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

When Should I Create My Estate Plan?

Even for those who realize an estate plan can benefit them, this realization sometimes comes too late in time — such as when an unexpected death or disability occurs. To avoid the stress of not having a proper estate plan in place, it would be wise to meet with an estate planning lawyer to help you at least draw up a basic estate.

If you look at the picture below, you will see that you have until you are mentally incapacitated by incident, accident, or dementia to create your plan. The only problem is you can’t predict when that moment will arrive.

The best time to create your plan is now.

An unexpected or long-term disability can often have greater consequences on your personal and financial affairs. Decisions such as who will handle your finances, raise your children, or make healthcare decisions on your behalf are extremely important.

Disabilities strike at random and quickly.  One day you may be healthy and the next day something has happened that leaves you out of control of your life.

Disabilities come in many forms.  They are caused by a variety of things.  People have become disabled by falling off a ladder, playing polo, motorcycle accidents, slipping in the tub, just to mention a few.

This doesn’t include medical incidents like heart attacks, strokes, and dementia.

The post When Should I Create My Estate Plan? appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2qWV56j


from DeWitt Law Firm, PLLC

What is an Estate Plan and How Does It Reduce Risk?

Most people think of Estate Planning as just deciding who gets what when. But, planning is much more than just deciding who gets what.

Wikipedia defines it like this

Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax.

That is only partially right.  It is also about protecting you during your lifetime.

Planning is as much about protecting your rights, your family, and your assets during your lifetime as it is about making final gifts.

Estate planning is about protecting your fundamental rights. Your right to make your legal, financial, personal, and healthcare decisions your way.

Planning today is deciding now what will happen tomorrow. You may not be able to predict tomorrow’s circumstances, but you can choose now who will be there for you and how your decisions will be made.

An estate plan is about protecting your dignity and your right to make choices. It is also about deciding who gets what and when instead of letting the state make those choices.

If you do not make your complete estate plan, you are putting yourself in a position where your basic, fundamental liberties you now enjoy can be taken away by complete strangers. Those strangers will ultimately have control of your choices, decisions, rights, and assets.

Estate Plans reduce risk by making decisions now while you are clear headed and rational instead of later under stress and in a reactive mode.  You decide now who will be there for you to manage your financial, legal, and personal affairs instead of letting the Government decide for you.  The Government may appoint somebody that you don’t even know to manage your life for you.

The post What is an Estate Plan and How Does It Reduce Risk? appeared first on DeWitt Law Firm, PLLC.

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


from DeWitt Law Firm, PLLC

Estate Planning Misconceptions – Mistakes that Cost – Part 3

MISCONCEPTION #8: I don’t need a trust because I’m not wealthy.  Completely wrong.  First, you may not consider yourself wealthy, but your family may.  Second, have you added up the value of your estate to find out?  There are reasons other than wealth to have a trust.  Some of the other reasons are you have children with addictions, your children have rocky marriages, or you have children receiving government benefits and don’t want them to lose them.

MISCONCEPTION #9: My spouse gets everything anyway.  Only things owned jointly or setup correctly. If it is an asset or property only in your name, then your spouse doesn’t automatically get the property.  The way to make sure that everything goes to your spouse is by making a plan for the property to transfer properly.  There are a variety of tools that can be used to make sure your property transfers to your spouse.

MISCONCEPTION #10: My second spouse will deal with my children fairly.  Not always.  You trust your spouse.  You think your spouse will do the right thing and leave everything to your children.  But, as soon as you are gone, they rewrite their estate plan and cut your children completely out.  It does happen. I’ve seen it firsthand.  Not much of anything your children can do about it either because you gave everything to your spouse outright.  The best way to make sure what you want your children to have goes to them is with a Trust.

The post Estate Planning Misconceptions – Mistakes that Cost – Part 3 appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2HmXH4q


from DeWitt Law Firm, PLLC

10 Questions You Must Have Good Answers To

1. How can I protect my family, stuff, money, and affairs from possible lawsuits, disability, incapacity, dementia, and court?
2. How can I feel confident my family has what they need when they need it the most?
3. How can I rest assured that sure my loved ones feel less stress in very stressful times?
4. How can I feel secure about my money in case of incapacity, dementia, or worse?
5. How can I feel confident my affairs will be managed properly if I can’t make decisions?
6. How can I protect my children’s inheritance from creditors, predators, and divorce?
7. How can I save my family months of stress, frustration, and aggravation?
8. How can I keep my family out of tiring, prolonged Court proceedings?
9. How can I stop a Judge from making my decisions for me?
10. How can I develop contingencies against the negative events of life?

The post 10 Questions You Must Have Good Answers To appeared first on .

from https://ift.tt/2K6nvnw


from DeWitt Law Firm, PLLC

Separating Myths From Truth

The Story of “Estate” Planning

Myth #1: Wills prevent Probate

Probate means that your family’s assets will be tied up in court for months, if not years.  Not to mention that their private affairs are made public.

Wills are only valid if Probate is opened.

The post Separating Myths From Truth appeared first on .

from https://ift.tt/2HhvfRC


from DeWitt Law Firm, PLLC