It is always difficult when a loved one passes away, whether their passing was expected or not. The executor of the estate will be the one who handles the probate process. However, if there is no will, state laws will dictate who gets appointed as executor of the estate. If this appointed executor makes some questionable decisions, what can you do?
In 2020, there were 7,545 bankruptcy filings in the state of Arkansas. Most filers took advantage of Chapter 13 of the bankruptcy code, followed closely by those using Chapter 7. Chapter 11 and other filings totaled just 44.
Picture this: you’ve been named the personal representative in someone’s will or the successor trustee in a person’s living trust. When the person who named you passes away, you are the one responsible for administering the estate according to the decedent’s wishes. Where should you even begin?
If you have been named by the court as the administrator of an intestate person’s estate, you might be wondering what responsibilities you have. Understanding the expectations of an estate administrator is the first step in being able to carry out the important duties assigned to this role.
In 2019, Arkansas courts processed nearly 25,000 probate, small estate, and decedent estate administration cases. A personal representative was involved in each of them. Unless you have been through this process before, you probably have many questions about your role and responsibilities as a personal representative.
According to an EstateExec survey, more than 44 percent of respondents experienced or were aware of a family conflict or dispute during the estate settlement process. Settling the final affairs of the deceased and distributing assets to any heirs or inheritors can be a complex and emotional process.
According to an Estate Planning Awareness Survey by WealthCounsel, about three-quarters (74 percent) of Americans believe estate planning and probate is a confusing topic. In fact, more than half (53 percent) admitted that finding a trusted advisor to create the estate planning document is difficult.
The majority of Americans are busy trying to pay the bills and cater to their family. The last thing they think about is their own mortality. In fact, according to a 2015 survey by Harris Poll, approximately 64% of Americans don't have a will, trust, or estate plan.
When going through financial difficulties, declaring bankruptcy may be one of the best options to remedy your situation and give you a deserved fresh start. However, with new laws and the unprecedented circumstances surrounding COVID-19, filing for Chapter 13 bankruptcy may feel daunting — but we can help.
Small businesses, and companies in general, have been hurting since the first case of COVID-19 was detected in Arkansas on March 11, 2020. Although some have been able to ride out this pandemic, others may need to file for Chapter 11 bankruptcy.