My Parent Died and Named Me Executor of Their Will. Do I Need to Hire a Lawyer?

The death of a loved one is hard on anyone. In addition to making burial arrangements and dealing with the loss, you have been named executor of your loved one’s will. What do you do now?

1. Determine what property was left to be divided. Many things are left in a will that can be addressed by contract or agreement, including:

  • Bank Accounts- Was it a joint account? If so, the survivor on that account usually takes possession without any necessary steps.

  • Check with the bank to see if there was a person assigned as “payable on death.”

2. Stock and brokerage accounts usually have similar provisions that “automatically” transfer property to the designated persons upon death.

3. Motor vehicles and other titled property- In 2011, Arkansas’ Legislature created a similar transfer on death provision for motor vehicles. Contact your local Department of Finance Department to obtain a certificate of beneficiary title.

  • You will need to provide a death certificate

  • The property cannot be subject to any liens or co-owned with another.

If there are smaller items (furniture, clothing, or sentimental items) that your loved one has taken the effort to put in his or her will, those items can simply be divided without court involvement. However, certain items, especially real property, require documents to be executed to transfer. In those cases, you will need some court assistance.

Fortunately… Arkansas has a less burdensome procedure to assist in distributing property that is “less” than a full-fledged probate commonly referred to as a “small estate.”   This is an inexpensive process that avoids the costly and oftentimes lengthy probate procedure.

Some helpful tips when considering this:

  • It applies to estates with property valued less than $100,000.00 in net value. Net value means you would deduct any liens or homestead allowances from the estate’s value.

  • The court will immediately issue documents allowing you to gather and use items of personal property belonging to the deceased.

  • If real estate is involved, you must publish a notice of the death before the property can be conveyed.

  • You must wait 45 days from death before this process can begin.

While the small estate procedure is designed to avoid the costs and time involved, you may still need to seek the advice of an attorney. This is especially the case if real property is involved. Potential creditors and others would need to be given notices that may require some professional guidance. Also, you are in the unfortunate situation where family and heir are fighting over the property, an experienced attorney’s assistance will likely be needed.

 
 

AUTHOR: ERIC SOLLER, STAFF ATTORNEY FOR THE CENTER FOR ARKANSAS LEGAL SERVICES

 
 
Amber Quaid