testament, then you cannot admit the will to probate, and the estate will pass ing to Arkansas Intestacy Laws.

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Arkansas Release and Exoneration of Executor on Distribution to Beneficiary of Will and Waiver of Citation of Final Settlement