Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified Arkansas attorney for guidance specific to your situation.
Detailed Answer
1. Intestate Succession under Arkansas Law
When a person dies without a will in Arkansas, their property passes by intestate succession. Arkansas Code § 28-9-205 outlines the order of heirs. If the only heirs are a surviving spouse and children, each child (including minors) inherits an equal share of the decedent’s estate. Minors’ shares do not go directly into their hands until they reach adulthood.
Read the statute: Ark. Code Ann. § 28-9-205.
2. Appointment of a Conservator for the Minor’s Estate
The probate court must appoint a conservator to manage any inheritance owed to a minor. The conservator holds legal title, invests responsibly, and uses funds for the minor’s benefit. Arkansas Code § 28-65-201 governs this process and requires the conservator to post bond and file annual reports.
Read the statute: Ark. Code Ann. § 28-65-201.
3. Utilizing the Uniform Transfers to Minors Act (UTMA)
Arkansas adopted the Uniform Transfers to Minors Act, Ark. Code § 28-62-101 et seq. Under UTMA, a custodian can receive and hold gifts (including inheritance) up to $5,000 without court approval. Funds over that threshold require court supervision or formal conservatorship. The custodian manages and invests assets until the minor turns 21.
Read the statute: Ark. Code Ann. § 28-62-101.
4. Limited Release for Minor’s Support and Education
Arkansas law permits guardians or conservators to petition the court for partial releases of funds to pay for a minor’s health, education, maintenance, or support. This ensures that a child’s needs are met without waiting for full distribution at age 18 or 21.
5. Court Oversight and Bond Requirements
Conservators must post bond, file inventories, and submit annual accountings to the court, ensuring transparency and protection against mismanagement. Failure to comply can result in removal and surcharge.
6. Next Steps
- Open probate in the county where the decedent resided.
- Petition the court to appoint a conservator for the minor’s estate.
- Consider UTMA custodianship for small inheritances.
- File annual reports and petition for partial releases as needed.
- Seek legal advice to navigate filings and court requirements.
Helpful Hints
- Begin probate promptly to protect the minor’s share.
- Gather asset information: bank statements, real estate deeds, investment accounts.
- Prepare to post bond when you apply as conservator.
- Keep detailed records of all expenditures and investments.
- Review annual account filings before court submission.
- Discuss UTMA options for smaller inheritances to avoid formal conservatorship.
- Consult an Arkansas probate attorney to guide you through court procedures.