What is considered a small estate in Arkansas?

What is considered a small estate in Arkansas?

The Arkansas small estate affidavit is used to collect personal property of a person who died in situations where the person did not have an estate valued more than $100,000. It cannot be filed until 45 days have elapsed since the death of the decedent.

How much is gift tax in Arkansas?

Arkansas also has no gift tax. The federal gift tax exclusion is $15,000 per year per gift recipient. If you give more than that amount to any one person in a given year, you must report it to the IRS.18 Dec 2018

Are handwritten wills legal in Arkansas?

Handwritten wills are valid, but the entire will must be in your own handwriting. You must also sign it. If your handwritten will is challenged, three witnesses must testify that the will is in your handwriting. You should not have any witness sign your handwritten will.

Does a will have to be notarized in Arkansas?

No, in Arkansas, you do not need to notarize your will to make it legal. However, Arkansas allows you to make your will “self-proving” and you’ll need to go to a notary if you want to do that. A self-proving will speeds up probate because the court can accept the will without contacting the witnesses who signed it.

Does a power of attorney need to be notarized in Arkansas?

Yes. A person or institution can accept and rely on an “acknowledged” (notarized) POA.26 Apr 2018