Executors are an essential part of the probate process in Arkansas. They oversee the distribution of assets to beneficiaries according to your will and pay off any debts you still owe.
Whether there is a will or not, your estate will require an executor. With a will, you can choose who distributes your estate to beneficiaries. According to SmartAsset.com, the court will appoint someone to be the executor if you neglect to draft a valid will.
Executors can file for simple probate
Arkansas has not adopted the Uniform Probate Code. However, Arkansas allows your executor to file for simple probate if your estate qualifies. To qualify, your estate must be worth $100,000 or less after mandatory payments towards liability, spouses and minor children. Simple probate allows the executor to handle the estate outside of court. If you want the executor to file for simple probate, they need to send a written request to your local probate court and pay a filing fee.
Executors must pay off liabilities
The request for simple probate must include a list of your assets. In addition, the executor must list any people who live on your property. They must also pay any liabilities against your estate beforehand and file an affidavit warning that creditors with unpaid claims have three months to declare. Finally, the executor has 30 days after the affidavit to publish a public filing and death notice. Once executors accomplish all this, they can proceed according to your will.
Choosing the right executor is crucial because they must meet several filing deadlines. Find someone you can trust to file the necessary paperwork and handle any liabilities your estate owes.