First Steps to Take for Probate and Prohibited Conduct
If you have had a loved one that passed away, and if that person had probate assets upon death, then you are likely on the path of needing to probate and administer that decedent’s estate. In beginning probate, one of the first questions that will arise will be “who is going to be the administrator or executor of the estate?” The administrator or executor of the estate will be the person responsible for protecting the assets and administering the estate of the decedent. Once the administrator or executor is appointed by the Court, then the process of estate administration begins. When then faced with the responsibility of handling complex probate matters and estate administration, specifically in Arkansas, it is very important that the administrator or executor proceed with care and follow all legal rules and guidelines. This article outlines essential initial steps and highlights prohibited conduct to ensure that the administrator or executor is in compliance with Arkansas law and properly protects the estate assets.
As Administrator or Executor, What Are My First Steps?
After being appointed as the administrator or executor under Arkansas law, that person should then begin the process of gathering relevant information, protecting the assets, conducting an inventory of the assets, and securing the assets as further described below.
Step 1 – Gather Records – Collect any and all relevant financial information and records. This includes bank statements, mortgage documents, outstanding debts, and any other financial records that can show all money that the estate owns and all debts that the estate may be subject to.
Step 2 – Inventory – Put together a detailed list of ALL items and personal property owned by the decedent either prior to the marriage or acquired by the decedent during the marriage. Include pictures of the items, approximate values of the items, and the current location of all items.
Step 3 – Protect and Secure Property – Make sure that all property is locked, secured, and protected as best as you can. Make sure that all personal property items and assets are kept together in one secure location. This helps to prevent loss or unauthorized access.
Step 4 – Communicate Clearly – Clear communication between you and all others involved (attorney, executor, etc.) helps the process flow more smoothly and quickly.
Step 5 – Maintain Records – Keep detailed records of all communications, transactions, and decisions related to the estate. This helps resolve any disputes that may arise.
Step 6 – Review Documents Thoroughly – Carefully review all legal documents that are relevant to the estate. Ask for clarification on any terms or conditions that are unclear. Do not be afraid to ask questions. It is in your best interest to be fully and properly informed.
As Administrator or Executor, What Conduct Is Prohibited Conduct
Understanding what actions are strictly prohibited under Arkansas law is important to avoid any issues or legal repercussions down the road. As a beneficiary, friend, family member, or as the administrator of the estate, do not engage in any of the following actions that may draw the ire of the Arkansas probate court.
DO NOT remove ANY personal property items or assets from the estate without keeping a good record of what was moved, where it was moved to, and why it was moved.
DO NOT remove trash, debris, or any other items that could be construed as personal property items belonging to the decedent. Be careful when handling these items to avoid damage or loss.
ABSOLUTELY DO NOT sell, auction, give away, trade, donate, or otherwise transfer ANY personal property items (even junk) belonging to the decedent without the Court’s written permission. This is a violation of Arkansas law which could subject you to penalties, fines, and court reprimand.
DO NOT withhold information. This can lead to legal complications and delays.
DO NOT ignore deadlines. Adhere to all deadlines provided by the court or your legal representative. Missing deadlines can result in penalties or delays in the distribution of assets.
Consequences of Prohibited Conduct
Engaging in unauthorized actions regarding estate property can lead to severe consequences under Arkansas law, including penalties, fines, and legal sanctions. Following these guidelines provided by Reeves Law Firm will help to ensure your compliance with the law and protects the integrity of the probate process and the interests of the parties. In conclusion, by reviewing and following these initial steps and respecting the prohibitions outlined, you are better situated to uphold the legal standards mandated by Arkansas law. The probate process allows for a transparent and lawful proceeding, protects the estate’s assets, and facilitates a smoother resolution of probate matters, ensuring that the wishes of the deceased are honored and the assets are distributed according to legal requirements.
Finally, and again, do not be afraid to ask questions.
Located in Batesville, Melbourne, and Heber Springs, Arkansas, and serving all of Arkansas, Reeves Law Firm stands ready to handle any estate, probate, or litigation matters that may arise.
Reeves Law Firm primarily serves Independence County (Batesville), Jackson County (Newport), Sharp County (Ash Flat, Highland, Cherokee Village), Lawrence County (Walnut Ridge), Cleburne County (Heber Springs, Greers Ferry, Fairfield Bay), Izard County (Melbourne), Stone County (Mountain View), White County (Searcy), and Baxter County (Mountain Home).