Arkansas

To the best of our knowledge, the information provided below is current and accurate. Always be sure to consult with a jurisdictional authority before using this information to educate or counsel your clients.

State Estate or Inheritance Taxes

Arkansas has no state estate or inheritance tax.

Small Estate Probate

Every state offers a fast track or shortcut for the probate of "small estates." Some assert that probate court is the proper forum for passing a small estate to the heirs, the idea being that if an estate is not valued over a certain minimum threshold, it is too small for serious estate planning.

To be sure, when a state's small estate probate threshold is extremely low, using this shortcut to settle an estate that qualifies may be the obvious choice. However, the small estate probate threshold in some states is substantial, in which case serious issues should be considered before you allow a client to go to the default system of the state court. When small estate probate is appropriate and what the client desires, refer to the following information.

You can use the small estate probate process in Arkansas if:

1. The personal property in the estate does not exceed that to which the widow, if any, or minor children, if any, are by law entitled free of debt, as dower or curtesy and statutory allowances. The probate court can order that the entire estate to the widow and/or minor children.

or

2. The value, less encumbrances, of all property owned by the deceased person, excluding the homestead of and the statutory allowances for the benefit of a spouse or minor children, if any, does not exceed $50,000. There is a 45-day waiting period.

To use the small estate probate process in Arkansas, an executor files a written request with the local probate court asking to use the simplified procedure. The court may then authorize the executor to simply distribute the assets without having to go through probate court proceedings.