Detailed Answer
Understanding a Year’s Allowance in Arkansas
Arkansas law grants a surviving spouse and minor children a year’s allowance from the estate’s personal property for their support while the estate proceeds through probate. This allowance ensures basic needs are met for up to one year after the decedent’s death. See Ark. Code Ann. § 28-23-101.
Inventory Requirement for Personal Property
Yes. The executor or administrator must list every personal property asset on the inventory filed with the probate court. Arkansas law requires a full inventory of all estate assets, including personal property, under Ark. Code Ann. § 28-42-101. The court uses this inventory to calculate the value of the year’s allowance.
Types of Personal Property to List
Include cash and bank accounts, vehicles, furniture, jewelry, investments, business equipment and any other movable assets. Do not list real estate in this inventory; real property follows a separate appraisal and distribution process.
How to Prepare and File Your Inventory
Follow these steps to comply with Arkansas probate requirements:
- Gather documents: bank statements, titles, receipts and appraisals.
- Assign fair market values: use recent appraisals or online market data.
- Organize by category: list similar items together with clear descriptions.
- File within deadlines: typically within 60 days of appointment as administrator or executor.
Risks of Omitting Assets
Failing to list personal property can lead to a reduced allowance, court-ordered corrections or personal liability for losses. The probate court may require you to file an amended inventory and could impose sanctions for non-compliance.
Disclaimer: This information is for educational purposes only and does not constitute legal advice. Consult a licensed Arkansas attorney to address your specific situation.
Helpful Hints
- Use spreadsheet or inventory software to track assets and values.
- Maintain photographs or receipts to support your valuations.
- Review local probate court rules for specific inventory formatting and submission guidelines.
- Obtain professional appraisals for items of significant value.
- Contact an attorney if the estate includes complex assets or potential disputes.