Why does probate in Arkansas take so long?

Probate, with or without a Last Will and Testament, will take a minimum of 6 months!

Opening Probate

Opening probate is done by filing a petition with the clerk.  In Arkansas, if nobody objects, a hearing can be done immediately.  However, if any party has entered a demand for notification, then a hearing will happen after about 30 days, delaying the opening of probate by a month.

Advertising and Notification

This is due to the advertising requirement:

Arkansas Code Annotated § 28-40-111 – Notice of appointment of personal representative requires that creditors be given 6 months to present claims to the personal representative for payment.

…all persons having claims against the estate to exhibit them, properly verified to him or her, within six (6) months from the date of the first publication of the notice, or they shall be forever barred and precluded from any benefit in the estate.

Accounting and Inventory

If accounting and inventory is required, there is a 2 month advertising requirement for each accounting.  This doesn’t include the time to prepare the accounting and inventory.  After the inventory is advertised, then it must be approved by the Judge which requires a petition to be entered and and order to be issued by the Judge.  This can add 30 more days if the Judge wants anybody to appear.

The first accounting can be done while the 6 month notification period is running.  So it can overlap that waiting period.

The second and subsequent accounting add 2 months each to the probate.

So, if even one person involved didn’t waive the requirement for accounting, then the Probate is now up to 8 months.

Preparation

Allow another month in here for preparation of documents, inventory, and accounting.  Now the Probate is up to 9 months.

Close

After the advertising period, payment of creditors, inventory, and accounting, a petition to make the final distribution and close the probate can be made.  Getting all of this wrapped up should take about a month.

Overall, the Probate has taken 10 months.  Without inventory and accounting, it can be cut back to 8 months.

Hitches and Glitches

Of course, this is assuming everything goes as it should.  That nobody challenges any part of the process.  That no petitions have to be entered to sell property, and more.

If any of this happens, then it could add more months.

The post Why does probate in Arkansas take so long? appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2IAOvKo


from DeWitt Law Firm, PLLC

Estate Planning Misconceptions – Mistakes that Cost – Part 4

MISCONCEPTION #12: I should just put my children on my accounts and deed.  No!  Only do this if you understand all the negative consequences putting your children on your accounts and deeds has!  Their creditors, predators, and judgments can reach your assets and take them away from you.  Assets you may desperately need in your retirement years.

MISCONCEPTION #13: Estate Planning costs too much.  In comparison to what?  The value of estate planning outweighs the cost in money.  Probate can easily run $3,000 to $4,000 in today’s dollars.  In the future it could cost much more.  The government could decide to bring the estate tax exemption down to low levels and cost you a fortune unless planning was done ahead of time.  What are your personal, financial, and healthcare decisions worth to you?  Do you want somebody you know and trust to be there to manage your affairs and money when the time comes?  The only way to be sure that all of this happens is to have a plan in place.  A plan that includes a Durable Power of Attorney.

MISCONCEPTION #14: I only need a Will.  A Will is only part of an overall plan. A Will only controls the assets listed in it.  A Will (in most states) does not control beneficiary designations.  If you get remarried, or you beneficiary should pass first, you may lose control of hundreds of thousands of dollars of assets!  Also, a Will must go through probate to be validated and the assets distributed. The best insurance is to have a Trust as your primary or fallback plan and as a safety net to catch those assets and distribute them as you want.

The post Estate Planning Misconceptions – Mistakes that Cost – Part 4 appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2K27XQT


from DeWitt Law Firm, PLLC