Arkansas: How to Decide Which Assets to List on a Small Estate Affidavit

Detailed Answer — How to decide which assets to list on an Arkansas small estate affidavit

Short answer: On an Arkansas small estate affidavit you should list the assets that were owned solely by the deceased at the time of death that must pass through the probate process. Do not list assets that passed automatically by contract or law (for example, assets with a named beneficiary or joint accounts with right of survivorship). If you are unsure about an item, identify it, state your best good‑faith estimate of value, and explain any uncertainty rather than leaving blanks.

What a small estate affidavit is and who should use one

A small estate affidavit is an informal way to collect certain assets of a deceased person without opening a formal probate administration. Arkansas county rules and the courts set the procedures and limits. Before using an affidavit, check with the county probate clerk or clerk of court to confirm that an affidavit is allowed in that county and to learn the current dollar threshold and any local requirements.

Which assets you must list (include these)

• Assets titled or held only in the decedent’s name, with no surviving joint owner and no beneficiary designation — for example: a bank account in the decedent’s sole name, a certificate of deposit in the decedent’s name, or personal property owned only by the decedent.
• Vehicles or mobile homes titled only in the decedent’s name, unless state title rules say otherwise; include the title number and issuing agency if possible.
• Stocks or bonds held in the decedent’s name without a transfer agent beneficiary or TOD (payable on death) instruction.
• Accounts receivable or unpaid wages due to the decedent that are collectible by the estate.
• Tangible personal property that is part of the probate estate (household goods, jewelry, furniture) when those items are not subject to a separate transfer method.

Which items you generally do NOT list (omit or explain)

• Assets that pass automatically by beneficiary designation: life insurance proceeds, IRAs, 401(k) accounts, and many payable‑on‑death (POD/TOD) bank accounts. Those pass outside probate to the named beneficiary and usually are not estate property.
• Property owned jointly with rights of survivorship. Jointly owned bank accounts, real estate or vehicles that pass by survivorship are not probate assets in most cases.
• Property owned as tenancy by the entirety (spouses) — these typically pass to the surviving spouse outside probate.
• Assets that have already passed by contract or court order before you complete the affidavit (for example, if the title company already transferred a vehicle to the surviving owner).

For any item that is excluded for one of the reasons above, write a short note on the affidavit or attach a cover sheet explaining why it is not being claimed as estate property (for example, “POD to Jane Doe; not estate property”).

Real property and the common exception

Many small estate processes cover only personal property and not real estate. If real property is involved, do not assume you can transfer it with a small estate affidavit. Confirm whether Arkansas county practice or state law allows real property under the small estate procedure in that county. If real estate must go through formal probate or another statutory transfer, do not include it in the affidavit unless the statute or local form expressly allows it.

What to enter for values: blank, zero, or estimate?

• Do not leave required fields blank. Blanks can create delays or be interpreted as missing information.
• Enter 0 only if the asset truly has no value at the date of death.
• If you do not know the exact value, enter a good‑faith estimate and label it as an estimate. For example, “household goods — estimated value $500.” Describe how you estimated it if asked later.
• If an asset is not part of the estate because of a beneficiary designation or joint ownership, write “not estate property” or “passes outside probate” instead of leaving the value blank or putting 0.

Practical checklist and documentation to attach

1. Prepare an inventory listing each asset, its legal titleholder, account or title numbers, the institution name, and the value at date of death (or an estimate).
2. Collect supporting documents: death certificate, account statements, title certificates, beneficiary designations, the original will if any, and any vehicle title transfer paperwork.
3. For vehicles, check Arkansas title transfer rules and attach the title or provide the title number. The Arkansas Department of Finance and Administration has vehicle title guidance.
4. If you are removing personal property that has sentimental but low market value, you may list a lump sum for household goods rather than itemizing everything.

Consequences of mistakes and what to do if you are unsure

Misstating assets or values can cause liability. If you list an asset that is not actually estate property, or omit an estate asset, a claimant or heir could challenge your affidavit later. If you are unsure whether an item belongs on the affidavit, add a short explanatory note and consult the probate clerk or an attorney for clarification.

Where to find Arkansas rules and forms

Procedures and permissible uses of small estate affidavits can vary by county. For Arkansas statutes and to search the Arkansas Code, start at the Arkansas General Assembly website: https://www.arkleg.state.ar.us/ . For county court procedures and self‑help resources, see the Arkansas Judiciary site: https://www.arcourts.gov/ . Contact your county probate or circuit court clerk for the correct local form and any county instructions.

Final practical tip: If the estate includes unclear or high‑value assets, or if family members dispute ownership, do not rely solely on an affidavit. Opening a formal probate estate with court supervision may be necessary. When in doubt, get a brief consultation with an Arkansas probate attorney to avoid personal liability or delays.

Disclaimer: This article is educational only and is not legal advice. It does not create an attorney‑client relationship. For advice about a specific situation, contact a licensed Arkansas attorney or the local probate clerk.