This pamphlet provides an overview of disclaimers by those who inherit assets they choose not to accept. Topics included cover why a disclaimer may be made and the general rules for making a disclaimer. A link to state-specific information is provided.
Arkansas USLegal Pamphlet on Disclaiming an Inheritance
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The disclaimer must be in writing: A signed letter by the person doing the disclaiming, identifying the decedent, describing the asset to be disclaimed, and the extent and amount, percentage or dollar amount, to be disclaimed, must be delivered to the person in control of the estate or asset, such as an executor, ...
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.
If all inheritors do not agree then the property cannot be sold.
Typically, descendants such as children and grandchildren will be first in line to inherit. If no descendants exist, the property will ascend through the bloodline to the decedent's parents, their parent's children (the decedent's siblings), and descendants of those children (the decedent's nieces and nephews).
Children in Arkansas Inheritance Law If you have a surviving spouse, they will inherit all of your intestate property, which is what remains after dower and curtesy. Under Arkansas law, adopted children have just as much right to their share of intestate inheritance as biological children do.
The Heir Property Act balances the rights of family members who want to retain their land with the rights of family members who want to sell. This became Arkansas law in February of 2015 and took effect January 1, 2016.
These are: The disclaimer must be irrevocable and it must be delivered to whoever has the assets that are being disclaimed or to the executor of the will. The disclaimer must be executed and filed with the appropriate person within nine months following the date of death.
The following are the requirements that must be met for a disclaimer to be qualified: The beneficiary must not have accepted any of the inherited assets prior to the disclaimer. The beneficiary must provide an irrevocable and unqualified (unconditional) refusal to accept the assets. The refusal must be in writing.
