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There are (2) types of probate in Arkansas. One is for a small estate. An estate that qualifies as small is one whose total assets are less than $100,000.00 and has no debts. Those are the (2) main qualifications. Small estate probate can generally be done in a shorter time with less expense.
All other estates that need to be probated go into full probate. Full probate requires the appointment of a personal representative for the estate and will require an Order from a judge to take certain actions and resolve the estate. Either type of estate can be done with or without a Will.
To discuss what options you have in handling an estate contact Harris Law Firm for a free initial consultation @ 501-604-4517.
An estate cannot be probated if it is not filed within (5) years of a person’s death. There are other ways to transfer property after the (5) years.
In Arkansas, transferring ownership of real property requires a deed, filed with the clerk of the county in which the property resides. There are several types of deeds that may be use to accomplish this – Warranty Deed, Quitclaim Deed, Beneficiary Deed, Executor’s Deed, etc. The type of deed that you need depends on the type of transfer.
A Warranty Deed is one commonly used in a sale, particularly involving a realtor and a title insurance company. On a Warranty Deed, the seller warrants that they have clear title to the property.
A Quitclaim Deed is often used for gifts or transfers with little or no money being paid. Family transfers are one of the common uses. A Quitclaim Deed transfers ownership from one party to another, same as a Warranty Deed does.
A Beneficiary Deed gives someone a future interest in a property. This generally means the owner maintains ownership in the property. But on their passing, it goes to the person they list as their beneficiary. A Beneficiary Deed can usually be changed at any time during the Grantor’s (Owner’s) lifetime, unlike other types of deeds.
An Executor’s Deed is one that is used by the personal representative to transfer ownership of property that is in probate.
There are other types of deeds and manners of assuring transfer of ownership of property. Call Harris Law Firm @501-604-4517 for a free consultation to determine what is best for you.