How to Determine if Other Creditors or Lienholders Could Have Claims to Surplus Funds in AR
Detailed Answer When a sheriff’s sale yields surplus funds—money remaining after sale costs and secured debts are paid—Arkansas law requires the officer to hold these funds and distribute them according to statute. Title 18, Chapter 49 of the Arkansas Code governs this process. You can review the full chapter at Ark. Code Ann. § 18-49-101 […]
Read article →What Steps Are Needed to Identify and Resolve Hospital or Insurer Liens Before Disbursing Settlement Funds in Arkansas (AR)?
Detailed Answer Before you disburse any settlement funds in Arkansas after an injury case, you must locate and clear all hospital or insurer liens that have attached to those funds. Failing to resolve liens can expose you to double liability and delay client payments. Below are the essential steps under Arkansas law. 1. Compile a […]
Read article →What is the process and timeline for applying to become the personal representative of an estate in Arkansas?
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed Arkansas attorney for guidance specific to your situation. Detailed Answer In Arkansas, the personal representative (also called an executor or administrator) manages and distributes an estate according to the will or state law. Below is a step-by-step overview […]
Read article →What options exist for establishing authority over an elderly heir’s personal and financial decisions in Arkansas?
Detailed Answer In Arkansas, you can protect an elderly heir’s interests through either a Power of Attorney or a court-appointed Guardianship and Conservatorship. Each option serves different needs and carries unique requirements. 1. Power of Attorney A Power of Attorney (POA) lets a capable individual (the principal) appoint an agent to handle personal or financial […]
Read article →How to Verify if the Decedent Had a Valid Will or Other Estate Planning Documents in AR
Disclaimer: This content is for educational purposes only and does not constitute legal advice. Detailed Answer In Arkansas, finding out if someone died with a valid will or other estate planning documents requires a step-by-step search of the decedent’s records and public filings. Follow these guidelines: Search Personal Records: Begin by reviewing the decedent’s home […]
Read article →What Steps Are Needed to Include Real Property into the Estate Successfully in Arkansas?
Detailed Answer When you create a revocable living trust in Arkansas, you must fund it properly to ensure the trust holds your real property at death. Funding means transferring title from yourself (grantor) to yourself as trustee while you live. Completing each step avoids probate and secures your privacy. 1. Confirm Ownership and Title Status […]
Read article →How can an interested party determine if surplus funds remain after a foreclosure sale in Arkansas?
Detailed Answer Understanding Surplus Funds in Arkansas Foreclosures When a foreclosure sale yields more than the debt, costs, and fees, the remaining funds are called surplus proceeds. Arkansas law directs these excess funds to the former owner (grantor) or any junior lienholders. Key Statutes Ark. Code Ann. § 18-50-113 (Trustee’s duties at sale and distribution) […]
Read article →What rights does a life estate grant to a lifetime beneficiary and how is a remainder interest determined in Arkansas?
Detailed Answer What Is a Life Estate in Arkansas? Under Arkansas law, a life estate grants a person (the life tenant) the right to possess, use, and enjoy real property during that person’s lifetime. The grantor (often via will or deed) creates this interest in compliance with Ark. Code Ann. § 18-12-302. At the life […]
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