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Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys
(479) 443-0062

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Probate

    • What is probate?

    • When an individual dies, that person leaves behind an estate consisting of all assets owned by the decedent at the time of death. Probate is the legal process that ultimately leads to transferring those assets to the intended beneficiaries and/or heirs of the estate.

    • Is probate always required?

    • Formal probate may not be required. In the State of Arkansas, a simplified method of transferring estate assets may be available if the estate value does not exceed that to which the surviving spouse, if any, or minor children, if any, are by law entitled free of debt, as dower or courtesy and statutory allowances OR the value, less encumbrances, of all property owned by the decedent, excluding the homestead of and the statutory allowances for the benefit of a spouse or minor children, does not exceed $100,000.

    • Do all assets go through the probate process?

    • One of the first things that must be done during the probate process is to determine which assets are probate assets and which assets are non-probate assets. Non-probate assets bypass the probate process and may be distributed to the intended beneficiary immediately. Common examples of non-probate assets include:

      • Assets held in a trust
      • Proceeds of a life insurance policy
      • Certain types of jointly help property
      • Assets held in an account with a “payable on death (POD)” or a “transfer on death (TOD)” designation
      • Certain retirement, pension accounts

    • What happens if the decedent did not have a Will?

    • When someone dies without leaving behind a valid Last Will and Testament, the individual is said to have died “intestate.” Dying intestate does not avoid probate. Instead, the assets in an intestate estate are distributed according to the Arkansas intestate succession laws, meaning only close relatives will inherit from the estate in most cases.

    • Who oversees probate?

    • If the decedent left behind a Will, the individual named the Executor in the Will oversees administering the estate during the probate process. If the decedent died intestate, someone may volunteer to oversee the estate administration. If no one volunteers, the court will appoint someone.

    • What are some of the most common steps in the probate process?

    • Although no two estates follow the exact same path through the probate process, there are some common steps, including:

      • Identifying, locating, securing, and valuing estate assets
      • Opening probate –usually in the county in which the decedent was a resident at the time of death.
      • Notifying creditors that probate is underway.
      • Reviewing creditor claims and approving or denying each claim.
      • Calculating and paying any state and/or federal tax due.
      • Transferring the remaining assets to the intended beneficiaries/heirs of the estate.

    • How long does probate take?

    • The amount of time it takes to get through the probate process can vary; however, in Arkansas, it will take at least seven to eight months because creditors have six months to file claims against the estate. Generally, the more valuable and/or complex the estate assets are, the longer it takes to probate an estate.

    • What happens if someone challenges the Will?

    • When the decedent’s Last Will and Testament is submitted to the court for probate, any interested party has the right to challenge the validity of the Will by filing a Will contest. Contrary to popular belief, a Will contest cannot be filed solely on the basis that the contestant is unhappy with his/her inheritance (or lack thereof). If a valid Will contest is filed, the Personal Representative of the estate must defend the Will throughout the ensuing litigation. Basically, the probate process comes to a halt while the contest is litigated. If the contest is successful, the Will is declared invalid, and the court looks for another valid Will or the estate is probated as an intestate estate. If the contest is unsuccessful, probate resumes using the Will submitted to the court.

Contact Us

If you have additional questions, contact an experienced probate attorney at Wilcox Attorneys, PA by calling 479-443-0062 to schedule your appointment today.