Avoid Probate in Arkansas
When someone dies owning property – regardless if they have a will or not – that property must go through Probate in Arkansas before it can be transferred to their loved-ones or heirs. Many times people want to Avoid Probate in Arkansas and the hassles that people often complain about.
“What is probate?” you ask. Probate is the legal process of making sure property that is stuck in the name of a deceased person is transferred to the new owners, and taxes and debts get settled. Assuming there’s a will, the Arkansas Probate Court will authenticate it and use it as a guide for distributing an estate. But, having a will does not shorten or Avoid Probate in Arkansas.
Why Do You Want to Avoid Probate in Arkansas?
Probate has strict filing and notice requirements that will keep your family from touching your property for at minimum of 225 days, but the wait often stretches for a year or longer.
What Is the Cost Of Failing to Avoid Probate in Arkansas?
Most people we visit with are aware of probate, but they’re totally clueless about the hidden costs. At Providence we’re constantly searching for new ways to improve your estate planning experience. That’s why we’ve done the research for you and printed the Arkansas probate laws below. Our hope is that you’re able to use this transparent information to make more informed decisions for your family.
Attorneys fees
See, Ark. Code Ann. § 28-48 108(d)(2)
5% of the first $5 thousand;
4% of the next $20 thousand;
3% of the next $75 thousand;
2.75% of the next $300 thousand;
2% of the balance
Executors fees
See, Ark Code Ann. § 28-48-108(a)
10% of the first $1 thousand;
5% of the next $4 thousand;
3% of the balance
Out of pocket costs
$165 court filing fee
$350 newspaper notice
$500 accountant services
Value of Estate
$150,000
$250,000
$350,000
$450,000
Attorneys Fees
$4,675
$7,425
$10,175
$12,800
Executors Fees
$4,350
$7,350
$10,350
$13,350
Out of Pocket
$1,115
$1,115
$1,115
$1,115
Your Costs
$10,140
$15,890
$21,640
$27,265
Value of Estate
$150k
Attorney's Fees
$4,675
Executor's Fees
$4,350
Out of Pocket
$1,115
Financial Impact
$10,140
Value of Estate
$250k
Attorney's Fees
$7,425
Executor's Fees
$7,350
Out of Pocket
$1,115
Financial Impact
$15,890
Value of Estate
$350k
Attorney's Fees
$10,175
Executor's Fees
$10,350
Out of Pocket
$1,115
Financial Impact
$21,640
You read that right. If you have a $150,000 home and $200,000 savings probate can rob your family of $21,640.
$21,640.
Though not for people wanting to minimize front end costs, trusts can often save substantial money for your family on the back end. There’s several types of trusts, and each has its own distinct advantages and disadvantages that you can explore in your initial consultation. In general, trusts are a way to help smooth the orderly transfer of assets, avoid the lengthy probate process, and the accompanying fees and taxes of other arrangements.
Will
Trust
Medicaid Asset Protection Trust
Your Wishes on How to Distribute Estate
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Trust
MA Asset Protection Trust
Probate Avoidance
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Trust
MA Asset Protection Trust
No Cost at Death
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Trust
MA Asset Protection Trust
Wealth Preservation From Rising Costs of Long Term Care
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Trust
MA Asset Protection Trust
Direct Control
Will
Trust
MA Asset Protection Trust
Fixed Fee Pricing
Will
Trust
MA Asset Protection Trust
Schedule Your Initial Consultation Today.
Come on in. Let’s talk. There’s no preparation necessary and you don’t need to bring any paperwork – just bring yourself and your questions. During your consultation, we’ll help you decide which services are right for you and your family. Click below to book your appointment at our Fort Smith office.
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3223 Old Greenwood St, Fort Smith, AR 72903
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