Arkansas Law Pertaining to Probate Vs. Will

Valid Will

• The Arkansas Bar Association states in its "Senior Citizen Handbook" that a will must be in writing and signed by the "testator, "the person who made the will, in order to be valid. The testator must be at least 18 years old and of "sound mind." Typewritten wills must be signed by two witnesses who will not inherit anything from the estate. Handwritten wills must be entirely in the handwriting of the testator.
  
  

Probate

• Probate is the judicial process by which wills are filed and validated, debts and taxes of a deceased person are paid, and assets are divided as directed by the will, according to Lawyers.com. It can tie up the property for up to a year and drain the estate to pay court fees, attorney fees, executor fees, appraiser fees and other expenses, according to Nolo.com, a free legal information website.
  
  

Ante-Mortem Probate

• In Arkansas, you can present your will to the probate court during your lifetime to prevent people from contesting it after you die.This is called "ante-mortem"--before death--probate. If you change your will in any way, you will have to initiate a new ante-mortem probate.
  
  

Affidavit to Dispense with Probate

• It's possible to avoid probate if an estate is valued at less than $100,000 if there are no claims such as past taxes or unpaid debts against it.
  
  

Avoid Probate with a Living Trust

• One way to avoid the probate process is to establish a living trust, also known as revocable trust. You simply put all your property in a trust, which you--or you and our spouse-- manage as trustee(s). Then you name the people that you want to inherit the property after you die, just as you would do in a will. You still have access to all of your property and you can revoke or change the trust any time you want. Your heirs will not have to go through probate because any property in the trust when you die already "belongs" to them.
  
  

Other Ways to Avoid Probate

• Beneficiary deed: Arkansas law allows you to turn over many of your real and personal property assets to your heirs immediately upon your death, with no need for probate. You must file this deed with office of the county recorder of the county in which the land is located--and you can revoke it at any time.
  
  POD and TOD: Arkansas recognizes Pay on Death (POD) and "Transfer on Death"(TOD) beneficiaries for bank and brokerage accounts. Your beneficiaries can present the proper documents to the bank of brokerage house and get immediate access to the funds upon your death.