Inventory of Estate by Personal Representative. This official probate court form is submitted by the personal representative to the court to document the assets and liabilities that are part of the decedent's estate.
Arkansas Inventory of Estate by Personal Representative
Category:
State:
Arkansas
Control #:
AR-B1073
Format:
Word;
Rich Text
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FAQ
Examples could include: If unknown/unspecified debtors arise, the executor can delay settlement for up to six months, whilst the debtor is settled.
In Arkansas, you can use the small estate procedure if the total value of all personal property does not exceed the amount to which the surviving spouse and children are entitled to by law or the value of the property is $100,000 or less, not counting the homestead and the statutory allowance for the benefit of a
How Long Do You Have to File Probate After Death in Arkansas? According to the Arkansas Code, a will must be submitted to the courts within five years of the person's death. The will cannot be used as proof for transfer of title until it has been probated.
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.
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.
When a person dies, his or her property must be collected by the personal representative. After debts, taxes, and expenses are paid, the remaining assets are distributed to the decedent's beneficiaries.
Arkansas law holds that the executor fee should be reasonable, and not exceed certain percentages of the personal property the executor administers: 10% on the first $1,000. 5% on the next $4,000. 3% on the rest.
In Arkansas, the probate process is mandatory for any contested estate, if there are creditors (including a mortgage) and for any estate larger than $100,000. If a person provides written grounds for contest to the court, the will goes through the probate process.