Arkansas Legal Document 5 Star Rating:
When someone in Arkansas dies and the size of the estate is less than $100,000, forty-five days have passed and all claims against the estate have been settled, the estate may qualify for a simplified process for administering small estates. This process requires much less documentation and time on the part of the survivors.
This procedure involves the use of an Arkansas Small Estate Affidavit. An Arkansas Small Estate Affidavit is a sworn statement signed under oath by an heir or heirs of an estate attesting that the estate’s value is worth less than $100,000.
An Arkansas Small Estate Affidavit is a device used to distribute assets that belonged to a Decedent in a summary distribution manner to survivors without full probate administration.
The Arkansas Affidavit of Small Estate is extremely useful when heirs need quick access to the deceased’s bank accounts and securities.
The Arkansas Small Estate Affidavit should be prepared by the executor of the deceased’s will or the person with the most knowledge of the deceased’s assets. If the Decedent dies without a will, then the spouse and heirs must prepare the Arkansas Affidavit of Small Estate.
Information and documentation needed when drafting an Arkansas Small Estate Affidavit:
- Forty-five days have passed since the deceased died.
- An itemized list of the fair market value of the assets.
- Copies of the Death Certificate and social security card.
- Confirmation that the deceased is a former resident of the county in Arkansas.
- The status at death, intestate or testate.
- List of all heirs and addresses for each.
- A list of all unpaid expenses and debts of the Decedent, including funeral costs.
The Arkansas Small Estate Affidavit is used to inform a probate court that a particular estate meets the requirements of Arkansas Small Estate laws. Arkansas caps the value of a small estate at $100,000 in assets.
An Arkansas Small Estate Affidavit is filed in the Arkansas Court where the Decedent lived at the time of death. It can also be filed in any county in Arkansas where the Decedent owned property. The Arkansas Affidavit of Small Estate informs the Court of the value of the deceased’s assets.
Once the Arkansas Affidavit of Small Estate is filed, the Arkansas Court issues an order approving the Affidavit and transferring the property to the heirs.