The Wright Law Firm For You

How does the probate process differ for small estates?

Probate can feel overwhelming, but there are simplified options for small estates. In Arkansas, a smaller estate may be eligible for an easier probate process, saving time and money. Understanding the distinctions between regular and small estate probate helps beneficiaries manage assets efficiently.

Qualifying for small estate probate

Not every estate qualifies for the simplified probate process. In Arkansas, an estate qualifies as “small” if its value is below a certain threshold, currently $100,000, and it contains no real property. The simplified process may also apply if the decedent’s debts do not exceed their assets.

Simplified affidavit process

The affidavit process is an alternative to full probate for qualifying small estates. It involves submitting an affidavit to the court, which allows the inheritor to collect the deceased’s assets without undergoing a full probate. The entire process usually requires only 45 days after the person’s death. It is far less complex compared to regular probate and avoids much of the cost.

No appointment of an executor

Unlike regular probate, which requires appointing an executor to manage the estate, small estate probate through the affidavit process does not need formal executor involvement. This approach removes the need for court hearings, formal notifications, and multiple filings, making the process much faster and more straightforward.

Reduced court oversight

Small estate probate comes with minimal court involvement. The probate judge may only review the affidavit and related paperwork. This limited oversight speeds up the process and cuts down on expenses. Beneficiaries also benefit by avoiding the formalities of managing ongoing probate requirements.

The simplified probate process works well for estates that meet the size threshold and have straightforward assets. However, beneficiaries should evaluate the deceased’s debts and the types of assets involved. Consulting with a probate attorney can help ensure all requirements are met and protect against potential complications.