The loss of a family member or close friend can be deeply painful. After the initial shock begins to fade, it’s natural to start wondering whether you have been left anything – whether of sentimental or financial value. Whether you could be an heir or beneficiary to an estate largely depends on the intentions of the decedent and whether they had an estate plan in place to carry out their wishes.
The task of sorting out the distribution of the deceased’s assets can add significant stress and uncertainty. This is why having the assistance of an experienced estate attorney is essential. An Arkansas estate attorney can provide much-needed clarity and support, ensuring that an estate is distributed fairly and according to the decedent’s wishes, whether to heirs or designated beneficiaries.
Continue reading to learn more about how you can find out if you are an heir to an estate.
Is There a Difference Between an Heir and a Beneficiary?
While lay people tend to use the term “heir” and “beneficiary” interchangeably, they are actually two separate things. The first thing is to learn the difference so you can begin to understand if you possible could have a claim to an estate.
The term “heir” refers to family members and blood relatives who are entitled to inherit the decedent’s assets under Arkansas intestacy laws, in the event that the deceased has not left behind a valid will. The closest living relatives generally have the first right to inherit the estate and then then it trickles down the blood line.
On the other hand, “beneficiaries” differ from heirs in that they are specifically designated by a person in their will or trust to receive certain assets. In addition to naming beneficiaries in a will, individuals can also designate beneficiaries for specific financial accounts and policies. There are many benefits by doing it this way. Through beneficiary designations, assets will pass directly to the chosen individual upon death, without having to go through the probate process, which can often take time and money. Common assets that allow for such beneficiary designations include life insurance policies, retirement accounts, annuities, and trusts.
How Will An Heir or Beneficiary Be Notified in Arkansas?
After someone passes away, assets will be distributed according to the decedent’s wishes as outlined in their estate plan. However, if the person died without a will or trust, their assets will be distributed according to Arkansas’ intestacy laws. Estates will typically have to go through probate, which is a formal legal process that administers the distribution of assets. During this process, an executor of the estate will be appointed to oversee the process. Publication of the probate proceeding must be made in order to notify any potential heirs or creditors.
Additionally, Arkansas law explicitly requires that both beneficiaries and legal heirs be notified of the probate process. This includes individuals who may not be named in a will but are entitled to inherit under Arkansas’ laws of intestate succession. Any named beneficiary or potential heir will be notified either by the executor of the estate or through the probate court. During this time, the will becomes a matter of public record. As such, it is highly unlikely that someone would could be named a beneficiary or heir to an estate in Arkansas and not know it, unless there has been a delay in notification.
Contact L. Jennings Law for Legal Advice
At L. Jennings Law, we help individuals through all aspects of estate planning. An estate plan is essential for anyone who wants to maintain control over how their assets are managed and distributed after death. Luckily, Arkansas law includes safeguards to ensure that beneficiaries and heirs are notified. However, if you believe you may have a claim to an estate and have not been notified, it is important to consult an attorney. Reach out to L. Jennings Law all of your Arkansas estate needs.
