Arkansas Small Estate Affidavit
The Arkansas Small Estate Affidavit is a legal document that is used when a family member passes away with a total estate value of less than $100,000. Using the form replaces the probate process (that takes place through a court of law), which can save the successor (person completing the form) a considerable amount of both time and money.
The document may only be used when a) the Decedent did not leave a will, and b) the estate’s value reflects the definition of a “small estate” provided in state law. That is, as per § 28-41-101(a)(3), the estate “does not exceed one hundred thousand dollars ($100,000)”.
Laws & Required Conditions
Laws: § 28-41-101
Maximum Estate Value: $100,000
Required Conditions: The Arkansas Code (specifically, Title 28, Subtitle 4, Chapter 41, § 28-41-101) notes numerous mandatory conditions regarding the filing of an Arkansas Small Estate Affidavit. That is:
- A personal representative has not been appointed and there is no current petition for their appointment.
- The Decedent’s death was at minimum forty-five (45) days prior to the date of filing the Affidavit.
- The Affidavit, of which must meet all of the requirements stated in § 28-41-101(A)(4), is filed with “the probate clerk of the circuit court of the county of proper venue for administration.”
- Any individual “owing any money, having custody of any property, or acting as registrar or transfer agent of any evidence of interest, indebtedness, property, or right” is furnished with a certified copy of the Affidavit.
- The Affidavit must be duly filed by the clerk, and the Successor must pay any mandatory fees.
- In cases where real property is involved in the estate claim, a notice of the Decedent’s death and the filing of the Affidavit must be published according to the guidelines stated in § 28-41-101(a)(5)(B).