Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
1. Probate Court Oversight
When an individual petitions to serve as administrator of an Arkansas estate, the circuit court reviews the petition, qualifications, and bond. The court retains jurisdiction throughout the probate process. It hears motions, resolves disputes, and approves key steps such as inventory, accounting, and final distribution.
2. Bond Requirements and Sureties
Arkansas law requires an administrator to post bond as a condition of appointment. The bond amount generally equals the value of estate property plus potential annual income (Ark. Code Ann. § 28-24-103). The court must approve the bond form and the surety company or individual guarantors. This bond protects the estate and beneficiaries if the administrator misapplies funds or breaches duties.
Key bond provisions include:
- Amount set by the court based on estate value (Ark. Code Ann. § 28-24-103).
- Qualified sureties or licensed corporate surety companies.
- Bond remains in force until final settlement or court order.
3. Inventory, Appraisal, and Reporting
Within 90 days of qualification, the administrator must file an inventory and appraisal listing all estate assets and their fair market values (Ark. Code Ann. § 28-27-108). The court clerk reviews this document and detects discrepancies that might indicate mismanagement.
4. Accounting and Final Settlement
Administrators must periodically report receipts, disbursements, and distributions to the court. Arkansas law requires at least one accounting before final distribution, and a final settlement showing how the estate closed (Ark. Code Ann. § 28-27-109; § 28-27-110). The court reviews and approves each accounting. Beneficiaries receive notice and may object to any transactions they believe improper.
5. Removal and Enforcement Mechanisms
If the administrator neglects duties, misuses funds, or fails to comply with bond terms, interested parties can petition the court for removal. The court may:
- Surcharge the bond, holding sureties liable for estate losses.
- Replace the administrator with a successor fiduciary.
- Order repayment or impose civil liability for breach of trust.
Helpful Hints
- Review the court’s bond order promptly to confirm the amount and deadline.
- Keep organized records of every estate transaction, including receipts and invoices.
- Track filing deadlines: inventory due in 90 days; accountings and final settlement by court schedule.
- Communicate regularly with beneficiaries and the court clerk about the estate’s status.
- Consider consulting a probate attorney if disputes or complex assets arise.