When your beloved family member passes away, the process of receiving assets from the estate can be complex. Your loved one’s estate may end up in Arkansas probate. If so, it could take anywhere from a few months to a year or more to bring everything to a conclusion.
At Rockpoint Probate Funding, we understand the financial stress that waiting for an inheritance can cause. Our company provides cash advances to family members who are working through probate.
Arkansas probate is a necessary legal proceeding, but that doesn’t make living through it any less stressful. Learning more about how Arkansas law affects the probate process can help you make the best decisions in choosing whether to seek a cash advance.
Why Does an Estate End Up in Arkansas Probate?
There are a few reasons an estate ends up in the probate process in Arkansas.
The Decedent Owned the Property Alone
When a person who dies owns property alone, the estate likely will end up in probate. Arkansas Code § 28-1-104specifies situations where the courts will manage probate proceedings.
The courts often will apply intestate succession to the assets. Intestate succession allows a surviving spouse or surviving children who did not have joint ownership of the property to receive the assets based on Arkansas Code § 28-11-307.
A Will Is Available
Even if a will is available for the estate that specifies who will inherit which items, probate could be necessary. The will must go through the probate process because the will alone is not enough to transfer ownership of the property to the beneficiaries.
You would file the will in probate court inside the Arkansas county where the decedent lived.
Can You Avoid Probate?
A living trust can be a key aspect of estate planning and avoiding probate. The living trust follows all the legal requirements in Arkansas for passing assets to heirs.
If your loved one created a living trust before passing away, all the property and assets go into the trust. No assets exist in the person’s name who died. With the assets in the living trust, this trust can then transfer ownership of the assets to the specified beneficiaries. The person who died sets up the living trust to either hold the assets for a certain amount of time or to immediately pass on those assets.
Does a Surviving Spouse Have To Go through Probate?
If you, as the surviving spouse, jointly owned the property and assets with the decedent, probate is not necessary. With joint ownership, the assets automatically pass to the surviving spouse under Arkansas statutes.
How Long Does Arkansas Probate Take?
One reason beneficiaries choose to seek a cash advance is because of the length of time Arkansas probate can require:
- A complex estate that has multiple disputes associated with it can take a year or more to settle.
- A simple estate with no odd situations or contested decisions will still require at least six months to settle in probate. Creditors in Arkansas receive up to six months to make their claims against the estate for any unpaid debts, according to Arkansas Code § 28-50-113.
Arkansas state law gives surviving family members up to five years from the date of the decedent’s death to file a will in probate court.
Complexity of the Estate Plays a Role in the Length of Probate
Arkansas probate cases will involve one of two types of estates based on the value:
- Small estate: A small estate is one where the assets are worth less than $100,000. The distribution of the assets in a small estate often only takes several months, as it involves a less formal process than in a larger estate. To settle the small estate, the personal representative can file a small estate affidavit to transfer ownership of the property.
- Large estate: A large estate would have more than $100,000 in assets. This type of estate must go through the full probate process in Arkansas. Such estates typically have more creditors and heirs, making the process more complicated during the probate court process.
Selecting a Personal Representative for the Estate
The Arkansas court overseeing the probate will select a personal representative for the probate process. This person must take several steps on behalf of the estate, including:
- Notifying any creditors of the death of the person who owned the estate.
- Notifying family members of the death.
- Putting together an inventory of all items that are part of the estate.
- Assigning a value to all the assets in the estate.
- Paying any debts the estate has.
- Filing and paying any taxes the estate owes.
- Paying any costs associated with filing in probate court.
- Selling assets of the estates to cover necessary costs.
- Distributing any remaining assets to the heirs.
- Closing the Arkansas probate process for the estate.
Arkansas Code § 28-48-108 allows for executor compensation for the personal representative. The statute sets a few parameters on the amount of compensation. However, as long as the amount is deemed reasonable by the court, few restrictions exist.
Rockpoint Probate Funding Can Provide Cash Advances During Arkansas Probate
Going through probate can be a stressful, lengthy process. If you are counting on the assets you will receive in the inheritance, you may experience frustration over the delays.
If you need some of the inheritance money now to help with expenses and investments, we can help. At Rockpoint Probate Funding, we provide a practical solution in the form of cash advances to beneficiaries going through the probate process.
Your employment status and credit score play no role in whether you qualify for a cash advance. Instead, we only determine the amount you could receive based on the estate’s value. We never charge hidden fees.
We can talk about your options for an Arkansas probate cash advance to determine whether it’s the right option for you. To discuss your situation for free, reach out to the trusted team at Rockpoint Probate Funding today at (888) 263-8588.
