the deceased person used a living trust to leave the real estate to someone. If you are under 21 and your parent has died, then you should speak with a probate attorney to help understand your rights. The laws regarding personal property, real property, and how to transfer ownership can be complex. Who Typically Inherits Assets in Arkansas If There Isnt a Will? Distribute the remaining assets to the proper heirs. After all of the priorities are addressed, then the remainder of the deceaseds property will be distributed in accordance with Arkansass intestacy laws. Descendants include the deceaseds children, grandchildren, and all others, in a direct line of descent from the deceased. Arkansas Transfer on Death Deed Forms - MegaDox The information and forms available on this website are free. What happens to a jointly owned property if one owner dies? The transfer of property after death with a will may stipulate joint ownership, or the homeowner may have two children. The rights vary depending on whether the deceased has children or other descendants. Determine and pay federal and state estate taxes and federal and state income taxes. If the Estate does not have enough assets to close out these debts, it is possible for the Executor to sell the property before it can be inherited by an heir. The deceased is the insured person and the beneficiary is the person who will receive the life insurance payout. If there is not a will, then the assets will be designated to the next of kin. Below, we review Arkansass intestacy laws. Reach out to us today or Chat with a live member support representative! How to Get Property in Your Name After Your Parent Has Died | Sapling The creation of an Estate Plan can help prevent these situations, such as the use of a Transfer on Death Deed. Can you use an affidavit of heirship to transfer title to a car? a statement that the property was held in joint tenancy. Property is titled according to one of three basic concepts: sole ownership, joint ownership, or title by contract. Using the above example, if you sold the home for $350,000, you would be liable for capital gains taxes for the additional $50,000. Obey and perform all the orders of the court. If not, you can visit the your local county records office in Arkansas where the land is located to get the information that you need.