When someone passes away, their assets must be carefully managed and distributed according to their wishes (if they had a will) or state law (if there was no will). Probate is the official legal process that oversees this transition. Probate involves the court validating a will, identifying and valuing assets, resolving any outstanding debts of the deceased, and distributing what remains to the rightful heirs and beneficiaries.
Arkansas’s probate process can bring about unexpected costs. While you can’t eliminate fees altogether, being well informed allows you to anticipate, budget for, and manage these expenses more effectively. A knowledgeable attorney can provide a realistic assessment of costs based on your individual situation.
Common Probate Fees in Arkansas
Probate isn’t free: there are specific costs associated with the process. Here’s a rundown of common probate fees you might encounter in Arkansas.
Court Filing Fees
The act of initiating probate proceedings comes with court fees. These are administrative costs for getting your case in front of a judge.
Attorney Fees
Unless you’re remarkably well-versed in probate law, hiring an attorney is often a wise decision. In Arkansas, attorney fees are structured on a percentage basis, meaning the cost is tied to the estate’s overall value. (You’ll read more about this below.)
Executor Fees
The person appointed to administer the estate, the executor, is entitled to compensation for their time and effort. While rates vary, Arkansas law considers “reasonable compensation” for their work.
Appraisal Fees
If the estate includes complex assets like real estate, businesses, or valuable collections, professional appraisers might be needed to determine their fair market value.
Publication Fees
Arkansas law often mandates the publication of a notice about the probate proceedings in a local newspaper. This alerts potential creditors and gives them a chance to file claims against the estate.
Variability & Costs
It’s crucial to remember that probate costs aren’t fixed across the board. The size and scope of the estate will strongly influence how much the process ultimately costs. Larger estates with a diverse array of assets and potential complications tend to come with a higher price tag.
Probate Attorney Fees in Arkansas
Arkansas has a percentage-based system for determining attorney fees in probate cases. This system calculates a percentage of the estate’s gross value, with percentages decreasing as the estate value increases.
Here’s an overview how probate attorney fees are calculated in Arkansas based on the estate’s value:
| The first $5,000 of the estate’s value | 5% fee |
| Estate’s value between $5,001 – $25,000 | 4% fee |
| Estate’s value between $25,001 – $100,000 | 3% fee |
| Estate’s value between $100,001 – $400,000 | 2.75% fee |
| Estate’s value between $400,001 – $1,000,000 | 2.5% fee |
| Any part of the estate exceeding $1,000,000 | 2% fee |
Remember that even though there is a set fee structure, additional circumstances may factor into the overall cost of probate attorney representation. While this system aims for fairness, it’s important to consult with an attorney to understand how these calculations apply to your specific case.
Who Pays Probate Fees?
In most cases, the various costs associated with probate, including attorney fees, are paid directly from the deceased person’s estate assets.
Contact Milligan Law Offices Today
The probate process can be a complex one, with costs varying based on your circumstances. If you’re facing the probate process or want to proactively plan your estate to potentially minimize complications down the road, the experienced team at Milligan Law Offices is here to help.
Contact us today for personalized guidance and support. We can be reached by phone at (479) 783-2213 or through our secure online form.
Milligan Law Offices