What happens to the assets in an intestate estate after the death of the deceased?

In Arkansas, when a person dies without leaving a will (an intestate estate), the assets will pass to the heirs of the estate according to the Intestate Succession Law. This law determines who will inherit the deceased’s property and assets after their death. Generally, the deceased’s closest relatives, such as their spouse and children, will inherit the assets according to the law. If the deceased is married and has surviving children from any relationship, the surviving spouse will be entitled to the first $15,000 of the estate plus one-half of the remaining assets. The remaining assets will be split equally between the surviving spouse and the surviving children. If there are no surviving children, the surviving spouse will receive all the assets. If the deceased is unmarried, their assets will go to their closest relatives in the following order: 1. Parents 2. Siblings 3. Grandparents 4. Aunts and uncles 5. Cousins If there are no living relatives, the assets in the estate will be passed to the state. In Arkansas, the executor of an intestate estate is responsible for distributing the assets according to law. They are required to file the necessary paperwork with the court and ensure that all taxes, debts, and expenses of the estate are paid before the assets can be distributed to the heirs. The executor should also keep accurate records of all transactions in the estate and file a final report when all assets have been distributed.

Related FAQs

What property is subject to intestate succession?
Can an intestate estate be divided in any way?
Does an intestate succession require probate court approval?
Does a surviving spouse have any rights to an intestate estate when there is a will?
Can a surviving spouse claim an intestate estate against the wishes of other heirs?
What is the role of an executor in an intestate estate?
Can an intestate estate be divided among more than one heir?
What is the role of the probate judge in an intestate succession?
How is an intestate estate divided among the surviving heirs?
Is there a limit to the amount a surviving spouse can receive from the estate?

What happens to the assets in an intestate estate after the death of the deceased?

Related FAQs

Related Blog Posts