Asked by: Paulene Zhokhinasked in category: General Last Updated: 11th January, 2020
What happens if you die in Arkansas without a will?
Correspondingly, what happens to real property when someone dies without a will?
If you die without a will, it means you have died "intestate." When this happens, the intestacy laws of the state where you reside will determine how your property is distributed upon your death. This includes any bank accounts, securities, real estate, and other assets you own at the time of death.
Likewise, how do you settle an estate without a will? If the decedent's estate has no valid will, you must file a petition with the probate court to administer the estate, and other folks who feel they're just as qualified may file a petition as well. If more than one person applies to be administrator, the court decides who gets the privilege.
Keeping this in view, is probate required in Arkansas?
In Arkansas, the probate process is mandatory for any contested estate, if there are creditors (including a mortgage) and for any estate larger than $100,000. If a person provides written grounds for contest to the court, the will goes through the probate process.
What happens to your money when you die?
Any bank account with a named beneficiary is a payable on death account. When an account owner dies, the beneficiary collects the money. If the beneficiary dies before the account owner, the bank releases the money to the executor of the estate who distributes it either according to the deceased's will or state law.