As an Arkansas resident, you need to know which assets will go through probate and which won’t. This knowledge helps you plan your estate effectively and save your loved ones time and money after you’re gone.
What is probate?
Probate is administering a deceased person’s estate. This involves validating the will, paying debts and taxes and distributing assets to beneficiaries. In Arkansas, county circuit courts oversee this process.
Assets subject to probate in Arkansas
Assets solely owned by the deceased without a designated beneficiary typically go through probate. These include:
- Real estate in the deceased’s name only
- Personal property (vehicles, furniture, jewelry)
- Bank accounts in the deceased’s name only
- Stocks and bonds in the deceased’s name
- Business interests
Even with a will, these assets must go through probate for distribution according to your wishes.
Assets that bypass probate
Some assets in Arkansas pass directly to beneficiaries without court intervention:
- Assets with designated beneficiaries (life insurance policies, retirement accounts)
- Property held in joint tenancy with right of survivorship
- Assets held in a living trust
- Pay-on-death bank accounts
- Transfer-on-death securities
These non-probate assets allow quicker access to funds for your beneficiaries and avoid probate-related time and expenses.
Knowing which assets go through probate in Arkansas affects your estate planning strategy. By structuring your assets strategically, you can minimize the portion of your estate that goes through probate. This approach can save your beneficiaries time and money.
Remember, probate laws change over time. While this information gives you a general idea, consult an Arkansas estate planning attorney for specific advice. They’ll help you create a plan that protects your assets and provides for your loved ones efficiently.
Your estate plan should align with current Arkansas laws and your unique situation. An attorney can guide you through the process, ensuring your wishes are carried out and your loved ones are cared for after you’re gone.
