Ark. Code Ann. § 28-77-201 — AR Code / Title 28 / Chapter 77 / Subchapter 2 / Section 28-77-201
Fiduciary duties - General principles
Status: in_force

(a) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall: (1) act in good faith, based on what is fair and reasonable to all beneficiaries; (2) administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries; (3) administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this chapter; and (4) administer the trust or estate in accordance with this chapter, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise. (b) A fiduciary's allocation, determination, or exercise of discretion under this chapter is presumed to be fair and reasonable to all beneficiaries. A fiduciary may exercise a discretionary power of administration given to the fiduciary by the terms of the trust, and an exercise of the power which produces a result different from a result required or permitted by this chapter does not create an inference that the fiduciary abused the fiduciary's discretion. (c) A fiduciary shall: (1) add a receipt to principal, to the extent neither the terms of the trust nor this chapter allocates the receipt between income and principal; and (2) charge a disbursement to principal, to the extent neither the terms of the trust nor this chapter allocates the disbursement between income and principal. (d) A fiduciary may exercise the power to adjust under § 28-77-203 , convert an income trust to a unitrust under § 28-77-303(a)(1) , change the percentage or method used to calculate a unitrust amount under § 28-77-303(a)(2) , or convert a unitrust to an income trust under § 28-77-303(a)(3) , if the fiduciary determines the exercise of the power will assist the fiduciary to administer the trust or estate impartially. (e) Factors the fiduciary must consider in making the determination under subsection (d) include: (1) the terms of the trust; (2) the nature, distribution standards, and expected duration of the trust; (3) the effect of the allocation rules, including specific adjustments between income and principal, under § 28-77-401 et seq. through § 28-77-701 et seq.; (4) the desirability of liquidity and regularity of income; (5) the desirability of the preservation and appreciation of principal; (6) the extent to which an asset is used or may be used by a beneficiary; (7) the increase or decrease in the value of principal assets, reasonably determined by the fiduciary; (8) whether and to what extent the terms of the trust give the fiduciary power to accumulate income or invade principal or prohibit the fiduciary from accumulating income or invading principal; (9) the extent to which the fiduciary has accumulated income or invaded principal in preceding accounting periods; (10) the effect of current and reasonably expected economic conditions; and (11) the reasonably expected tax consequences of the exercise of the power. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.

(a) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall: (1) act in good faith, based on what is fair and reasonable to all beneficiaries; (2) administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries; (3) administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this chapter; and (4) administer the trust or estate in accordance with this chapter, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise.

(1) act in good faith, based on what is fair and reasonable to all beneficiaries;

(2) administer a trust or estate impartially, except to the extent the terms of the trust manifest an intent that the fiduciary shall or may favor one or more beneficiaries;

(3) administer the trust or estate in accordance with the terms of the trust, even if there is a different provision in this chapter; and

(4) administer the trust or estate in accordance with this chapter, except to the extent the terms of the trust provide otherwise or authorize the fiduciary to determine otherwise.

(b) A fiduciary's allocation, determination, or exercise of discretion under this chapter is presumed to be fair and reasonable to all beneficiaries. A fiduciary may exercise a discretionary power of administration given to the fiduciary by the terms of the trust, and an exercise of the power which produces a result different from a result required or permitted by this chapter does not create an inference that the fiduciary abused the fiduciary's discretion.

(c) A fiduciary shall: (1) add a receipt to principal, to the extent neither the terms of the trust nor this chapter allocates the receipt between income and principal; and (2) charge a disbursement to principal, to the extent neither the terms of the trust nor this chapter allocates the disbursement between income and principal.

(1) add a receipt to principal, to the extent neither the terms of the trust nor this chapter allocates the receipt between income and principal; and

(2) charge a disbursement to principal, to the extent neither the terms of the trust nor this chapter allocates the disbursement between income and principal.

(d) A fiduciary may exercise the power to adjust under § 28-77-203 , convert an income trust to a unitrust under § 28-77-303(a)(1) , change the percentage or method used to calculate a unitrust amount under § 28-77-303(a)(2) , or convert a unitrust to an income trust under § 28-77-303(a)(3) , if the fiduciary determines the exercise of the power will assist the fiduciary to administer the trust or estate impartially.

(e) Factors the fiduciary must consider in making the determination under subsection (d) include: (1) the terms of the trust; (2) the nature, distribution standards, and expected duration of the trust; (3) the effect of the allocation rules, including specific adjustments between income and principal, under § 28-77-401 et seq. through § 28-77-701 et seq.; (4) the desirability of liquidity and regularity of income; (5) the desirability of the preservation and appreciation of principal; (6) the extent to which an asset is used or may be used by a beneficiary; (7) the increase or decrease in the value of principal assets, reasonably determined by the fiduciary; (8) whether and to what extent the terms of the trust give the fiduciary power to accumulate income or invade principal or prohibit the fiduciary from accumulating income or invading principal; (9) the extent to which the fiduciary has accumulated income or invaded principal in preceding accounting periods; (10) the effect of current and reasonably expected economic conditions; and (11) the reasonably expected tax consequences of the exercise of the power.

(1) the terms of the trust;

(2) the nature, distribution standards, and expected duration of the trust;

(3) the effect of the allocation rules, including specific adjustments between income and principal, under § 28-77-401 et seq. through § 28-77-701 et seq.;

(4) the desirability of liquidity and regularity of income;

(5) the desirability of the preservation and appreciation of principal;

(6) the extent to which an asset is used or may be used by a beneficiary;

(7) the increase or decrease in the value of principal assets, reasonably determined by the fiduciary;

(8) whether and to what extent the terms of the trust give the fiduciary power to accumulate income or invade principal or prohibit the fiduciary from accumulating income or invading principal;

(9) the extent to which the fiduciary has accumulated income or invaded principal in preceding accounting periods;

(10) the effect of current and reasonably expected economic conditions; and

(11) the reasonably expected tax consequences of the exercise of the power.

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 28-66-119 — AR Code / Title 28 / Chapter 66 / Section 28-66-119
Liberal construction
Status: in_force

This chapter shall be so construed to make uniform the law of these states which enact it. Acts 1943, No. 177, § 19; A.S.A. 1947, § 57-519.

This chapter shall be so construed to make uniform the law of these states which enact it.

Acts 1943, No. 177, § 19; A.S.A. 1947, § 57-519.
Ark. Code Ann. § 28-54-104 — AR Code / Title 28 / Chapter 54 / Section 28-54-104
Statutory apportionment of estate taxes
Status: in_force

To the extent that apportionment of an estate tax is not controlled by an instrument described in § 28-54-103 and except as otherwise provided in §§ 28-54-106 and 28-54-107 , the following rules apply: (1) Subject to paragraphs (2), (3), and (4), the estate tax is apportioned ratably to each person that has an interest in the apportionable estate. (2) A generation-skipping transfer tax incurred on a direct skip taking effect at death is charged to the person to which the interest in property is transferred. (3) If property is included in the decedent's gross estate because of Section 2044 of the Internal Revenue Code of 1986 or any similar estate tax provision, the difference between the total estate tax for which the decedent's estate is liable and the amount of estate tax for which the decedent's estate would have been liable if the property had not been included in the decedent's gross estate is apportioned ratably among the holders of interests in the property. The balance of the tax, if any, is apportioned ratably to each other person having an interest in the apportionable estate. (4) Except as otherwise provided in § 28-54-103(b)(4) and except as to property to which § 28-54-107 applies, an estate tax apportioned to persons holding interests in property subject to a time-limited interest must be apportioned, without further apportionment, to the principal of that property. Acts 2007, No. 276, § 1.

To the extent that apportionment of an estate tax is not controlled by an instrument described in § 28-54-103 and except as otherwise provided in §§ 28-54-106 and 28-54-107 , the following rules apply:

(1) Subject to paragraphs (2), (3), and (4), the estate tax is apportioned ratably to each person that has an interest in the apportionable estate.

(2) A generation-skipping transfer tax incurred on a direct skip taking effect at death is charged to the person to which the interest in property is transferred.

(3) If property is included in the decedent's gross estate because of Section 2044 of the Internal Revenue Code of 1986 or any similar estate tax provision, the difference between the total estate tax for which the decedent's estate is liable and the amount of estate tax for which the decedent's estate would have been liable if the property had not been included in the decedent's gross estate is apportioned ratably among the holders of interests in the property. The balance of the tax, if any, is apportioned ratably to each other person having an interest in the apportionable estate.

(4) Except as otherwise provided in § 28-54-103(b)(4) and except as to property to which § 28-54-107 applies, an estate tax apportioned to persons holding interests in property subject to a time-limited interest must be apportioned, without further apportionment, to the principal of that property.

Acts 2007, No. 276, § 1.
Ark. Code Ann. § 28-72-505 — AR Code / Title 28 / Chapter 72 / Subchapter 5 / Section 28-72-505
Tax and penalty on earnings
Status: in_force

(a) (1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929. (2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn. (b) (1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter. (2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue. Acts 1995, No. 1303, §§ 4, 7; 1997, No. 1345, § 2.

(a) (1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929. (2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn.

(1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929.

(2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn.

(b) (1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter. (2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.

(1) In addition to any income tax imposed for distributions from the long-term intergenerational security trust as provided in subsection (a) of this section, there is imposed a twenty percent (20%) penalty on all distributions from the trust in violation of this subchapter.

(2) The penalty shall be collected by the Department of Finance and Administration and shall be deposited into the State Treasury as general revenue.

Acts 1995, No. 1303, §§ 4, 7; 1997, No. 1345, § 2.
Ark. Code Ann. § 28-76-104 — AR Code / Title 28 / Chapter 76 / Section 28-76-104
Common law and principles of equity
Status: in_force

The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this state other than this chapter. Added by Act 2019, No. 1021,§ 5, eff. 1/1/2020.

The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this state other than this chapter.

Added by Act 2019, No. 1021,§ 5, eff. 1/1/2020.
Ark. Code Ann. § 28-69-203 — AR Code / Title 28 / Chapter 69 / Subchapter 2 / Section 28-69-203
Investments generally - Liability
Status: in_force

(a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company. (b) The records of the bank or trust company shall at all times show the ownership of any such investment. (c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company. (d) (1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered. (2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section. Acts 1947, No. 394, §§ 1-3; A.S.A. 1947, §§ 58-106 -- 58-108.

(a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company.

(b) The records of the bank or trust company shall at all times show the ownership of any such investment.

(c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company.

(d) (1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered. (2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.

(1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered.

(2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.

Acts 1947, No. 394, §§ 1-3; A.S.A. 1947, §§ 58-106 -- 58-108.
Ark. Code Ann. § 28-72-420 — AR Code / Title 28 / Chapter 72 / Subchapter 4 / Section 28-72-420
Uniformity of application and construction
Status: in_force

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it. Acts 1991, No. 273, § 20.

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.

Acts 1991, No. 273, § 20.
Ark. Code Ann. § 28-12-103 — AR Code / Title 28 / Chapter 12 / Section 28-12-103
[Repealed]
Status: repealed

Repealed by Act 2023, No. 582,§ 2, eff. 8/1/2023. Acts 1981, No. 660, § 3; A.S.A. 1947, § 61-403.

Repealed by Act 2023, No. 582,§ 2, eff. 8/1/2023.

Acts 1981, No. 660, § 3; A.S.A. 1947, § 61-403.
Ark. Code Ann. § 28-65-104 — AR Code / Title 28 / Chapter 65 / Subchapter 1 / Section 28-65-104
Incapacitated persons
Status: in_force

For purposes of this chapter, the following persons are incapacitated persons: (1) Persons under eighteen (18) years of age whose disabilities have not been removed; (2) Persons who are detained or confined by a foreign power or who have disappeared; and (3) Persons under twenty-one (21) years of age who: (A) Have reached eighteen (18) years of age; (B) Have a current guardianship established based solely on the minority age of the person; (C) Agree to allow the current guardianship to continue up to twenty-one (21) years of age; and (D) Receive a guardianship subsidy paid for or approved by the Department of Human Services. Amended by Act 2013, No. 577,§ 2, eff. 8/16/2013. Acts 1985, No. 940, § 2; A.S.A. 1947, § 57-821.

For purposes of this chapter, the following persons are incapacitated persons:

(1) Persons under eighteen (18) years of age whose disabilities have not been removed;

(2) Persons who are detained or confined by a foreign power or who have disappeared; and

(3) Persons under twenty-one (21) years of age who: (A) Have reached eighteen (18) years of age; (B) Have a current guardianship established based solely on the minority age of the person; (C) Agree to allow the current guardianship to continue up to twenty-one (21) years of age; and (D) Receive a guardianship subsidy paid for or approved by the Department of Human Services.

(A) Have reached eighteen (18) years of age;

(B) Have a current guardianship established based solely on the minority age of the person;

(C) Agree to allow the current guardianship to continue up to twenty-one (21) years of age; and

(D) Receive a guardianship subsidy paid for or approved by the Department of Human Services.

Amended by Act 2013, No. 577,§ 2, eff. 8/16/2013.

Acts 1985, No. 940, § 2; A.S.A. 1947, § 57-821.
Ark. Code Ann. § 28-53-205 — AR Code / Title 28 / Chapter 53 / Subchapter 2 / Section 28-53-205
Alternative valuations
Status: in_force

(a) Whenever there is a provision in the will or governing instrument that an executor or fiduciary who is authorized or required by its terms to satisfy a pecuniary bequest or transfer in trust, with assets in kind at their federal estate tax values or at any value other than fair market values at date or dates of distribution or allocation, is authorized or required, in satisfying the bequest or transfer, to either: (1) Distribute or allocate assets, including cash, having an aggregate fair market value on the date or dates of distribution or allocation equal to or at least equal to the amount of the pecuniary bequest or transfer in trust as finally determined for federal estate tax purposes; or (2) Distribute or allocate assets, including cash, fairly representative, on the date or dates of distribution or allocation, of the appreciation or depreciation in the value of all properties available for distribution or allocation. (b) The executor or fiduciary, nevertheless, must distribute or allocate assets, including cash, having an aggregate fair market value on the date or dates of distribution or allocation equal to the amount of the pecuniary bequest or transfer in trust as finally determined for federal estate tax purposes. Acts 1967, No. 209, § 3; A.S.A. 1947, § 62-2909.3; Acts 1987, No. 643, § 2.

(a) Whenever there is a provision in the will or governing instrument that an executor or fiduciary who is authorized or required by its terms to satisfy a pecuniary bequest or transfer in trust, with assets in kind at their federal estate tax values or at any value other than fair market values at date or dates of distribution or allocation, is authorized or required, in satisfying the bequest or transfer, to either: (1) Distribute or allocate assets, including cash, having an aggregate fair market value on the date or dates of distribution or allocation equal to or at least equal to the amount of the pecuniary bequest or transfer in trust as finally determined for federal estate tax purposes; or (2) Distribute or allocate assets, including cash, fairly representative, on the date or dates of distribution or allocation, of the appreciation or depreciation in the value of all properties available for distribution or allocation.

(1) Distribute or allocate assets, including cash, having an aggregate fair market value on the date or dates of distribution or allocation equal to or at least equal to the amount of the pecuniary bequest or transfer in trust as finally determined for federal estate tax purposes; or

(2) Distribute or allocate assets, including cash, fairly representative, on the date or dates of distribution or allocation, of the appreciation or depreciation in the value of all properties available for distribution or allocation.

(b) The executor or fiduciary, nevertheless, must distribute or allocate assets, including cash, having an aggregate fair market value on the date or dates of distribution or allocation equal to the amount of the pecuniary bequest or transfer in trust as finally determined for federal estate tax purposes.

Acts 1967, No. 209, § 3; A.S.A. 1947, § 62-2909.3; Acts 1987, No. 643, § 2.
Ark. Code Ann. § 28-72-102 — AR Code / Title 28 / Chapter 72 / Subchapter 1 / Section 28-72-102
Appointment of trustee
Status: in_force

(a) It shall be the duty of the circuit courts to appoint some suitable person trustee of the estate of any person imprisoned in some foreign country or who may be missing and whose whereabouts are unknown, and who has a family or dependents residing in this state. (b) The trustee shall be appointed upon the petition of any person dependent upon the services of the missing person, or person imprisoned in a foreign country, for his or her support. Acts 1943, No. 71, §§ 1, 2; A.S.A. 1947, §§ 58-201, 58-202.

(a) It shall be the duty of the circuit courts to appoint some suitable person trustee of the estate of any person imprisoned in some foreign country or who may be missing and whose whereabouts are unknown, and who has a family or dependents residing in this state.

(b) The trustee shall be appointed upon the petition of any person dependent upon the services of the missing person, or person imprisoned in a foreign country, for his or her support.

Acts 1943, No. 71, §§ 1, 2; A.S.A. 1947, §§ 58-201, 58-202.
Ark. Code Ann. § 28-77-702 — AR Code / Title 28 / Chapter 77 / Subchapter 7 / Section 28-77-702
Apportionment of receipts and disbursements when decedent dies or income interest begins
Status: in_force

(a) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which § 28-77-601(b) applies, to principal if its due date occurs before the date on which: (1) for an estate, the decedent died; or (2) for a trust or successive interest, an income interest begins. (b) If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income. (c) If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall treat the receipt or disbursement under this section as accruing from day to day. The fiduciary shall allocate to principal the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins, and to income the balance. (d) A receipt or disbursement is periodic under subsections (b) and (c) if: (1) the receipt or disbursement must be paid at regular intervals under an obligation to make payments; or (2) the payor customarily makes payments at regular intervals. (e) An item of income or obligation is due under this section on the date the payor is required to make a payment. If a payment date is not stated, there is no due date. (f) Distributions to shareholders or other owners from an entity to which § 28-77-401 applies are due: (1) on the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution; (2) if no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or (3) if no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.

(a) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which § 28-77-601(b) applies, to principal if its due date occurs before the date on which: (1) for an estate, the decedent died; or (2) for a trust or successive interest, an income interest begins.

(1) for an estate, the decedent died; or

(2) for a trust or successive interest, an income interest begins.

(b) If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income.

(c) If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall treat the receipt or disbursement under this section as accruing from day to day. The fiduciary shall allocate to principal the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins, and to income the balance.

(d) A receipt or disbursement is periodic under subsections (b) and (c) if: (1) the receipt or disbursement must be paid at regular intervals under an obligation to make payments; or (2) the payor customarily makes payments at regular intervals.

(1) the receipt or disbursement must be paid at regular intervals under an obligation to make payments; or

(2) the payor customarily makes payments at regular intervals.

(e) An item of income or obligation is due under this section on the date the payor is required to make a payment. If a payment date is not stated, there is no due date.

(f) Distributions to shareholders or other owners from an entity to which § 28-77-401 applies are due: (1) on the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution; (2) if no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or (3) if no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.

(1) on the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution;

(2) if no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or

(3) if no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 28-73-416 — AR Code / Title 28 / Chapter 73 / Subchapter 4 / Section 28-73-416
Modification to achieve settlor's tax objectives
Status: in_force

To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect. Acts 2005, No. 1031, § 1.

To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-74-206 — AR Code / Title 28 / Chapter 74 / Subchapter 2 / Section 28-74-206
Appropriate forum
Status: in_force

(a) A court of this state having jurisdiction under § 28-74-203 to appoint a guardian or issue a protective order may decline to exercise its jurisdiction if it determines at any time that a court of another state is a more appropriate forum. (b) If a court of this state declines to exercise its jurisdiction under subsection (a), it shall either dismiss or stay the proceeding. The court may impose any condition the court considers just and proper, including the condition that a petition for the appointment of a guardian or issuance of a protective order be filed promptly in another state. (c) In determining whether it is an appropriate forum, the court shall consider all relevant factors, including: (1) any expressed preference of the respondent; (2) whether abuse, neglect, or exploitation of the respondent has occurred or is likely to occur and which state could best protect the respondent from the abuse, neglect, or exploitation; (3) the length of time the respondent was physically present in or was a legal resident of this or another state; (4) the distance of the respondent from the court in each state; (5) the financial circumstances of the respondent's estate; (6) the nature and location of the evidence; (7) the ability of the court in each state to decide the issue expeditiously and the procedures necessary to present evidence; (8) the familiarity of the court of each state with the facts and issues in the proceeding; and (9) if an appointment were made, the court's ability to monitor the conduct of the guardian or conservator. Acts 2011, No. 159, § 1.

(a) A court of this state having jurisdiction under § 28-74-203 to appoint a guardian or issue a protective order may decline to exercise its jurisdiction if it determines at any time that a court of another state is a more appropriate forum.

(b) If a court of this state declines to exercise its jurisdiction under subsection (a), it shall either dismiss or stay the proceeding. The court may impose any condition the court considers just and proper, including the condition that a petition for the appointment of a guardian or issuance of a protective order be filed promptly in another state.

(c) In determining whether it is an appropriate forum, the court shall consider all relevant factors, including: (1) any expressed preference of the respondent; (2) whether abuse, neglect, or exploitation of the respondent has occurred or is likely to occur and which state could best protect the respondent from the abuse, neglect, or exploitation; (3) the length of time the respondent was physically present in or was a legal resident of this or another state; (4) the distance of the respondent from the court in each state; (5) the financial circumstances of the respondent's estate; (6) the nature and location of the evidence; (7) the ability of the court in each state to decide the issue expeditiously and the procedures necessary to present evidence; (8) the familiarity of the court of each state with the facts and issues in the proceeding; and (9) if an appointment were made, the court's ability to monitor the conduct of the guardian or conservator.

(1) any expressed preference of the respondent;

(2) whether abuse, neglect, or exploitation of the respondent has occurred or is likely to occur and which state could best protect the respondent from the abuse, neglect, or exploitation;

(3) the length of time the respondent was physically present in or was a legal resident of this or another state;

(4) the distance of the respondent from the court in each state;

(5) the financial circumstances of the respondent's estate;

(6) the nature and location of the evidence;

(7) the ability of the court in each state to decide the issue expeditiously and the procedures necessary to present evidence;

(8) the familiarity of the court of each state with the facts and issues in the proceeding; and

(9) if an appointment were made, the court's ability to monitor the conduct of the guardian or conservator.

Acts 2011, No. 159, § 1.
Ark. Code Ann. § 28-53-118 — AR Code / Title 28 / Chapter 53 / Subchapter 1 / Section 28-53-118
Discharge of personal representative
Status: in_force

(a) (1) Upon the filing of evidence satisfactory to the court that distribution has been made as directed in the order of final distribution, the court shall enter an order discharging the personal representative and his or her surety from further liability or accountability with respect to the administration. (2) Evidence satisfactory to the court may consist of: (A) Receipts, unless other written evidence of distribution exists, such as cancelled checks; or (B) In the case of property under title, a copy of the document transferring title to the distributee. (b) The order, or an order of discharge entered under § 28-53-104 , shall be final, except that upon a petition's being filed within three (3) years of the entry thereof, the order may be set aside for fraud in the settlement of the account of the personal representative. Acts 1949, No. 140, § 171; A.S.A. 1947, § 62-2912; Acts 1999, No. 122, § 1.

(a) (1) Upon the filing of evidence satisfactory to the court that distribution has been made as directed in the order of final distribution, the court shall enter an order discharging the personal representative and his or her surety from further liability or accountability with respect to the administration. (2) Evidence satisfactory to the court may consist of: (A) Receipts, unless other written evidence of distribution exists, such as cancelled checks; or (B) In the case of property under title, a copy of the document transferring title to the distributee.

(1) Upon the filing of evidence satisfactory to the court that distribution has been made as directed in the order of final distribution, the court shall enter an order discharging the personal representative and his or her surety from further liability or accountability with respect to the administration.

(2) Evidence satisfactory to the court may consist of: (A) Receipts, unless other written evidence of distribution exists, such as cancelled checks; or (B) In the case of property under title, a copy of the document transferring title to the distributee.

(A) Receipts, unless other written evidence of distribution exists, such as cancelled checks; or

(B) In the case of property under title, a copy of the document transferring title to the distributee.

(b) The order, or an order of discharge entered under § 28-53-104 , shall be final, except that upon a petition's being filed within three (3) years of the entry thereof, the order may be set aside for fraud in the settlement of the account of the personal representative.

Acts 1949, No. 140, § 171; A.S.A. 1947, § 62-2912; Acts 1999, No. 122, § 1.
Ark. Code Ann. § 28-9-205 — AR Code / Title 28 / Chapter 9 / Subchapter 2 / Section 28-9-205
Per stirpes distribution
Status: in_force

(a) (1) Heirs will take "per stirpes" if the intestate is predeceased by one (1) or more persons who would have been entitled to inherit from the intestate had such a person survived the intestate. (2) The intestate's estate shall be divided into as many equal shares as there are: (A) Surviving heirs in the nearest degree of kinship to the intestate; and (B) Persons, hereinafter called "predeceased persons", in the same degree of kinship as the heirs mentioned in subdivision (a)(2)(A) of this section, who predeceased the intestate leaving descendants who survived the intestate. (3) Each surviving heir in the nearest degree taking per capita shall receive one (1) share and the descendants of each predeceased person taking per stirpes shall collectively receive one (1) share. (b) (1) If the descendants of a predeceased person are all related to the predeceased person in the same degree, they will take in equal parts the share accruing to them collectively. (2) However, if such descendants are related to the predeceased person in unequal degree, the share accruing to them collectively shall pass per capita to those in the nearer degree and per stirpes to those in the more remote degree according to the formula set out in subdivision (a)(3) of this section. (3) If the descendants of a predeceased person are found in multiple generations, the above formula for division shall be applied in respect to the descendants in each generation. (c) (1) The provisions of this section shall be applied to both real and personal property and to both lineal and collateral heirs. (2) However, if under § 28-9-214 , the inheriting class consists of grandparents and uncles and aunts, or of great-grandparents and great-uncles and great-aunts, the per stirpes rule shall apply when an uncle or aunt, or great-uncle or great-aunt, as the case may be, shall predecease the intestate, leaving descendants. However, it shall not be applied in respect to a grandparent or great-grandparent of the intestate who predeceased the intestate. In this event the grandparent or great-grandparent shall not be counted in determining the number of shares passing to the members of the inheriting class or those taking through them by representation. Acts 1969, No. 303, § 5; A.S.A. 1947, § 61-135.

(a) (1) Heirs will take "per stirpes" if the intestate is predeceased by one (1) or more persons who would have been entitled to inherit from the intestate had such a person survived the intestate. (2) The intestate's estate shall be divided into as many equal shares as there are: (A) Surviving heirs in the nearest degree of kinship to the intestate; and (B) Persons, hereinafter called "predeceased persons", in the same degree of kinship as the heirs mentioned in subdivision (a)(2)(A) of this section, who predeceased the intestate leaving descendants who survived the intestate. (3) Each surviving heir in the nearest degree taking per capita shall receive one (1) share and the descendants of each predeceased person taking per stirpes shall collectively receive one (1) share.

(1) Heirs will take "per stirpes" if the intestate is predeceased by one (1) or more persons who would have been entitled to inherit from the intestate had such a person survived the intestate.

(2) The intestate's estate shall be divided into as many equal shares as there are: (A) Surviving heirs in the nearest degree of kinship to the intestate; and (B) Persons, hereinafter called "predeceased persons", in the same degree of kinship as the heirs mentioned in subdivision (a)(2)(A) of this section, who predeceased the intestate leaving descendants who survived the intestate.

(A) Surviving heirs in the nearest degree of kinship to the intestate; and

(B) Persons, hereinafter called "predeceased persons", in the same degree of kinship as the heirs mentioned in subdivision (a)(2)(A) of this section, who predeceased the intestate leaving descendants who survived the intestate.

(3) Each surviving heir in the nearest degree taking per capita shall receive one (1) share and the descendants of each predeceased person taking per stirpes shall collectively receive one (1) share.

(b) (1) If the descendants of a predeceased person are all related to the predeceased person in the same degree, they will take in equal parts the share accruing to them collectively. (2) However, if such descendants are related to the predeceased person in unequal degree, the share accruing to them collectively shall pass per capita to those in the nearer degree and per stirpes to those in the more remote degree according to the formula set out in subdivision (a)(3) of this section. (3) If the descendants of a predeceased person are found in multiple generations, the above formula for division shall be applied in respect to the descendants in each generation.

(1) If the descendants of a predeceased person are all related to the predeceased person in the same degree, they will take in equal parts the share accruing to them collectively.

(2) However, if such descendants are related to the predeceased person in unequal degree, the share accruing to them collectively shall pass per capita to those in the nearer degree and per stirpes to those in the more remote degree according to the formula set out in subdivision (a)(3) of this section.

(3) If the descendants of a predeceased person are found in multiple generations, the above formula for division shall be applied in respect to the descendants in each generation.

(c) (1) The provisions of this section shall be applied to both real and personal property and to both lineal and collateral heirs. (2) However, if under § 28-9-214 , the inheriting class consists of grandparents and uncles and aunts, or of great-grandparents and great-uncles and great-aunts, the per stirpes rule shall apply when an uncle or aunt, or great-uncle or great-aunt, as the case may be, shall predecease the intestate, leaving descendants. However, it shall not be applied in respect to a grandparent or great-grandparent of the intestate who predeceased the intestate. In this event the grandparent or great-grandparent shall not be counted in determining the number of shares passing to the members of the inheriting class or those taking through them by representation.

(1) The provisions of this section shall be applied to both real and personal property and to both lineal and collateral heirs.

(2) However, if under § 28-9-214 , the inheriting class consists of grandparents and uncles and aunts, or of great-grandparents and great-uncles and great-aunts, the per stirpes rule shall apply when an uncle or aunt, or great-uncle or great-aunt, as the case may be, shall predecease the intestate, leaving descendants. However, it shall not be applied in respect to a grandparent or great-grandparent of the intestate who predeceased the intestate. In this event the grandparent or great-grandparent shall not be counted in determining the number of shares passing to the members of the inheriting class or those taking through them by representation.

Acts 1969, No. 303, § 5; A.S.A. 1947, § 61-135.
Ark. Code Ann. § 28-69-102 — AR Code / Title 28 / Chapter 69 / Subchapter 1 / Section 28-69-102
Definitions
Status: in_force

(a) As used in this section: (1) "Trust" means a trust, or similar legal device, established other than by will by an individual or an individual's spouse under which the individual may be a beneficiary of all or part of the payments from the trust, and the distribution of such payments is determined by one (1) or more trustees or other fiduciaries who are permitted to exercise any discretion with respect to the distribution to the individual, and shall include trusts, conservatorships, and estates created pursuant to the administration of a guardianship; (2) "Grantor" means the individual, institution, or entity that established, created, or funded the trust and shall also include fiduciaries as defined by § 28-69-201 and third parties as contemplated by § 20-77-301 et seq. (b) A provision in a trust, other than a testamentary trust, which limits the availability of, or provides directly or indirectly for the suspension, termination, or diversion of the principal, income, or beneficial interest of either the grantor or the grantor's spouse in the event that the grantor or grantor's spouse should apply for medical assistance or require medical, hospital, or nursing care or long-term custodial, nursing, or medical care shall be void as against the public policy of the State of Arkansas without regard to the irrevocability of the trust or the purpose for which the trust was created and without regard to whether the trust was created pursuant to court order. (c) Subsection (b) of this section is remedial in nature and is enacted to prevent individuals otherwise ineligible for medical assistance benefits from making themselves eligible by creating trusts in order to preserve their assets. Acts 1993, No. 1228, § 1.

(a) As used in this section: (1) "Trust" means a trust, or similar legal device, established other than by will by an individual or an individual's spouse under which the individual may be a beneficiary of all or part of the payments from the trust, and the distribution of such payments is determined by one (1) or more trustees or other fiduciaries who are permitted to exercise any discretion with respect to the distribution to the individual, and shall include trusts, conservatorships, and estates created pursuant to the administration of a guardianship; (2) "Grantor" means the individual, institution, or entity that established, created, or funded the trust and shall also include fiduciaries as defined by § 28-69-201 and third parties as contemplated by § 20-77-301 et seq.

(1) "Trust" means a trust, or similar legal device, established other than by will by an individual or an individual's spouse under which the individual may be a beneficiary of all or part of the payments from the trust, and the distribution of such payments is determined by one (1) or more trustees or other fiduciaries who are permitted to exercise any discretion with respect to the distribution to the individual, and shall include trusts, conservatorships, and estates created pursuant to the administration of a guardianship;

(2) "Grantor" means the individual, institution, or entity that established, created, or funded the trust and shall also include fiduciaries as defined by § 28-69-201 and third parties as contemplated by § 20-77-301 et seq.

(b) A provision in a trust, other than a testamentary trust, which limits the availability of, or provides directly or indirectly for the suspension, termination, or diversion of the principal, income, or beneficial interest of either the grantor or the grantor's spouse in the event that the grantor or grantor's spouse should apply for medical assistance or require medical, hospital, or nursing care or long-term custodial, nursing, or medical care shall be void as against the public policy of the State of Arkansas without regard to the irrevocability of the trust or the purpose for which the trust was created and without regard to whether the trust was created pursuant to court order.

(c) Subsection (b) of this section is remedial in nature and is enacted to prevent individuals otherwise ineligible for medical assistance benefits from making themselves eligible by creating trusts in order to preserve their assets.

Acts 1993, No. 1228, § 1.
Ark. Code Ann. § 28-66-112 — AR Code / Title 28 / Chapter 66 / Section 28-66-112
Compensation of guardians
Status: in_force

Compensation payable to guardians shall be based upon services rendered and shall not exceed six percent (6%) of the amount of moneys received during the period covered by the account, provided that during any period in which benefits are not being paid for a ward, then compensation to guardians may instead be calculated on a basis not to exceed one percent (1%) of the market value of the estate of the ward per annum. In the event of extraordinary services by any guardian, the court, upon petition and hearing thereon may authorize reasonable additional compensation therefor. A copy of the petition and notice of hearing thereon shall be given the proper office of the Department of Veterans Affairs in the manner provided in the case of hearing on a guardian's account or other pleading. No commission or compensation shall be allowed on the moneys or other assets received from a prior guardian nor upon the amount received from liquidation of loans or other investments. Acts 1943, No. 177, § 12; A.S.A. 1947, § 57-512; Acts 1995, No. 503, § 1.

Compensation payable to guardians shall be based upon services rendered and shall not exceed six percent (6%) of the amount of moneys received during the period covered by the account, provided that during any period in which benefits are not being paid for a ward, then compensation to guardians may instead be calculated on a basis not to exceed one percent (1%) of the market value of the estate of the ward per annum. In the event of extraordinary services by any guardian, the court, upon petition and hearing thereon may authorize reasonable additional compensation therefor. A copy of the petition and notice of hearing thereon shall be given the proper office of the Department of Veterans Affairs in the manner provided in the case of hearing on a guardian's account or other pleading. No commission or compensation shall be allowed on the moneys or other assets received from a prior guardian nor upon the amount received from liquidation of loans or other investments.

Acts 1943, No. 177, § 12; A.S.A. 1947, § 57-512; Acts 1995, No. 503, § 1.
Ark. Code Ann. § 28-71-106 — AR Code / Title 28 / Chapter 71 / Section 28-71-106
Investments authorized
Status: in_force

(a) Within the limitations of the standard set forth in § 28-71-105 , a fiduciary is authorized to acquire and retain every kind of real, personal, or mixed property and every kind of investment, specifically including, but not by way of limitation, bonds, debentures, and other corporate obligations, preferred or common stocks, shares or interests in common trust funds, and securities of any open-end or closed-end management-type investment company or investment trust registered under the Federal Investment Company Act of 1940, as amended, which persons of prudence, discretion, and intelligence acquire or retain for their own account. (b) (1) Whenever a fiduciary is authorized or required by the instrument, judgment, decree, or order establishing the fiduciary relationship to invest funds in specifically described securities, the fiduciary may, unless expressly prohibited by such an instrument, judgment, decree, or order, invest such funds in any investment company or investment trust described in subsection (a) of this section, the portfolio of which is limited to such specifically described securities and to repurchase agreements fully collateralized by such specifically described securities, provided that the investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian. (2) Notwithstanding any other provision of state law, this subsection shall apply to all funds deposited with or controlled by any bank trustee acting in a fiduciary capacity in connection with the issuance, sale or redemption of bonds, notes, and other certificates of indebtedness. (c) Unless expressly prohibited by the instrument, judgment, decree, or order establishing the fiduciary relationship, a fiduciary may invest funds in certificates of deposit and savings accounts of any state bank or national bank whose deposits are insured by the Federal Deposit Insurance Corporation and whose main office is in this state, including itself, if the fiduciary is a bank. (d) Whenever the express terms or limitations set forth in any instrument use the terms "legal investment" or "authorized investment" or words of similar import, the words shall be taken to mean any investment authorized or permitted by this section. (e) Consistent with the trustee's investment powers, a trustee may make temporary investments of funds in short-term interest-bearing obligations or deposits, or other short-term liquid investments. Trustees are authorized to charge reasonable fees for this service in addition to other compensation to which the trustee is entitled. Acts 1955, No. 121, §§ 2, 3; 1977, No. 949, § 1; A.S.A. 1947, §§ 58-302, 58-303, 58-307; Acts 1989, No. 658, § 3; 1991, No. 668, § 2; 1993, No. 1025, § 1.

(a) Within the limitations of the standard set forth in § 28-71-105 , a fiduciary is authorized to acquire and retain every kind of real, personal, or mixed property and every kind of investment, specifically including, but not by way of limitation, bonds, debentures, and other corporate obligations, preferred or common stocks, shares or interests in common trust funds, and securities of any open-end or closed-end management-type investment company or investment trust registered under the Federal Investment Company Act of 1940, as amended, which persons of prudence, discretion, and intelligence acquire or retain for their own account.

(b) (1) Whenever a fiduciary is authorized or required by the instrument, judgment, decree, or order establishing the fiduciary relationship to invest funds in specifically described securities, the fiduciary may, unless expressly prohibited by such an instrument, judgment, decree, or order, invest such funds in any investment company or investment trust described in subsection (a) of this section, the portfolio of which is limited to such specifically described securities and to repurchase agreements fully collateralized by such specifically described securities, provided that the investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian. (2) Notwithstanding any other provision of state law, this subsection shall apply to all funds deposited with or controlled by any bank trustee acting in a fiduciary capacity in connection with the issuance, sale or redemption of bonds, notes, and other certificates of indebtedness.

(1) Whenever a fiduciary is authorized or required by the instrument, judgment, decree, or order establishing the fiduciary relationship to invest funds in specifically described securities, the fiduciary may, unless expressly prohibited by such an instrument, judgment, decree, or order, invest such funds in any investment company or investment trust described in subsection (a) of this section, the portfolio of which is limited to such specifically described securities and to repurchase agreements fully collateralized by such specifically described securities, provided that the investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian.

(2) Notwithstanding any other provision of state law, this subsection shall apply to all funds deposited with or controlled by any bank trustee acting in a fiduciary capacity in connection with the issuance, sale or redemption of bonds, notes, and other certificates of indebtedness.

(c) Unless expressly prohibited by the instrument, judgment, decree, or order establishing the fiduciary relationship, a fiduciary may invest funds in certificates of deposit and savings accounts of any state bank or national bank whose deposits are insured by the Federal Deposit Insurance Corporation and whose main office is in this state, including itself, if the fiduciary is a bank.

(d) Whenever the express terms or limitations set forth in any instrument use the terms "legal investment" or "authorized investment" or words of similar import, the words shall be taken to mean any investment authorized or permitted by this section.

(e) Consistent with the trustee's investment powers, a trustee may make temporary investments of funds in short-term interest-bearing obligations or deposits, or other short-term liquid investments. Trustees are authorized to charge reasonable fees for this service in addition to other compensation to which the trustee is entitled.

Acts 1955, No. 121, §§ 2, 3; 1977, No. 949, § 1; A.S.A. 1947, §§ 58-302, 58-303, 58-307; Acts 1989, No. 658, § 3; 1991, No. 668, § 2; 1993, No. 1025, § 1.
Ark. Code Ann. § 28-39-103 — AR Code / Title 28 / Chapter 39 / Subchapter 1 / Section 28-39-103
Extension of surviving spouse's quarantine
Status: in_force

If the dower or curtesy of any surviving spouse is not assigned and laid off within two (2) months after the death of a deceased spouse, the surviving spouse shall remain in and possess the chief residence of the deceased spouse, together with the land thereto attached, free of all rent, until dower or curtesy shall be laid off and assigned to the surviving spouse. Rev. Stat., ch. 52, § 18; C. & M. Dig., § 3531; Pope's Dig., § 4416; Acts 1981, No. 714, § 70; A.S.A. 1947, § 62-2501.2.

If the dower or curtesy of any surviving spouse is not assigned and laid off within two (2) months after the death of a deceased spouse, the surviving spouse shall remain in and possess the chief residence of the deceased spouse, together with the land thereto attached, free of all rent, until dower or curtesy shall be laid off and assigned to the surviving spouse.

Rev. Stat., ch. 52, § 18; C. & M. Dig., § 3531; Pope's Dig., § 4416; Acts 1981, No. 714, § 70; A.S.A. 1947, § 62-2501.2.
Ark. Code Ann. § 28-68-209 — AR Code / Title 28 / Chapter 68 / Subchapter 2 / Section 28-68-209
Operation of entity or business
Status: in_force

Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes the agent to: (1) operate, buy, sell, enlarge, reduce, or terminate an ownership interest; (2) perform a duty or discharge a liability and exercise in person or by proxy a right, power, privilege, or option that the principal has, may have, or claims to have; (3) enforce the terms of an ownership agreement; (4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party because of an ownership interest; (5) exercise in person or by proxy, or enforce by litigation or otherwise, a right, power, privilege, or option the principal has or claims to have as the holder of stocks and bonds; (6) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds; (7) with respect to an entity or business owned solely by the principal: (A) continue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity or business before execution of the power of attorney; (B) determine: (i) the location of its operation; (ii) the nature and extent of its business; (iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation; (iv) the amount and types of insurance carried; and (v) the mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors; (C) change the name or form of organization under which the entity or business is operated and enter into an ownership agreement with other persons to take over all or part of the operation of the entity or business; and (D) demand and receive money due or claimed by the principal or on the principal's behalf in the operation of the entity or business and control and disburse the money in the operation of the entity or business; (8) put additional capital into an entity or business in which the principal has an interest; (9) join in a plan of reorganization, consolidation, conversion, domestication, or merger of the entity or business; (10) sell or liquidate all or part of an entity or business; (11) establish the value of an entity or business under a buy-out agreement to which the principal is a party; (12) prepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to an entity or business and make related payments; and (13) pay, compromise, or contest taxes, assessments, fines, or penalties and perform any other act to protect the principal from illegal or unnecessary taxation, assessments, fines, or penalties, with respect to an entity or business, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney. Acts 2011, No. 805, § 1.

Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorizes the agent to:

(1) operate, buy, sell, enlarge, reduce, or terminate an ownership interest;

(2) perform a duty or discharge a liability and exercise in person or by proxy a right, power, privilege, or option that the principal has, may have, or claims to have;

(3) enforce the terms of an ownership agreement;

(4) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party because of an ownership interest;

(5) exercise in person or by proxy, or enforce by litigation or otherwise, a right, power, privilege, or option the principal has or claims to have as the holder of stocks and bonds;

(6) initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation to which the principal is a party concerning stocks and bonds;

(7) with respect to an entity or business owned solely by the principal: (A) continue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity or business before execution of the power of attorney; (B) determine: (i) the location of its operation; (ii) the nature and extent of its business; (iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation; (iv) the amount and types of insurance carried; and (v) the mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors; (C) change the name or form of organization under which the entity or business is operated and enter into an ownership agreement with other persons to take over all or part of the operation of the entity or business; and (D) demand and receive money due or claimed by the principal or on the principal's behalf in the operation of the entity or business and control and disburse the money in the operation of the entity or business;

(A) continue, modify, renegotiate, extend, and terminate a contract made by or on behalf of the principal with respect to the entity or business before execution of the power of attorney;

(B) determine: (i) the location of its operation; (ii) the nature and extent of its business; (iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation; (iv) the amount and types of insurance carried; and (v) the mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors;

(i) the location of its operation;

(ii) the nature and extent of its business;

(iii) the methods of manufacturing, selling, merchandising, financing, accounting, and advertising employed in its operation;

(iv) the amount and types of insurance carried; and

(v) the mode of engaging, compensating, and dealing with its employees and accountants, attorneys, or other advisors;

(C) change the name or form of organization under which the entity or business is operated and enter into an ownership agreement with other persons to take over all or part of the operation of the entity or business; and

(D) demand and receive money due or claimed by the principal or on the principal's behalf in the operation of the entity or business and control and disburse the money in the operation of the entity or business;

(8) put additional capital into an entity or business in which the principal has an interest;

(9) join in a plan of reorganization, consolidation, conversion, domestication, or merger of the entity or business;

(10) sell or liquidate all or part of an entity or business;

(11) establish the value of an entity or business under a buy-out agreement to which the principal is a party;

(12) prepare, sign, file, and deliver reports, compilations of information, returns, or other papers with respect to an entity or business and make related payments; and

(13) pay, compromise, or contest taxes, assessments, fines, or penalties and perform any other act to protect the principal from illegal or unnecessary taxation, assessments, fines, or penalties, with respect to an entity or business, including attempts to recover, in any manner permitted by law, money paid before or after the execution of the power of attorney.

Acts 2011, No. 805, § 1.
Ark. Code Ann. § 28-69-806 — AR Code / Title 28 / Chapter 69 / Subchapter 8 / Section 28-69-806
Release or modification of restrictions on management, investment, or purpose
Status: in_force

(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution. (b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention. (c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. (d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if: (1) the institutional fund subject to the restriction has a total value of less than $25,000; (2) more than 20 years have elapsed since the fund was established; and (3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument. Acts 2009, No. 262, § 1.

(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.

(b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention.

(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.

(d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or part, if: (1) the institutional fund subject to the restriction has a total value of less than $25,000; (2) more than 20 years have elapsed since the fund was established; and (3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.

(1) the institutional fund subject to the restriction has a total value of less than $25,000;

(2) more than 20 years have elapsed since the fund was established; and

(3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.

Acts 2009, No. 262, § 1.
Ark. Code Ann. § 28-48-305 — AR Code / Title 28 / Chapter 48 / Subchapter 3 / Section 28-48-305
Expiration of sheriff's term
Status: in_force

If, at the expiration of his or her term of office, a sheriff is acting as public administrator of any estate, he or she shall conclude the administration of the estate within six (6) months of the expiration of his or her term if possible. Otherwise, he or she shall file his or her account and deliver to his or her successor in office the property of the estate in his or her hands. Acts 1949, No. 140, § 178; A.S.A. 1947, § 62-3005.

If, at the expiration of his or her term of office, a sheriff is acting as public administrator of any estate, he or she shall conclude the administration of the estate within six (6) months of the expiration of his or her term if possible. Otherwise, he or she shall file his or her account and deliver to his or her successor in office the property of the estate in his or her hands.

Acts 1949, No. 140, § 178; A.S.A. 1947, § 62-3005.
Ark. Code Ann. § 28-40-108 — AR Code / Title 28 / Chapter 40 / Subchapter 1 / Section 28-40-108
Requests for notices
Status: in_force

(a) (1) If an interested person desires to be notified before a will is admitted to probate or before a general personal representative is appointed, he or she may file with the clerk a demand for notice. (2) A demand for notice is not effective unless it contains a statement of the interest of the person filing it and his or her address or that of his or her attorney. (3) After filing the demand, no will shall be admitted to probate and no personal representative shall be appointed, other than a special administrator, until the notice provided in § 28-40-110 has been given. (b) (1) At any time after the issuance of letters, any person interested in the estate may serve, in person or by attorney, upon the personal representative or upon his or her attorney and file with the clerk of the court where the proceeding is pending, with a written admission or proof of service, a written request stating that he or she desires written notice by ordinary mail of the time and place of all hearings on the settlement of accounts, on final distribution, and on any other matters for which any notice is required by law, by rule of court, or by an order in the particular case. (2) The applicant for such a notice must include in his or her written request his or her post office address and that of his or her attorney, if any. (3) Unless the court otherwise directs, after the request has been filed, the person shall be entitled to notice of all hearings for which any notice is required as aforesaid or of such hearings as he or she designates in his or her request. Acts 1949, No. 140, §§ 46, 47; A.S.A. 1947, §§ 62-2107, 62-2108.

(a) (1) If an interested person desires to be notified before a will is admitted to probate or before a general personal representative is appointed, he or she may file with the clerk a demand for notice. (2) A demand for notice is not effective unless it contains a statement of the interest of the person filing it and his or her address or that of his or her attorney. (3) After filing the demand, no will shall be admitted to probate and no personal representative shall be appointed, other than a special administrator, until the notice provided in § 28-40-110 has been given.

(1) If an interested person desires to be notified before a will is admitted to probate or before a general personal representative is appointed, he or she may file with the clerk a demand for notice.

(2) A demand for notice is not effective unless it contains a statement of the interest of the person filing it and his or her address or that of his or her attorney.

(3) After filing the demand, no will shall be admitted to probate and no personal representative shall be appointed, other than a special administrator, until the notice provided in § 28-40-110 has been given.

(b) (1) At any time after the issuance of letters, any person interested in the estate may serve, in person or by attorney, upon the personal representative or upon his or her attorney and file with the clerk of the court where the proceeding is pending, with a written admission or proof of service, a written request stating that he or she desires written notice by ordinary mail of the time and place of all hearings on the settlement of accounts, on final distribution, and on any other matters for which any notice is required by law, by rule of court, or by an order in the particular case. (2) The applicant for such a notice must include in his or her written request his or her post office address and that of his or her attorney, if any. (3) Unless the court otherwise directs, after the request has been filed, the person shall be entitled to notice of all hearings for which any notice is required as aforesaid or of such hearings as he or she designates in his or her request.

(1) At any time after the issuance of letters, any person interested in the estate may serve, in person or by attorney, upon the personal representative or upon his or her attorney and file with the clerk of the court where the proceeding is pending, with a written admission or proof of service, a written request stating that he or she desires written notice by ordinary mail of the time and place of all hearings on the settlement of accounts, on final distribution, and on any other matters for which any notice is required by law, by rule of court, or by an order in the particular case.

(2) The applicant for such a notice must include in his or her written request his or her post office address and that of his or her attorney, if any.

(3) Unless the court otherwise directs, after the request has been filed, the person shall be entitled to notice of all hearings for which any notice is required as aforesaid or of such hearings as he or she designates in his or her request.

Acts 1949, No. 140, §§ 46, 47; A.S.A. 1947, §§ 62-2107, 62-2108.
Ark. Code Ann. § 28-12-105 — AR Code / Title 28 / Chapter 12 / Section 28-12-105
[Repealed]
Status: repealed

Repealed by Act 2023, No. 582,§ 2, eff. 8/1/2023. Acts 1981, No. 660, § 5; A.S.A. 1947, § 61-405.

Repealed by Act 2023, No. 582,§ 2, eff. 8/1/2023.

Acts 1981, No. 660, § 5; A.S.A. 1947, § 61-405.
Ark. Code Ann. § 28-65-315 — AR Code / Title 28 / Chapter 65 / Subchapter 3 / Section 28-65-315
Oil, gas, and mineral interests - Sale, lease, etc
Status: in_force

(a) (1) The guardian of the estate of an incompetent who owns land situated in this state or an interest therein or who owns an interest in oil, gas, or other minerals in or under land situated in this state or in an oil, gas, or other mineral lease on the land on such terms as the guardian deems to be for the best interest of his or her ward and in the name and on behalf of his or her ward may: (A) Execute, acknowledge, and deliver a lease on the land or interest therein or of the minerals thereunder for the production of oil, gas, or other minerals from those lands; (B) Make an assignment of the interest in the lease owned by the ward; (C) Sell and convey the ward's interest in the oil, gas, or other minerals or mineral rights in and under the land or any part thereof; or (D) Enter into a contract with reference thereto. (2) Any such lease or assignment, sale, conveyance, or contract shall be binding upon the ward and his or her estate and all parties to the transaction unless set aside as provided in this section. (b) (1) Within sixty (60) days after the execution, acknowledgment, and delivery of the lease, assignment, conveyance, or contract, the guardian shall report the transaction to the circuit court of the county in which the land or the greater part of the land in area is situated, stating in detail the essential facts with reference to the transaction, attaching to his or her report a copy of the instrument executed by him or her, and praying for an order ratifying the transaction evidenced by the instrument. (2) After notice given to these persons, if any, as the court may direct, the court shall hear the petition and shall require a showing of the facts required for determination whether the lease, assignment, sale, conveyance, or contract was for the best interest of the ward under the circumstances existing at the time it was made. (c) (1) If the court finds that the execution of the instrument in question was for the best interest of the ward at the time it was executed and delivered, the court shall make an order approving and confirming the acts of the guardian in executing, acknowledging, and delivering the instrument. (2) Prior to making the order, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the transaction involved. If the bond is not sufficient, the court shall require, as a prerequisite to making the order, that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate, including the proceeds of the transaction reviewed. The supplemental bond may be filed with and approved by the court making the order. (d) If the court finds that the transaction reported by the guardian was not for the best interest of the ward at the time it was entered into, the court shall make an order setting aside the lease, assignment, sale, conveyance, or contract and requiring the guardian to return the consideration he or she may have received for the execution and delivery thereof. (e) If the court making the order is not the court in which the general guardianship proceedings are pending, the order shall direct that a certified copy of the order and the original of the supplemental bond, if any, with the court's approval endorsed thereon be transmitted promptly by registered mail by the clerk of that court to and filed with the clerk of the court in which the general guardianship proceedings are pending. (f) A guardian who fails to file a report and petition as required by the provisions of this section within the prescribed time shall be guilty of a violation and upon conviction shall be fined in any sum not exceeding one thousand dollars ($1,000). (g) (1) If the guardian fails to file the report and petition as provided in subsection (b) of this section, the person with whom the guardian has contracted or to whom he or she has executed and delivered an assignment, lease, conveyance, or other instrument, after the expiration of sixty (60) days and within seventy-five (75) days after the date of the lease, assignment, conveyance, contract, or other instrument, may petition the court of the county in which the land or the greater part thereof in area is situated to require the guardian to file the report and petition. (2) It shall be the duty of the court to order the guardian to appear and show cause why his or her report and petition have not been filed. (3) After citation of the guardian to appear and after notice given to the other parties, if any, as the court may direct, the court shall determine whether or not the lease, assignment, sale, conveyance, or contract should be approved and confirmed and shall make an order approving and confirming the transaction or setting the transaction aside as provided in subsection (b) of this section, as in the judgment of the court may be required by the facts developed at the hearing. (h) A lease, assignment, sale, conveyance, or contract made by a guardian under the authority contained in this section that is not reported to the court as provided by subsection (b) or subsection (g) of this section shall be null and void after the expiration of the time provided for the filing of the petition to require the guardian to file his or her report and petition. Acts 1985, No. 940, § 41; A.S.A. 1947, § 57-860; Acts 2005, No. 1994, § 182.

(a) (1) The guardian of the estate of an incompetent who owns land situated in this state or an interest therein or who owns an interest in oil, gas, or other minerals in or under land situated in this state or in an oil, gas, or other mineral lease on the land on such terms as the guardian deems to be for the best interest of his or her ward and in the name and on behalf of his or her ward may: (A) Execute, acknowledge, and deliver a lease on the land or interest therein or of the minerals thereunder for the production of oil, gas, or other minerals from those lands; (B) Make an assignment of the interest in the lease owned by the ward; (C) Sell and convey the ward's interest in the oil, gas, or other minerals or mineral rights in and under the land or any part thereof; or (D) Enter into a contract with reference thereto. (2) Any such lease or assignment, sale, conveyance, or contract shall be binding upon the ward and his or her estate and all parties to the transaction unless set aside as provided in this section.

(1) The guardian of the estate of an incompetent who owns land situated in this state or an interest therein or who owns an interest in oil, gas, or other minerals in or under land situated in this state or in an oil, gas, or other mineral lease on the land on such terms as the guardian deems to be for the best interest of his or her ward and in the name and on behalf of his or her ward may: (A) Execute, acknowledge, and deliver a lease on the land or interest therein or of the minerals thereunder for the production of oil, gas, or other minerals from those lands; (B) Make an assignment of the interest in the lease owned by the ward; (C) Sell and convey the ward's interest in the oil, gas, or other minerals or mineral rights in and under the land or any part thereof; or (D) Enter into a contract with reference thereto.

(A) Execute, acknowledge, and deliver a lease on the land or interest therein or of the minerals thereunder for the production of oil, gas, or other minerals from those lands;

(B) Make an assignment of the interest in the lease owned by the ward;

(C) Sell and convey the ward's interest in the oil, gas, or other minerals or mineral rights in and under the land or any part thereof; or

(D) Enter into a contract with reference thereto.

(2) Any such lease or assignment, sale, conveyance, or contract shall be binding upon the ward and his or her estate and all parties to the transaction unless set aside as provided in this section.

(b) (1) Within sixty (60) days after the execution, acknowledgment, and delivery of the lease, assignment, conveyance, or contract, the guardian shall report the transaction to the circuit court of the county in which the land or the greater part of the land in area is situated, stating in detail the essential facts with reference to the transaction, attaching to his or her report a copy of the instrument executed by him or her, and praying for an order ratifying the transaction evidenced by the instrument. (2) After notice given to these persons, if any, as the court may direct, the court shall hear the petition and shall require a showing of the facts required for determination whether the lease, assignment, sale, conveyance, or contract was for the best interest of the ward under the circumstances existing at the time it was made.

(1) Within sixty (60) days after the execution, acknowledgment, and delivery of the lease, assignment, conveyance, or contract, the guardian shall report the transaction to the circuit court of the county in which the land or the greater part of the land in area is situated, stating in detail the essential facts with reference to the transaction, attaching to his or her report a copy of the instrument executed by him or her, and praying for an order ratifying the transaction evidenced by the instrument.

(2) After notice given to these persons, if any, as the court may direct, the court shall hear the petition and shall require a showing of the facts required for determination whether the lease, assignment, sale, conveyance, or contract was for the best interest of the ward under the circumstances existing at the time it was made.

(c) (1) If the court finds that the execution of the instrument in question was for the best interest of the ward at the time it was executed and delivered, the court shall make an order approving and confirming the acts of the guardian in executing, acknowledging, and delivering the instrument. (2) Prior to making the order, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the transaction involved. If the bond is not sufficient, the court shall require, as a prerequisite to making the order, that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate, including the proceeds of the transaction reviewed. The supplemental bond may be filed with and approved by the court making the order.

(1) If the court finds that the execution of the instrument in question was for the best interest of the ward at the time it was executed and delivered, the court shall make an order approving and confirming the acts of the guardian in executing, acknowledging, and delivering the instrument.

(2) Prior to making the order, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the transaction involved. If the bond is not sufficient, the court shall require, as a prerequisite to making the order, that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate, including the proceeds of the transaction reviewed. The supplemental bond may be filed with and approved by the court making the order.

(d) If the court finds that the transaction reported by the guardian was not for the best interest of the ward at the time it was entered into, the court shall make an order setting aside the lease, assignment, sale, conveyance, or contract and requiring the guardian to return the consideration he or she may have received for the execution and delivery thereof.

(e) If the court making the order is not the court in which the general guardianship proceedings are pending, the order shall direct that a certified copy of the order and the original of the supplemental bond, if any, with the court's approval endorsed thereon be transmitted promptly by registered mail by the clerk of that court to and filed with the clerk of the court in which the general guardianship proceedings are pending.

(f) A guardian who fails to file a report and petition as required by the provisions of this section within the prescribed time shall be guilty of a violation and upon conviction shall be fined in any sum not exceeding one thousand dollars ($1,000).

(g) (1) If the guardian fails to file the report and petition as provided in subsection (b) of this section, the person with whom the guardian has contracted or to whom he or she has executed and delivered an assignment, lease, conveyance, or other instrument, after the expiration of sixty (60) days and within seventy-five (75) days after the date of the lease, assignment, conveyance, contract, or other instrument, may petition the court of the county in which the land or the greater part thereof in area is situated to require the guardian to file the report and petition. (2) It shall be the duty of the court to order the guardian to appear and show cause why his or her report and petition have not been filed. (3) After citation of the guardian to appear and after notice given to the other parties, if any, as the court may direct, the court shall determine whether or not the lease, assignment, sale, conveyance, or contract should be approved and confirmed and shall make an order approving and confirming the transaction or setting the transaction aside as provided in subsection (b) of this section, as in the judgment of the court may be required by the facts developed at the hearing.

(1) If the guardian fails to file the report and petition as provided in subsection (b) of this section, the person with whom the guardian has contracted or to whom he or she has executed and delivered an assignment, lease, conveyance, or other instrument, after the expiration of sixty (60) days and within seventy-five (75) days after the date of the lease, assignment, conveyance, contract, or other instrument, may petition the court of the county in which the land or the greater part thereof in area is situated to require the guardian to file the report and petition.

(2) It shall be the duty of the court to order the guardian to appear and show cause why his or her report and petition have not been filed.

(3) After citation of the guardian to appear and after notice given to the other parties, if any, as the court may direct, the court shall determine whether or not the lease, assignment, sale, conveyance, or contract should be approved and confirmed and shall make an order approving and confirming the transaction or setting the transaction aside as provided in subsection (b) of this section, as in the judgment of the court may be required by the facts developed at the hearing.

(h) A lease, assignment, sale, conveyance, or contract made by a guardian under the authority contained in this section that is not reported to the court as provided by subsection (b) or subsection (g) of this section shall be null and void after the expiration of the time provided for the filing of the petition to require the guardian to file his or her report and petition.

Acts 1985, No. 940, § 41; A.S.A. 1947, § 57-860; Acts 2005, No. 1994, § 182.
Ark. Code Ann. § 28-77-801 — AR Code / Title 28 / Chapter 77 / Subchapter 8 / Section 28-77-801
Uniformity of application and construction
Status: in_force

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 28-65-310 — AR Code / Title 28 / Chapter 65 / Subchapter 3 / Section 28-65-310
Support of minor ward
Status: in_force

(a) The support of their unmarried minor children is chargeable jointly and severally upon the property of the husband and the property of the wife, and in the relation thereto, they may be sued either jointly or severally. (b) Although the responsibility for the care, maintenance, and education of a minor rests upon his or her parents or persons in loco parentis, if there are such persons, nevertheless in appropriate cases and taking into consideration the relative resources and circumstances of a parent and the minor ward, the court, in its discretion, may authorize the guardian of the estate to expend income or principal of the ward's estate for the ward's care, maintenance, and education. (c) (1) As far as necessary for the purpose, except as provided in subsection (b) of this section, the income of the ward's estate shall be first applied to his or her care, maintenance, and education. (2) On order of the court, any surplus of the income may be applied to the care, maintenance, and education of the dependents of the ward. (3) If the income is not sufficient to care for, maintain, and educate the ward and his or her dependents, the court may order the expenditure of such portion of the principal as it from time to time finds necessary for such purposes. Acts 1985, No. 940, § 34; A.S.A. 1947, § 57-853.

(a) The support of their unmarried minor children is chargeable jointly and severally upon the property of the husband and the property of the wife, and in the relation thereto, they may be sued either jointly or severally.

(b) Although the responsibility for the care, maintenance, and education of a minor rests upon his or her parents or persons in loco parentis, if there are such persons, nevertheless in appropriate cases and taking into consideration the relative resources and circumstances of a parent and the minor ward, the court, in its discretion, may authorize the guardian of the estate to expend income or principal of the ward's estate for the ward's care, maintenance, and education.

(c) (1) As far as necessary for the purpose, except as provided in subsection (b) of this section, the income of the ward's estate shall be first applied to his or her care, maintenance, and education. (2) On order of the court, any surplus of the income may be applied to the care, maintenance, and education of the dependents of the ward. (3) If the income is not sufficient to care for, maintain, and educate the ward and his or her dependents, the court may order the expenditure of such portion of the principal as it from time to time finds necessary for such purposes.

(1) As far as necessary for the purpose, except as provided in subsection (b) of this section, the income of the ward's estate shall be first applied to his or her care, maintenance, and education.

(2) On order of the court, any surplus of the income may be applied to the care, maintenance, and education of the dependents of the ward.

(3) If the income is not sufficient to care for, maintain, and educate the ward and his or her dependents, the court may order the expenditure of such portion of the principal as it from time to time finds necessary for such purposes.

Acts 1985, No. 940, § 34; A.S.A. 1947, § 57-853.
Ark. Code Ann. § 28-73-203 — AR Code / Title 28 / Chapter 73 / Subchapter 2 / Section 28-73-203
Subject-matter jurisdiction
Status: in_force

The circuit court has exclusive jurisdiction of proceedings in this state brought by a trustee or beneficiary concerning the administration of a trust or of other proceedings involving a trust. Acts 2005, No. 1031, § 1.

The circuit court has exclusive jurisdiction of proceedings in this state brought by a trustee or beneficiary concerning the administration of a trust or of other proceedings involving a trust.

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-48-203 — AR Code / Title 28 / Chapter 48 / Subchapter 2 / Section 28-48-203
[Repealed]
Status: repealed

Repealed by Act 2023, No. 326,§ 4, eff. 8/1/2023. Acts 1949, No. 140, §§ 85, 89; A.S.A. 1947, §§ 62-2216, 62-2220.

Repealed by Act 2023, No. 326,§ 4, eff. 8/1/2023.

Acts 1949, No. 140, §§ 85, 89; A.S.A. 1947, §§ 62-2216, 62-2220.
Ark. Code Ann. § 28-10-204 — AR Code / Title 28 / Chapter 10 / Subchapter 2 / Section 28-10-204
Co-owners with right of survivorship - Requirement of survival by 120 hours
Status: in_force

Except as provided in § 28-10-206 , if: (i) it is not established by clear and convincing evidence that one of two co-owners with right of survivorship survived the other co-owner by 120 hours, one-half of the property passes as if one had survived by 120 hours and one-half as if the other had survived by 120 hours and (ii) there are more than two co-owners and it is not established by clear and convincing evidence that at least one of them survived the others by 120 hours, the property passes in the proportion that one bears to the whole number of co-owners. Acts 2005, No. 74, § 1.

Except as provided in § 28-10-206 , if:

(i) it is not established by clear and convincing evidence that one of two co-owners with right of survivorship survived the other co-owner by 120 hours, one-half of the property passes as if one had survived by 120 hours and one-half as if the other had survived by 120 hours and

(ii) there are more than two co-owners and it is not established by clear and convincing evidence that at least one of them survived the others by 120 hours, the property passes in the proportion that one bears to the whole number of co-owners.

Acts 2005, No. 74, § 1.
Ark. Code Ann. § 28-73-501 — AR Code / Title 28 / Chapter 73 / Subchapter 5 / Section 28-73-501
Rights of beneficiary's creditor or assignee
Status: in_force

To the extent a beneficiary's interest is not protected by a spendthrift provision, a court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances. Acts 2005, No. 1031, § 1.

To the extent a beneficiary's interest is not protected by a spendthrift provision, a court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-49-111 — AR Code / Title 28 / Chapter 49 / Section 28-49-111
Debt of executor
Status: in_force

Nomination in a will of any person as executor shall not operate as a discharge or bequest of any right of action which the testator had against the executor, but the right of action, if it survives, shall be included in the inventory among the assets of the decedent. Acts 1949, No. 140, § 93; A.S.A. 1947, § 62-2303.

Nomination in a will of any person as executor shall not operate as a discharge or bequest of any right of action which the testator had against the executor, but the right of action, if it survives, shall be included in the inventory among the assets of the decedent.

Acts 1949, No. 140, § 93; A.S.A. 1947, § 62-2303.
Ark. Code Ann. § 28-65-111 — AR Code / Title 28 / Chapter 65 / Subchapter 1 / Section 28-65-111
Attorney's fees and costs
Status: in_force

(a) Except for the fees and costs accrued by the estate of the ward in a court-approved guardianship, attorney's fees or costs, or both, may be awarded by the court in guardianship matters only in the following instances and upon reasonable notice and an opportunity to be heard: (1) If it is proven by clear and convincing evidence that a party has acted in bad faith or with actual malice and thereby caused another party to incur attorney's fees or costs, or both, in the guardianship action; or (2) (A) In a guardianship matter in which the court has found a party in contempt of court and the contemptuous behavior has caused another party to incur attorney's fees. (B) The penalty for contempt in a guardianship case is not limited to fees and may include other appropriate sanctions as determined by the court. (b) The amount of fees or costs, or both, awarded, if any, and the time and manner of payment shall be at the reasonable discretion of the court. Added by Act 2023, No. 326,§ 8, eff. 8/1/2023.

(a) Except for the fees and costs accrued by the estate of the ward in a court-approved guardianship, attorney's fees or costs, or both, may be awarded by the court in guardianship matters only in the following instances and upon reasonable notice and an opportunity to be heard: (1) If it is proven by clear and convincing evidence that a party has acted in bad faith or with actual malice and thereby caused another party to incur attorney's fees or costs, or both, in the guardianship action; or (2) (A) In a guardianship matter in which the court has found a party in contempt of court and the contemptuous behavior has caused another party to incur attorney's fees. (B) The penalty for contempt in a guardianship case is not limited to fees and may include other appropriate sanctions as determined by the court.

(1) If it is proven by clear and convincing evidence that a party has acted in bad faith or with actual malice and thereby caused another party to incur attorney's fees or costs, or both, in the guardianship action; or

(2) (A) In a guardianship matter in which the court has found a party in contempt of court and the contemptuous behavior has caused another party to incur attorney's fees. (B) The penalty for contempt in a guardianship case is not limited to fees and may include other appropriate sanctions as determined by the court.

(A) In a guardianship matter in which the court has found a party in contempt of court and the contemptuous behavior has caused another party to incur attorney's fees.

(B) The penalty for contempt in a guardianship case is not limited to fees and may include other appropriate sanctions as determined by the court.

(b) The amount of fees or costs, or both, awarded, if any, and the time and manner of payment shall be at the reasonable discretion of the court.

Added by Act 2023, No. 326,§ 8, eff. 8/1/2023.
Ark. Code Ann. § 28-77-601 — AR Code / Title 28 / Chapter 77 / Subchapter 6 / Section 28-77-601
Determination and distribution of net income
Status: in_force

(a) This section applies when: (1) the death of an individual results in the creation of an estate or trust; or (2) an income interest in a trust terminates, whether the trust continues or is distributed. (b) A fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection (e) and § 28-77-401 et seq., § 28-77-501 et seq., and § 28-77-701 et seq., the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property. (c) A fiduciary shall determine the income and net income of an estate or income interest in a trust which terminates, other than the amount of net income determined under subsection (b), under § 28-77-401 et seq., § 28-77-501 et seq., and § 28-77-701 et seq. and by: (1) including in net income all income from property used or sold to discharge liabilities; (2) paying from income or principal, in the fiduciary's discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent's death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent: (A) the payment of the expenses from income will not cause the reduction or loss of the deduction; or (B) the fiduciary makes an adjustment under § 28-77-507(b) ; and (3) paying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including: (A) to the extent authorized by the decedent's will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent's death; and (B) related penalties that are apportioned, by the decedent's will, the terms of the trust, or applicable law, to the estate or income interest that terminates. (d) A fiduciary shall distribute net income in the manner described in § 28-77-602 to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust. (e) A fiduciary may not reduce principal or income receipts from property described in subsection (b) because of a payment described in § 28-77-501 or § 28-77-502 , to the extent the decedent's will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property must be determined by including the amount the fiduciary receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent's death or an income interest's terminating event, and making a reasonable provision for an amount the estate or income interest may become obligated to pay after the property is distributed. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.

(a) This section applies when: (1) the death of an individual results in the creation of an estate or trust; or (2) an income interest in a trust terminates, whether the trust continues or is distributed.

(1) the death of an individual results in the creation of an estate or trust; or

(2) an income interest in a trust terminates, whether the trust continues or is distributed.

(b) A fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection (e) and § 28-77-401 et seq., § 28-77-501 et seq., and § 28-77-701 et seq., the amount of net income and net principal receipts received from property specifically given to a beneficiary. The fiduciary shall distribute the net income and net principal receipts to the beneficiary that is to receive the specific property.

(c) A fiduciary shall determine the income and net income of an estate or income interest in a trust which terminates, other than the amount of net income determined under subsection (b), under § 28-77-401 et seq., § 28-77-501 et seq., and § 28-77-701 et seq. and by: (1) including in net income all income from property used or sold to discharge liabilities; (2) paying from income or principal, in the fiduciary's discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent's death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent: (A) the payment of the expenses from income will not cause the reduction or loss of the deduction; or (B) the fiduciary makes an adjustment under § 28-77-507(b) ; and (3) paying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including: (A) to the extent authorized by the decedent's will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent's death; and (B) related penalties that are apportioned, by the decedent's will, the terms of the trust, or applicable law, to the estate or income interest that terminates.

(1) including in net income all income from property used or sold to discharge liabilities;

(2) paying from income or principal, in the fiduciary's discretion, fees of attorneys, accountants, and fiduciaries, court costs and other expenses of administration, and interest on estate and inheritance taxes and other taxes imposed because of the decedent's death, but the fiduciary may pay the expenses from income of property passing to a trust for which the fiduciary claims a federal estate tax marital or charitable deduction only to the extent: (A) the payment of the expenses from income will not cause the reduction or loss of the deduction; or (B) the fiduciary makes an adjustment under § 28-77-507(b) ; and

(A) the payment of the expenses from income will not cause the reduction or loss of the deduction; or

(B) the fiduciary makes an adjustment under § 28-77-507(b) ; and

(3) paying from principal other disbursements made or incurred in connection with the settlement of the estate or the winding up of an income interest that terminates, including: (A) to the extent authorized by the decedent's will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent's death; and (B) related penalties that are apportioned, by the decedent's will, the terms of the trust, or applicable law, to the estate or income interest that terminates.

(A) to the extent authorized by the decedent's will, the terms of the trust, or applicable law, debts, funeral expenses, disposition of remains, family allowances, estate and inheritance taxes, and other taxes imposed because of the decedent's death; and

(B) related penalties that are apportioned, by the decedent's will, the terms of the trust, or applicable law, to the estate or income interest that terminates.

(d) A fiduciary shall distribute net income in the manner described in § 28-77-602 to all other beneficiaries, including a beneficiary that receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.

(e) A fiduciary may not reduce principal or income receipts from property described in subsection (b) because of a payment described in § 28-77-501 or § 28-77-502 , to the extent the decedent's will, the terms of the trust, or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property must be determined by including the amount the fiduciary receives or pays regarding the property, whether the amount accrued or became due before, on, or after the date of the decedent's death or an income interest's terminating event, and making a reasonable provision for an amount the estate or income interest may become obligated to pay after the property is distributed.

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 28-25-110 — AR Code / Title 28 / Chapter 25 / Section 28-25-110
Revival of revoked or invalid will
Status: in_force

No will or any part thereof which shall be revoked, or which shall be or become invalid, can be revived otherwise than by a reexecution thereof, or by the execution of another will in which the revoked or invalid will or part thereof is incorporated by reference. Acts 1949, No. 140, § 24; A.S.A. 1947, § 60-408.

No will or any part thereof which shall be revoked, or which shall be or become invalid, can be revived otherwise than by a reexecution thereof, or by the execution of another will in which the revoked or invalid will or part thereof is incorporated by reference.

Acts 1949, No. 140, § 24; A.S.A. 1947, § 60-408.
Ark. Code Ann. § 28-40-119 — AR Code / Title 28 / Chapter 40 / Subchapter 1 / Section 28-40-119
Conditions on which probate ordered and letters granted
Status: in_force

(a) On a petition for the probate of a will, if the court finds that the testator is dead, that the instrument offered for probate was executed in all respects according to law when the testator was competent to do so and acting without undue influence, fraud, or restraint, that the will was not revoked, and that the instrument is his or her last will, then the will shall be admitted to probate as the last will of the testator, but the order need not recite such findings. (b) On the petition for the appointment of an executor or general administrator, the court shall determine whether the deceased died testate or intestate and shall grant letters accordingly or, on proper grounds, deny the petition. Acts 1949, No. 140, § 59; A.S.A. 1947, § 62-2120.

(a) On a petition for the probate of a will, if the court finds that the testator is dead, that the instrument offered for probate was executed in all respects according to law when the testator was competent to do so and acting without undue influence, fraud, or restraint, that the will was not revoked, and that the instrument is his or her last will, then the will shall be admitted to probate as the last will of the testator, but the order need not recite such findings.

(b) On the petition for the appointment of an executor or general administrator, the court shall determine whether the deceased died testate or intestate and shall grant letters accordingly or, on proper grounds, deny the petition.

Acts 1949, No. 140, § 59; A.S.A. 1947, § 62-2120.
Ark. Code Ann. § 28-76-102 — AR Code / Title 28 / Chapter 76 / Section 28-76-102
Definitions
Status: in_force

As used in this chapter: (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts. (2) "Directed trust" means a trust for which the terms of the trust grant a power of direction. (3) "Directed trustee" means a trustee that is subject to a trust director's power of direction. (4) "Person" means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. (5) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in § 28-76-105(b) . (6) "Settlor" means a person, including a testator, that creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion. (7) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. (8) "Terms of a trust" means: (A) except as otherwise provided in subparagraph (8)(B), the manifestation of the settlor's intent regarding a trust's provisions as: (i) expressed in the trust instrument; or (ii) established by other evidence that would be admissible in a judicial proceeding; or (B) the trust's provisions as established, determined, or amended by: (i) a trustee or trust director in accordance with applicable law; (ii) court order; or (iii) a nonjudicial settlement agreement under § 28-73-111 . (9) "Trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. (10) "Trustee" includes an original, additional, and successor trustee, and a cotrustee. Added by Act 2019, No. 1021,§ 5, eff. 1/1/2020.

As used in this chapter:

(1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts.

(2) "Directed trust" means a trust for which the terms of the trust grant a power of direction.

(3) "Directed trustee" means a trustee that is subject to a trust director's power of direction.

(4) "Person" means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity.

(5) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in § 28-76-105(b) .

(6) "Settlor" means a person, including a testator, that creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.

(7) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States.

(8) "Terms of a trust" means: (A) except as otherwise provided in subparagraph (8)(B), the manifestation of the settlor's intent regarding a trust's provisions as: (i) expressed in the trust instrument; or (ii) established by other evidence that would be admissible in a judicial proceeding; or (B) the trust's provisions as established, determined, or amended by: (i) a trustee or trust director in accordance with applicable law; (ii) court order; or (iii) a nonjudicial settlement agreement under § 28-73-111 .

(A) except as otherwise provided in subparagraph (8)(B), the manifestation of the settlor's intent regarding a trust's provisions as: (i) expressed in the trust instrument; or (ii) established by other evidence that would be admissible in a judicial proceeding; or

(i) expressed in the trust instrument; or

(ii) established by other evidence that would be admissible in a judicial proceeding; or

(B) the trust's provisions as established, determined, or amended by: (i) a trustee or trust director in accordance with applicable law; (ii) court order; or (iii) a nonjudicial settlement agreement under § 28-73-111 .

(i) a trustee or trust director in accordance with applicable law;

(ii) court order; or

(iii) a nonjudicial settlement agreement under § 28-73-111 .

(9) "Trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.

(10) "Trustee" includes an original, additional, and successor trustee, and a cotrustee.

Added by Act 2019, No. 1021,§ 5, eff. 1/1/2020.
Ark. Code Ann. § 28-72-406 — AR Code / Title 28 / Chapter 72 / Subchapter 4 / Section 28-72-406
Multiple beneficiaries - Separate custodial trusts - Survivorship
Status: in_force

(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship. (b) Custodial trust property held under this subchapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust. (c) A custodial trustee of custodial trust property held for more than one (1) beneficiary shall separately account to each beneficiary pursuant to §§ 28-72-407 and 28-72-415 for the administration of the custodial trust. Acts 1991, No. 273, § 6.

(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.

(b) Custodial trust property held under this subchapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.

(c) A custodial trustee of custodial trust property held for more than one (1) beneficiary shall separately account to each beneficiary pursuant to §§ 28-72-407 and 28-72-415 for the administration of the custodial trust.

Acts 1991, No. 273, § 6.
Ark. Code Ann. § 28-40-203 — AR Code / Title 28 / Chapter 40 / Subchapter 2 / Section 28-40-203
Court findings - Effect
Status: in_force

(a) If the court finds that the will was properly executed, that the testator had the requisite testamentary capacity and freedom from undue influence at the time of execution, and that the will is otherwise valid, it shall declare the will valid and order it placed on file with the court. (b) A finding of validity pursuant to this subchapter shall constitute an adjudication of probate. However, such validated wills may be modified or superseded by subsequently executed valid wills, codicils, and other testamentary instruments, whether or not validated pursuant to this subchapter. Acts 1979, No. 194, § 4; A.S.A. 1947, § 62-2137.

(a) If the court finds that the will was properly executed, that the testator had the requisite testamentary capacity and freedom from undue influence at the time of execution, and that the will is otherwise valid, it shall declare the will valid and order it placed on file with the court.

(b) A finding of validity pursuant to this subchapter shall constitute an adjudication of probate. However, such validated wills may be modified or superseded by subsequently executed valid wills, codicils, and other testamentary instruments, whether or not validated pursuant to this subchapter.

Acts 1979, No. 194, § 4; A.S.A. 1947, § 62-2137.
Ark. Code Ann. § 28-25-104 — AR Code / Title 28 / Chapter 25 / Section 28-25-104
Holographic wills generally
Status: in_force

When the entire body of the will and the signature shall be written in the proper handwriting of the testator, the will may be established by the evidence of at least three (3) credible disinterested witnesses to the handwriting and signature of the testator, notwithstanding there may be no attesting witnesses to the will. Acts 1949, No. 140, § 20; A.S.A. 1947, § 60-404.

When the entire body of the will and the signature shall be written in the proper handwriting of the testator, the will may be established by the evidence of at least three (3) credible disinterested witnesses to the handwriting and signature of the testator, notwithstanding there may be no attesting witnesses to the will.

Acts 1949, No. 140, § 20; A.S.A. 1947, § 60-404.
Ark. Code Ann. § 28-68-102 — AR Code / Title 28 / Chapter 68 / Subchapter 1 / Section 28-68-102
Definitions
Status: in_force

In this chapter: (1) "Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to which an agent's authority is delegated. (2) "Durable," with respect to a power of attorney, means not terminated by the principal's incapacity. (3) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. (4) "Good faith" means honesty in fact. (5) "Incapacity" means inability of an individual to manage property or business affairs because the individual: (A) has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or (B) is: (i) missing; (ii) detained, including incarcerated in a penal system; or (iii) outside the United States and unable to return. (6) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. (7) "Power of attorney" means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. (8) "Presently exercisable general power of appointment," with respect to property or a property interest subject to a power of appointment, means power exercisable at the time in question to vest absolute ownership in the principal individually, the principal's estate, the principal's creditors, or the creditors of the principal's estate. The term includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. The term does not include a power exercisable in a fiduciary capacity or only by will. (9) "Principal" means an individual who grants authority to an agent in a power of attorney. (10) "Property" means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein. (11) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. (12) "Sign" means, with present intent to authenticate or adopt a record: (A) to execute or adopt a tangible symbol; or (B) to attach to or logically associate with the record an electronic sound, symbol, or process. (13) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. (14) "Stocks and bonds" means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. The term does not include commodity futures contracts and call or put options on stocks or stock indexes. Acts 2011, No. 805, § 1.

In this chapter:

(1) "Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to which an agent's authority is delegated.

(2) "Durable," with respect to a power of attorney, means not terminated by the principal's incapacity.

(3) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(4) "Good faith" means honesty in fact.

(5) "Incapacity" means inability of an individual to manage property or business affairs because the individual: (A) has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or (B) is: (i) missing; (ii) detained, including incarcerated in a penal system; or (iii) outside the United States and unable to return.

(A) has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or

(B) is: (i) missing; (ii) detained, including incarcerated in a penal system; or (iii) outside the United States and unable to return.

(i) missing;

(ii) detained, including incarcerated in a penal system; or

(iii) outside the United States and unable to return.

(6) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

(7) "Power of attorney" means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.

(8) "Presently exercisable general power of appointment," with respect to property or a property interest subject to a power of appointment, means power exercisable at the time in question to vest absolute ownership in the principal individually, the principal's estate, the principal's creditors, or the creditors of the principal's estate. The term includes a power of appointment not exercisable until the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified period only after the occurrence of the specified event, the satisfaction of the ascertainable standard, or the passage of the specified period. The term does not include a power exercisable in a fiduciary capacity or only by will.

(9) "Principal" means an individual who grants authority to an agent in a power of attorney.

(10) "Property" means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right therein.

(11) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(12) "Sign" means, with present intent to authenticate or adopt a record: (A) to execute or adopt a tangible symbol; or (B) to attach to or logically associate with the record an electronic sound, symbol, or process.

(A) to execute or adopt a tangible symbol; or

(B) to attach to or logically associate with the record an electronic sound, symbol, or process.

(13) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(14) "Stocks and bonds" means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. The term does not include commodity futures contracts and call or put options on stocks or stock indexes.

Acts 2011, No. 805, § 1.
Ark. Code Ann. § 28-72-601 — AR Code / Title 28 / Chapter 72 / Subchapter 6 / Section 28-72-601
Definitions
Status: in_force

As used in this subchapter: (1) "Property" means an interest in any type of property that is: (A) Held in a qualified spousal trust; (B) Income earned from property held in a qualified spousal trust; and (C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and (2) "Qualified spousal trust" means a trust that: (A) At the time of its creation has two (2) settlors who are married to each other; and (B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered: (i) In one (1) trust for the benefit of both settlors and allows: (a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and (b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor; (ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows: (a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and (b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or (iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section. Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.

As used in this subchapter:

(1) "Property" means an interest in any type of property that is: (A) Held in a qualified spousal trust; (B) Income earned from property held in a qualified spousal trust; and (C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and

(A) Held in a qualified spousal trust;

(B) Income earned from property held in a qualified spousal trust; and

(C) Property into which the interest, proceeds, or income earned from property held in a qualified spousal trust may be converted; and

(2) "Qualified spousal trust" means a trust that: (A) At the time of its creation has two (2) settlors who are married to each other; and (B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered: (i) In one (1) trust for the benefit of both settlors and allows: (a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and (b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor; (ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows: (a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and (b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or (iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.

(A) At the time of its creation has two (2) settlors who are married to each other; and

(B) Includes terms requiring that during the joint lives of the settlors, all property transferred to or held by the trustee shall be held and administered: (i) In one (1) trust for the benefit of both settlors and allows: (a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and (b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor; (ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows: (a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and (b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or (iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.

(i) In one (1) trust for the benefit of both settlors and allows: (a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and (b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor;

(a) The trust to be revoked by either settlor or both settlors while either or both of the settlors are alive; and

(b) Each settlor the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the entire trust for the joint lives of the settlors and for the life of the survivor;

(ii) In two (2) separate shares of one (1) trust for the benefit of each settlor and allows: (a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and (b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or

(a) A settlor to revoke his or her separate share of the trust without the participation or consent of the other settlor; and

(b) Each settlor to have the right to receive distributions of income or principal, whether mandatory or within the discretion of the trustee, from the separate share of the settlor or for the life of the settlor; or

(iii) Under the terms and conditions provided under subdivisions (2)(B)(i) and (2)(B)(ii) of this section.

Added by Act 2019, No. 1047,§ 1, eff. 7/24/2019.
Ark. Code Ann. § 28-68-108 — AR Code / Title 28 / Chapter 68 / Subchapter 1 / Section 28-68-108
Nomination of guardian - Relation of agent to court-appointed fiduciary
Status: in_force

(a) In a power of attorney, a principal may nominate a guardian of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of attorney. Except for good cause shown or disqualification, the court shall make its appointment in accordance with the principal's most recent nomination. (b) If, after a principal executes a power of attorney, a court appoints a guardian of the principal's estate or other fiduciary charged with the management of some or all of the principal's property, the agent is accountable to the fiduciary as well as to the principal. The power of attorney is not terminated and the agent's authority continues unless limited, suspended, or terminated by the court. Acts 2011, No. 805, § 1.

(a) In a power of attorney, a principal may nominate a guardian of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of attorney. Except for good cause shown or disqualification, the court shall make its appointment in accordance with the principal's most recent nomination.

(b) If, after a principal executes a power of attorney, a court appoints a guardian of the principal's estate or other fiduciary charged with the management of some or all of the principal's property, the agent is accountable to the fiduciary as well as to the principal. The power of attorney is not terminated and the agent's authority continues unless limited, suspended, or terminated by the court.

Acts 2011, No. 805, § 1.
Ark. Code Ann. § 28-73-906 — AR Code / Title 28 / Chapter 73 / Subchapter 9 / Section 28-73-906
Language invoking standard of subchapter
Status: in_force

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter: "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule". Acts 2005, No. 1031, § 1.

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter: "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule".

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-77-308 — AR Code / Title 28 / Chapter 77 / Subchapter 3 / Section 28-77-308
Period
Status: in_force

(a) A unitrust policy must provide the period used under §§ 28-77-306 and 28-77-307 . Except as otherwise provided in § 28-77-309(b)(3) , the period may be: (1) a calendar year; (2) a 12-month period other than a calendar year; (3) a calendar quarter; (4) a three-month period other than a calendar quarter; or (5) another period. (b) Except as otherwise provided in § 28-77-309(b) , a unitrust policy may provide standards for: (1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if: (A) the trust was not in existence in a preceding period; or (B) market indices or other published data are not available for a preceding period; (2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B) , § 28-77-307(b)(6)(B) , or § 28-77-307(b)(7)(B) if: (A) the trust was not in existence in a preceding period; or (B) fair market values are not available for a preceding period; and (3) prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates. Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.

(a) A unitrust policy must provide the period used under §§ 28-77-306 and 28-77-307 . Except as otherwise provided in § 28-77-309(b)(3) , the period may be: (1) a calendar year; (2) a 12-month period other than a calendar year; (3) a calendar quarter; (4) a three-month period other than a calendar quarter; or (5) another period.

(1) a calendar year;

(2) a 12-month period other than a calendar year;

(3) a calendar quarter;

(4) a three-month period other than a calendar quarter; or

(5) another period.

(b) Except as otherwise provided in § 28-77-309(b) , a unitrust policy may provide standards for: (1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if: (A) the trust was not in existence in a preceding period; or (B) market indices or other published data are not available for a preceding period; (2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B) , § 28-77-307(b)(6)(B) , or § 28-77-307(b)(7)(B) if: (A) the trust was not in existence in a preceding period; or (B) fair market values are not available for a preceding period; and (3) prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.

(1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if: (A) the trust was not in existence in a preceding period; or (B) market indices or other published data are not available for a preceding period;

(A) the trust was not in existence in a preceding period; or

(B) market indices or other published data are not available for a preceding period;

(2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B) , § 28-77-307(b)(6)(B) , or § 28-77-307(b)(7)(B) if: (A) the trust was not in existence in a preceding period; or (B) fair market values are not available for a preceding period; and

(A) the trust was not in existence in a preceding period; or

(B) fair market values are not available for a preceding period; and

(3) prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Ark. Code Ann. § 28-40-113 — AR Code / Title 28 / Chapter 40 / Subchapter 1 / Section 28-40-113
Contest of will generally
Status: in_force

(a) An interested person may contest the probate of a will, or any part thereof, by stating in writing the grounds of his or her objection and filing them in the court. (b) No will can be contested unless the grounds of objection are filed within the periods hereinafter provided: (1) If the ground of objection is that another will of the decedent has been discovered, the ground of objection must be filed before final distribution of the estate is ordered and within the period stated in § 28-40-103 ; (2) If the contest is on any other ground and if the contestant or the person through whom he or she derives his or her interest in the estate: (A) Has been given notice, other than by publication, of the hearing of a petition for probate as provided in § 28-40-110 , his or her grounds for objection must be filed at or prior to the time of the hearing on the petition for probate; (B) Has been notified of the admission of the will to probate in the manner provided by § 28-40-111 and is not barred by subdivision (b)(2)(A) of this section, his or her grounds of objection must be filed within three (3) months after the date of the first publication of the notice of the admission of the will to probate; (C) Is not barred by the provisions of subdivision (b)(2)(A) or (B) of this section, but notice of the admission of the will to probate has been published as provided in § 28-40-111 , whether or not published promptly, and a copy thereof has been served upon the contestant or the person through whom he or she derives his or her interest in the estate in accordance with § 28-1-112(b)(1), (2), or (3) , the contestant must file his or her grounds for objection to the probate of the will within three (3) months after the first publication of notice of the probate or within forty-five (45) days after a copy of the notice was served upon him or her or his or her predecessor in interest in the estate, whichever period shall last expire; and (D) Is not barred by any of the provisions of subdivision (b)(2)(A), (B), or (C) of this section, his or her grounds for objection must be filed within three (3) years after the admission of the will to probate; and (3) The grounds for objection to a foreign will which has been admitted to probate in this state must be filed within the same time as though it were a will of a resident of this state, or thereafter within forty-five (45) days after the rendition of an order of a court of competent jurisdiction in the state of the domicile of the decedent, setting aside the probate of the will therein. Acts 1949, No. 140, §§ 52, 53; 1951, No. 255, § 4; 1967, No. 287, § 2; 1985, No. 1007, § 2; A.S.A. 1947, §§ 62-2113, 62-2114.

(a) An interested person may contest the probate of a will, or any part thereof, by stating in writing the grounds of his or her objection and filing them in the court.

(b) No will can be contested unless the grounds of objection are filed within the periods hereinafter provided: (1) If the ground of objection is that another will of the decedent has been discovered, the ground of objection must be filed before final distribution of the estate is ordered and within the period stated in § 28-40-103 ; (2) If the contest is on any other ground and if the contestant or the person through whom he or she derives his or her interest in the estate: (A) Has been given notice, other than by publication, of the hearing of a petition for probate as provided in § 28-40-110 , his or her grounds for objection must be filed at or prior to the time of the hearing on the petition for probate; (B) Has been notified of the admission of the will to probate in the manner provided by § 28-40-111 and is not barred by subdivision (b)(2)(A) of this section, his or her grounds of objection must be filed within three (3) months after the date of the first publication of the notice of the admission of the will to probate; (C) Is not barred by the provisions of subdivision (b)(2)(A) or (B) of this section, but notice of the admission of the will to probate has been published as provided in § 28-40-111 , whether or not published promptly, and a copy thereof has been served upon the contestant or the person through whom he or she derives his or her interest in the estate in accordance with § 28-1-112(b)(1), (2), or (3) , the contestant must file his or her grounds for objection to the probate of the will within three (3) months after the first publication of notice of the probate or within forty-five (45) days after a copy of the notice was served upon him or her or his or her predecessor in interest in the estate, whichever period shall last expire; and (D) Is not barred by any of the provisions of subdivision (b)(2)(A), (B), or (C) of this section, his or her grounds for objection must be filed within three (3) years after the admission of the will to probate; and (3) The grounds for objection to a foreign will which has been admitted to probate in this state must be filed within the same time as though it were a will of a resident of this state, or thereafter within forty-five (45) days after the rendition of an order of a court of competent jurisdiction in the state of the domicile of the decedent, setting aside the probate of the will therein.

(1) If the ground of objection is that another will of the decedent has been discovered, the ground of objection must be filed before final distribution of the estate is ordered and within the period stated in § 28-40-103 ;

(2) If the contest is on any other ground and if the contestant or the person through whom he or she derives his or her interest in the estate: (A) Has been given notice, other than by publication, of the hearing of a petition for probate as provided in § 28-40-110 , his or her grounds for objection must be filed at or prior to the time of the hearing on the petition for probate; (B) Has been notified of the admission of the will to probate in the manner provided by § 28-40-111 and is not barred by subdivision (b)(2)(A) of this section, his or her grounds of objection must be filed within three (3) months after the date of the first publication of the notice of the admission of the will to probate; (C) Is not barred by the provisions of subdivision (b)(2)(A) or (B) of this section, but notice of the admission of the will to probate has been published as provided in § 28-40-111 , whether or not published promptly, and a copy thereof has been served upon the contestant or the person through whom he or she derives his or her interest in the estate in accordance with § 28-1-112(b)(1), (2), or (3) , the contestant must file his or her grounds for objection to the probate of the will within three (3) months after the first publication of notice of the probate or within forty-five (45) days after a copy of the notice was served upon him or her or his or her predecessor in interest in the estate, whichever period shall last expire; and (D) Is not barred by any of the provisions of subdivision (b)(2)(A), (B), or (C) of this section, his or her grounds for objection must be filed within three (3) years after the admission of the will to probate; and

(A) Has been given notice, other than by publication, of the hearing of a petition for probate as provided in § 28-40-110 , his or her grounds for objection must be filed at or prior to the time of the hearing on the petition for probate;

(B) Has been notified of the admission of the will to probate in the manner provided by § 28-40-111 and is not barred by subdivision (b)(2)(A) of this section, his or her grounds of objection must be filed within three (3) months after the date of the first publication of the notice of the admission of the will to probate;

(C) Is not barred by the provisions of subdivision (b)(2)(A) or (B) of this section, but notice of the admission of the will to probate has been published as provided in § 28-40-111 , whether or not published promptly, and a copy thereof has been served upon the contestant or the person through whom he or she derives his or her interest in the estate in accordance with § 28-1-112(b)(1), (2), or (3) , the contestant must file his or her grounds for objection to the probate of the will within three (3) months after the first publication of notice of the probate or within forty-five (45) days after a copy of the notice was served upon him or her or his or her predecessor in interest in the estate, whichever period shall last expire; and

(D) Is not barred by any of the provisions of subdivision (b)(2)(A), (B), or (C) of this section, his or her grounds for objection must be filed within three (3) years after the admission of the will to probate; and

(3) The grounds for objection to a foreign will which has been admitted to probate in this state must be filed within the same time as though it were a will of a resident of this state, or thereafter within forty-five (45) days after the rendition of an order of a court of competent jurisdiction in the state of the domicile of the decedent, setting aside the probate of the will therein.

Acts 1949, No. 140, §§ 52, 53; 1951, No. 255, § 4; 1967, No. 287, § 2; 1985, No. 1007, § 2; A.S.A. 1947, §§ 62-2113, 62-2114.
Ark. Code Ann. § 28-2-210 — AR Code / Title 28 / Chapter 2 / Subchapter 2 / Section 28-2-210
Disclaimer by appointee, object, or taker in default of exercise of power of appointment
Status: in_force

(a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. (b) A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable. Acts 2003, No. 610, § 10.

(a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable.

(b) A disclaimer of an interest in property by an object or taker in default of an exercise of a power of appointment takes effect as of the time the instrument creating the power becomes irrevocable.

Acts 2003, No. 610, § 10.
Ark. Code Ann. § 28-68-111 — AR Code / Title 28 / Chapter 68 / Subchapter 1 / Section 28-68-111
Coagents and successor agents
Status: in_force

(a) A principal may designate two or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise its authority independently. (b) A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve. A principal may grant authority to designate one or more successor agents to an agent or other person designated by name, office, or function. Unless the power of attorney otherwise provides, a successor agent: (1) has the same authority as that granted to the original agent; and (2) may not act until all predecessor agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve. (c) Except as otherwise provided in the power of attorney and subsection (d), an agent that does not participate in or conceal a breach of fiduciary duty committed by another agent, including a predecessor agent, is not liable for the actions of the other agent. (d) An agent that has actual knowledge of a breach or imminent breach of fiduciary duty by another agent shall notify the principal and, if the principal is incapacitated, take any action reasonably appropriate in the circumstances to safeguard the principal's best interest. An agent that fails to notify the principal or take action as required by this subsection is liable for the reasonably foreseeable damages that could have been avoided if the agent had notified the principal or taken such action. Acts 2011, No. 805, § 1.

(a) A principal may designate two or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise its authority independently.

(b) A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve. A principal may grant authority to designate one or more successor agents to an agent or other person designated by name, office, or function. Unless the power of attorney otherwise provides, a successor agent: (1) has the same authority as that granted to the original agent; and (2) may not act until all predecessor agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve.

(1) has the same authority as that granted to the original agent; and

(2) may not act until all predecessor agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve.

(c) Except as otherwise provided in the power of attorney and subsection (d), an agent that does not participate in or conceal a breach of fiduciary duty committed by another agent, including a predecessor agent, is not liable for the actions of the other agent.

(d) An agent that has actual knowledge of a breach or imminent breach of fiduciary duty by another agent shall notify the principal and, if the principal is incapacitated, take any action reasonably appropriate in the circumstances to safeguard the principal's best interest. An agent that fails to notify the principal or take action as required by this subsection is liable for the reasonably foreseeable damages that could have been avoided if the agent had notified the principal or taken such action.

Acts 2011, No. 805, § 1.
Ark. Code Ann. § 28-9-214 — AR Code / Title 28 / Chapter 9 / Subchapter 2 / Section 28-9-214
Tables of descents
Status: in_force

The heritable estate of an intestate as defined in § 28-9-206 shall pass as follows upon the intestate's death: (1) First, to the children of the intestate and the descendants of each child of the intestate who may have predeceased the intestate. The children and descendants will take per capita or per stirpes according to §§ 28-9-204 and 28-9-205 ; (2) Second, if the intestate is survived by no descendant, to the intestate's surviving spouse unless the intestate and the surviving spouse had been continuously married less than three (3) years next preceding the death of the intestate, in which event the surviving spouse will take merely fifty percent (50%) of the intestate's heritable estate; (3) Third, if the intestate is survived by no descendant or spouse, to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one (1) of them shall be living; (4) Fourth, if the intestate is survived by no descendant but is survived by a spouse to whom the intestate has been continuously married less than three (3) years next preceding the death of the intestate, the entire portion of his or her heritable estate which does not pass to the surviving spouse under subdivision (2) of this section shall pass to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one (1) of them shall be living; (5) Fifth, if the intestate is survived by no descendant or parent, then all of his or her heritable estate which under subdivisions (3) and (4) of this section would have vested in the intestate's surviving parent or parents will pass to the intestate's brothers and sisters and the descendants of any brothers and sisters of the intestate who may have predeceased the intestate, such brothers, sisters, and descendants taking per capita or per stirpes according to §§ 28-9-204 and 28-9-205 ; (6) Sixth, if the intestate is survived by no descendant, then in respect to such portion of his or her heritable estate as does not pass under subdivisions (2)-(5) of this section, the inheriting class will be the surviving grandparents, uncles, and aunts of the intestate. In this situation, each surviving grandparent shall take the same share as each surviving uncle and aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal grandparent, uncle, or aunt shall take the same share as a paternal grandparent, uncle, or aunt and vice versa. If any uncle or aunt of the intestate shall predecease the intestate, the descendants of the deceased uncle or aunt will take, per capita or per stirpes according to §§ 28-9-204 and 28-9-205 , the share the decedent would have taken if he or she had survived the intestate; (7) Seventh, if the intestate is survived by no descendant, then in respect to the portion of his or her estate as does not pass under subdivisions (2)-(6) of this section, the inheriting class will be the surviving great-grandparents and great-uncles and great-aunts of the intestate. In this situation, each surviving great-grandparent shall take the same share as each surviving great-uncle and great-aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal great-grandparent, great-uncle, or great-aunt shall take the same share as a paternal great-grandparent, great-uncle, or great-aunt and vice versa. If any great-uncle or great-aunt shall predecease the intestate, the descendants of the decedent will take, per capita or per stirpes according to §§ 28-9-204 and 28-9-205 , the share the decedent would have taken if he or she had survived the intestate; and (8) Eighth, if heirs capable of inheriting the entire heritable estate cannot be found within the inheriting classes prescribed in subdivisions (1)-(7) of this section, the real and personal property of the intestate, or the portion not passing under those subdivisions, shall pass according to § 28-9-215 , devolution when all or some portion of a heritable estate does not pass under this section. Acts 1969, No. 303, § 19; A.S.A. 1947, § 61-149.

The heritable estate of an intestate as defined in § 28-9-206 shall pass as follows upon the intestate's death:

(1) First, to the children of the intestate and the descendants of each child of the intestate who may have predeceased the intestate. The children and descendants will take per capita or per stirpes according to §§ 28-9-204 and 28-9-205 ;

(2) Second, if the intestate is survived by no descendant, to the intestate's surviving spouse unless the intestate and the surviving spouse had been continuously married less than three (3) years next preceding the death of the intestate, in which event the surviving spouse will take merely fifty percent (50%) of the intestate's heritable estate;

(3) Third, if the intestate is survived by no descendant or spouse, to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one (1) of them shall be living;

(4) Fourth, if the intestate is survived by no descendant but is survived by a spouse to whom the intestate has been continuously married less than three (3) years next preceding the death of the intestate, the entire portion of his or her heritable estate which does not pass to the surviving spouse under subdivision (2) of this section shall pass to the intestate's surviving parents, sharing equally, or to the sole surviving parent if only one (1) of them shall be living;

(5) Fifth, if the intestate is survived by no descendant or parent, then all of his or her heritable estate which under subdivisions (3) and (4) of this section would have vested in the intestate's surviving parent or parents will pass to the intestate's brothers and sisters and the descendants of any brothers and sisters of the intestate who may have predeceased the intestate, such brothers, sisters, and descendants taking per capita or per stirpes according to §§ 28-9-204 and 28-9-205 ;

(6) Sixth, if the intestate is survived by no descendant, then in respect to such portion of his or her heritable estate as does not pass under subdivisions (2)-(5) of this section, the inheriting class will be the surviving grandparents, uncles, and aunts of the intestate. In this situation, each surviving grandparent shall take the same share as each surviving uncle and aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal grandparent, uncle, or aunt shall take the same share as a paternal grandparent, uncle, or aunt and vice versa. If any uncle or aunt of the intestate shall predecease the intestate, the descendants of the deceased uncle or aunt will take, per capita or per stirpes according to §§ 28-9-204 and 28-9-205 , the share the decedent would have taken if he or she had survived the intestate;

(7) Seventh, if the intestate is survived by no descendant, then in respect to the portion of his or her estate as does not pass under subdivisions (2)-(6) of this section, the inheriting class will be the surviving great-grandparents and great-uncles and great-aunts of the intestate. In this situation, each surviving great-grandparent shall take the same share as each surviving great-uncle and great-aunt, and no distinction shall be made between the paternal and maternal sides. In other words, a maternal great-grandparent, great-uncle, or great-aunt shall take the same share as a paternal great-grandparent, great-uncle, or great-aunt and vice versa. If any great-uncle or great-aunt shall predecease the intestate, the descendants of the decedent will take, per capita or per stirpes according to §§ 28-9-204 and 28-9-205 , the share the decedent would have taken if he or she had survived the intestate; and

(8) Eighth, if heirs capable of inheriting the entire heritable estate cannot be found within the inheriting classes prescribed in subdivisions (1)-(7) of this section, the real and personal property of the intestate, or the portion not passing under those subdivisions, shall pass according to § 28-9-215 , devolution when all or some portion of a heritable estate does not pass under this section.

Acts 1969, No. 303, § 19; A.S.A. 1947, § 61-149.
Ark. Code Ann. § 28-73-702 — AR Code / Title 28 / Chapter 73 / Subchapter 7 / Section 28-73-702
Trustee's bond
Status: in_force

(a) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time. (c) A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust. Acts 2005, No. 1031, § 1.

(a) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.

(b) A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time.

(c) A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-14-109 — AR Code / Title 28 / Chapter 14 / Section 28-14-109
Nontestamentary transfer on death
Status: in_force

(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this chapter and is not testamentary. (b) This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state. Acts 1993, No. 114, § 9.

(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this chapter and is not testamentary.

(b) This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.

Acts 1993, No. 114, § 9.
Ark. Code Ann. § 28-69-701 — AR Code / Title 28 / Chapter 69 / Subchapter 7 / Section 28-69-701
Short title
Status: in_force

This subchapter may be cited as the "Trustee Division of Trusts Act". Acts 1997, No. 585, § 1.

This subchapter may be cited as the "Trustee Division of Trusts Act".

Acts 1997, No. 585, § 1.
Ark. Code Ann. § 28-11-302 — AR Code / Title 28 / Chapter 11 / Subchapter 3 / Section 28-11-302
Lands exchanged - Election
Status: in_force

If a person seized of an estate of inheritance in lands exchanges it for other lands, the surviving spouse shall not have curtesy or dower of both, but shall make an election to curtesy or dower in the lands given or of those taken in exchange. If the election is not evinced by the commencement of proceedings to recover curtesy or dower of the lands given in exchange within one (1) year after the death of the deceased spouse, the surviving spouse shall be deemed to have elected to take the curtesy or dower of the lands received in exchange. Rev. Stat., ch. 52, § 3; C. & M. Dig., § 3516; Pope's Dig., § 4400; Acts 1981, No. 714, § 26; A.S.A. 1947, § 61-209.

If a person seized of an estate of inheritance in lands exchanges it for other lands, the surviving spouse shall not have curtesy or dower of both, but shall make an election to curtesy or dower in the lands given or of those taken in exchange. If the election is not evinced by the commencement of proceedings to recover curtesy or dower of the lands given in exchange within one (1) year after the death of the deceased spouse, the surviving spouse shall be deemed to have elected to take the curtesy or dower of the lands received in exchange.

Rev. Stat., ch. 52, § 3; C. & M. Dig., § 3516; Pope's Dig., § 4400; Acts 1981, No. 714, § 26; A.S.A. 1947, § 61-209.
Ark. Code Ann. § 28-73-102 — AR Code / Title 28 / Chapter 73 / Subchapter 1 / Section 28-73-102
Scope
Status: in_force

(a) This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. (b) Notwithstanding subsection (a), this chapter does not apply to public trusts that are governed by § 28-72-201 et seq. Acts 2005, No. 1031, § 1.

(a) This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.

(b) Notwithstanding subsection (a), this chapter does not apply to public trusts that are governed by § 28-72-201 et seq.

Acts 2005, No. 1031, § 1.
Ark. Code Ann. § 28-49-104 — AR Code / Title 28 / Chapter 49 / Section 28-49-104
Settlements
Status: in_force

(a) When it appears to be for the best interest of the estate, or in the case of an action for wrongful death, for the best interest of the estate or widow and next of kin, the personal representative, upon the authorization of or approval by the court, may effect a compromise settlement of any claim, debt, or obligation due or owing to the estate, whether arising in contract or tort, or he or she may extend, renew, or in any manner modify the terms of any obligation owing to the estate. (b) If the personal representative holds a mortgage, pledge, or other lien upon property of another person, he or she may, in lieu of foreclosure, accept a conveyance or transfer of the encumbered assets from the owner thereof in satisfaction of the indebtedness secured by the lien, if it appears for the best interest of the estate and if the court shall so order. Acts 1949, No. 140, § 96; 1951, No. 255, § 8; A.S.A. 1947, § 62-2403.

(a) When it appears to be for the best interest of the estate, or in the case of an action for wrongful death, for the best interest of the estate or widow and next of kin, the personal representative, upon the authorization of or approval by the court, may effect a compromise settlement of any claim, debt, or obligation due or owing to the estate, whether arising in contract or tort, or he or she may extend, renew, or in any manner modify the terms of any obligation owing to the estate.

(b) If the personal representative holds a mortgage, pledge, or other lien upon property of another person, he or she may, in lieu of foreclosure, accept a conveyance or transfer of the encumbered assets from the owner thereof in satisfaction of the indebtedness secured by the lien, if it appears for the best interest of the estate and if the court shall so order.

Acts 1949, No. 140, § 96; 1951, No. 255, § 8; A.S.A. 1947, § 62-2403.
Ark. Code Ann. § 28-40-112 — AR Code / Title 28 / Chapter 40 / Subchapter 1 / Section 28-40-112
Search for alleged decedent
Status: in_force

Whenever there is reasonable doubt that the person whose estate is to be administered is dead, the court, upon application of an interested person, may direct the personal representative to make search for the alleged decedent in any manner which the court may deem advisable, including, but not limited to, any or all of the following methods: (1) By inserting in one (1) or more suitable periodicals a notice requesting information from any person having knowledge of the whereabouts of the alleged decedent; (2) By notifying officers of justice and public welfare agencies in appropriate locations of the disappearance of the alleged decedent; or (3) By engaging the services of an investigating agency. Acts 1949, No. 140, § 51; A.S.A. 1947, § 62-2112.

Whenever there is reasonable doubt that the person whose estate is to be administered is dead, the court, upon application of an interested person, may direct the personal representative to make search for the alleged decedent in any manner which the court may deem advisable, including, but not limited to, any or all of the following methods:

(1) By inserting in one (1) or more suitable periodicals a notice requesting information from any person having knowledge of the whereabouts of the alleged decedent;

(2) By notifying officers of justice and public welfare agencies in appropriate locations of the disappearance of the alleged decedent; or

(3) By engaging the services of an investigating agency.

Acts 1949, No. 140, § 51; A.S.A. 1947, § 62-2112.
Ark. Code Ann. § 28-52-110 — AR Code / Title 28 / Chapter 52 / Section 28-52-110
Supplemental account
Status: in_force

Receipts and disbursements by the personal representative subsequent to the filing of his or her final accounts shall be reported to the court for approval and may be incorporated in the report of final distribution. Acts 1949, No. 140, § 157; A.S.A. 1947, § 62-2811.

Receipts and disbursements by the personal representative subsequent to the filing of his or her final accounts shall be reported to the court for approval and may be incorporated in the report of final distribution.

Acts 1949, No. 140, § 157; A.S.A. 1947, § 62-2811.
Ark. Code Ann. § 28-72-416 — AR Code / Title 28 / Chapter 72 / Subchapter 4 / Section 28-72-416
Limitations of action against custodial trustee
Status: in_force

(a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee: (1) Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two (2) years after receipt of the final account or statement; or (2) Who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust. (b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five (5) years after the termination of the custodial trust. (c) A claim for relief is not barred by this section if the claimant: (1) is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies; (2) is an incapacitated adult, until the earliest of two (2) years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or (3) was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant's death. Acts 1991, No. 273, § 16.

(a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee: (1) Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two (2) years after receipt of the final account or statement; or (2) Who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust.

(1) Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two (2) years after receipt of the final account or statement; or

(2) Who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three (3) years after the termination of the custodial trust.

(b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five (5) years after the termination of the custodial trust.

(c) A claim for relief is not barred by this section if the claimant: (1) is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies; (2) is an incapacitated adult, until the earliest of two (2) years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or (3) was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant's death.

(1) is a minor, until the earlier of two (2) years after the claimant becomes an adult or dies;

(2) is an incapacitated adult, until the earliest of two (2) years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or

(3) was an adult, now deceased, who was not incapacitated, until two (2) years after the claimant's death.

Acts 1991, No. 273, § 16.
Ark. Code Ann. § 28-70-503 — AR Code / Title 28 / Chapter 70 / Subchapter 5 / Section 28-70-503
[Repealed]
Status: repealed

Repealed by Act 2021, No. 1088,§ 1, eff. 1/1/2022. Acts 1999, No. 647, § 503.

Repealed by Act 2021, No. 1088,§ 1, eff. 1/1/2022.

Acts 1999, No. 647, § 503.
Ark. Code Ann. § 28-14-106 — AR Code / Title 28 / Chapter 14 / Section 28-14-106
Effect of registration in beneficiary form
Status: in_force

The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary. Acts 1993, No. 114, § 6.

The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.

Acts 1993, No. 114, § 6.
Ark. Code Ann. § 28-1-102 — AR Code / Title 28 / Chapter 1 / Section 28-1-102
Definitions
Status: in_force

(a) As used in the Probate Code: (1) "Child" denotes a natural or adopted child, but does not include a grandchild or other more remote descendant or an illegitimate child except such as would inherit under the law of descent and distribution; (2) "Claims" includes liabilities of the decedent which survive, whether arising in contract or tort or otherwise, funeral expenses, the cost of a tombstone, expenses of administration, and estate and inheritance taxes; (3) "County", as applied to counties having more than one (1) district, means "district" unless the sense in which it is used or the applicable law indicates otherwise; (4) (A) "Devise", when used as a noun, means disposition of real or personal property, or both, by will. (B) "Devise", when used as a verb, means to dispose of real or personal property, or both, by will; (5) "Devisee" includes legatee; (6) "Distributee" denotes a person entitled to real or personal property of a decedent, either by will, as an heir, or as a surviving spouse; (7) "Estate" denotes the real and personal property of the decedent or ward as from time to time changed in form by sale, reinvestment, or otherwise and as augmented by any accretions and additions and substitutions and diminished by any decreases and distributions; (8) "Fiduciary" includes personal representative, guardian, and testamentary trustee; (9) "Foreign personal representative" means a personal representative serving under appointment made by a court of competent jurisdiction of another state or territory of the United States or the District of Columbia; (10) "Heir" denotes a person entitled by the law of descent and distribution to the real and personal property of an intestate decedent, but does not include a surviving spouse; (11) "Interested persons" includes any heir, devisee, spouse, creditor, or any other having a property right, interest in, or claim against the estate being administered, and a fiduciary; (12) "Lease" includes an oil, gas, or mineral lease; (13) "Legacy" means a disposition of personal property by will; (14) "Legatee" means a person entitled by will to personal property; (15) "Letters" includes letters testamentary, of administration, and of guardianship; (16) "Mortgage" includes deed of trust and vendor's lien; (17) "Net estate" refers to the real and personal property of a decedent exclusive of homestead rights, dower, family allowances, and enforceable claims against the estate; (18) "Person" includes a corporation, partnership, or other legal entity; (19) (A) "Personal representative" means an executor or administrator. (B) However, for purposes of obtaining autopsy results that are in the medical records, the personal representative is the first of the following individuals or category of individuals who exists when the request for a copy of the autopsy results maintained in the medical records is made: (i) The executor or administrator; (ii) The decedent's spouse; (iii) A parent of the decedent; or (iv) An adult child of the decedent; and (20) "Will" includes codicil. (b) As used in the Probate Code: (1) The singular includes the plural, and the plural includes the singular; and (2) The masculine gender includes the feminine and neuter. Acts 1949, No. 140, § 3; A.S.A. 1947, § 62-2003; Acts 2011, No. 722, § 1.

(a) As used in the Probate Code: (1) "Child" denotes a natural or adopted child, but does not include a grandchild or other more remote descendant or an illegitimate child except such as would inherit under the law of descent and distribution; (2) "Claims" includes liabilities of the decedent which survive, whether arising in contract or tort or otherwise, funeral expenses, the cost of a tombstone, expenses of administration, and estate and inheritance taxes; (3) "County", as applied to counties having more than one (1) district, means "district" unless the sense in which it is used or the applicable law indicates otherwise; (4) (A) "Devise", when used as a noun, means disposition of real or personal property, or both, by will. (B) "Devise", when used as a verb, means to dispose of real or personal property, or both, by will; (5) "Devisee" includes legatee; (6) "Distributee" denotes a person entitled to real or personal property of a decedent, either by will, as an heir, or as a surviving spouse; (7) "Estate" denotes the real and personal property of the decedent or ward as from time to time changed in form by sale, reinvestment, or otherwise and as augmented by any accretions and additions and substitutions and diminished by any decreases and distributions; (8) "Fiduciary" includes personal representative, guardian, and testamentary trustee; (9) "Foreign personal representative" means a personal representative serving under appointment made by a court of competent jurisdiction of another state or territory of the United States or the District of Columbia; (10) "Heir" denotes a person entitled by the law of descent and distribution to the real and personal property of an intestate decedent, but does not include a surviving spouse; (11) "Interested persons" includes any heir, devisee, spouse, creditor, or any other having a property right, interest in, or claim against the estate being administered, and a fiduciary; (12) "Lease" includes an oil, gas, or mineral lease; (13) "Legacy" means a disposition of personal property by will; (14) "Legatee" means a person entitled by will to personal property; (15) "Letters" includes letters testamentary, of administration, and of guardianship; (16) "Mortgage" includes deed of trust and vendor's lien; (17) "Net estate" refers to the real and personal property of a decedent exclusive of homestead rights, dower, family allowances, and enforceable claims against the estate; (18) "Person" includes a corporation, partnership, or other legal entity; (19) (A) "Personal representative" means an executor or administrator. (B) However, for purposes of obtaining autopsy results that are in the medical records, the personal representative is the first of the following individuals or category of individuals who exists when the request for a copy of the autopsy results maintained in the medical records is made: (i) The executor or administrator; (ii) The decedent's spouse; (iii) A parent of the decedent; or (iv) An adult child of the decedent; and (20) "Will" includes codicil.

(1) "Child" denotes a natural or adopted child, but does not include a grandchild or other more remote descendant or an illegitimate child except such as would inherit under the law of descent and distribution;

(2) "Claims" includes liabilities of the decedent which survive, whether arising in contract or tort or otherwise, funeral expenses, the cost of a tombstone, expenses of administration, and estate and inheritance taxes;

(3) "County", as applied to counties having more than one (1) district, means "district" unless the sense in which it is used or the applicable law indicates otherwise;

(4) (A) "Devise", when used as a noun, means disposition of real or personal property, or both, by will. (B) "Devise", when used as a verb, means to dispose of real or personal property, or both, by will;

(A) "Devise", when used as a noun, means disposition of real or personal property, or both, by will.

(B) "Devise", when used as a verb, means to dispose of real or personal property, or both, by will;

(5) "Devisee" includes legatee;

(6) "Distributee" denotes a person entitled to real or personal property of a decedent, either by will, as an heir, or as a surviving spouse;

(7) "Estate" denotes the real and personal property of the decedent or ward as from time to time changed in form by sale, reinvestment, or otherwise and as augmented by any accretions and additions and substitutions and diminished by any decreases and distributions;

(8) "Fiduciary" includes personal representative, guardian, and testamentary trustee;

(9) "Foreign personal representative" means a personal representative serving under appointment made by a court of competent jurisdiction of another state or territory of the United States or the District of Columbia;

(10) "Heir" denotes a person entitled by the law of descent and distribution to the real and personal property of an intestate decedent, but does not include a surviving spouse;

(11) "Interested persons" includes any heir, devisee, spouse, creditor, or any other having a property right, interest in, or claim against the estate being administered, and a fiduciary;

(12) "Lease" includes an oil, gas, or mineral lease;

(13) "Legacy" means a disposition of personal property by will;

(14) "Legatee" means a person entitled by will to personal property;

(15) "Letters" includes letters testamentary, of administration, and of guardianship;

(16) "Mortgage" includes deed of trust and vendor's lien;

(17) "Net estate" refers to the real and personal property of a decedent exclusive of homestead rights, dower, family allowances, and enforceable claims against the estate;

(18) "Person" includes a corporation, partnership, or other legal entity;

(19) (A) "Personal representative" means an executor or administrator. (B) However, for purposes of obtaining autopsy results that are in the medical records, the personal representative is the first of the following individuals or category of individuals who exists when the request for a copy of the autopsy results maintained in the medical records is made: (i) The executor or administrator; (ii) The decedent's spouse; (iii) A parent of the decedent; or (iv) An adult child of the decedent; and

(A) "Personal representative" means an executor or administrator.

(B) However, for purposes of obtaining autopsy results that are in the medical records, the personal representative is the first of the following individuals or category of individuals who exists when the request for a copy of the autopsy results maintained in the medical records is made: (i) The executor or administrator; (ii) The decedent's spouse; (iii) A parent of the decedent; or (iv) An adult child of the decedent; and

(i) The executor or administrator;

(ii) The decedent's spouse;

(iii) A parent of the decedent; or

(iv) An adult child of the decedent; and

(20) "Will" includes codicil.

(b) As used in the Probate Code: (1) The singular includes the plural, and the plural includes the singular; and (2) The masculine gender includes the feminine and neuter.

(1) The singular includes the plural, and the plural includes the singular; and

(2) The masculine gender includes the feminine and neuter.

Acts 1949, No. 140, § 3; A.S.A. 1947, § 62-2003; Acts 2011, No. 722, § 1.
Ark. Code Ann. § 28-65-707 — AR Code / Title 28 / Chapter 65 / Subchapter 7 / Section 28-65-707
Department of Human Services - Adoption of rules
Status: in_force

The Department of Human Services may adopt rules necessary to implement this subchapter. Acts 2007, No. 862, § 4.

The Department of Human Services may adopt rules necessary to implement this subchapter.

Acts 2007, No. 862, § 4.
Ark. Code Ann. § 28-73-1005 — AR Code / Title 28 / Chapter 73 / Subchapter 10 / Section 28-73-1005
Limitation of action against trustee
Status: in_force

(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding. (b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence. (c) If subsection (a) does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within five (5) years after the first to occur of: (1) the removal, resignation, or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust. Acts 2005, No. 1031, § 1.

(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.

(b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.

(c) If subsection (a) does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within five (5) years after the first to occur of: (1) the removal, resignation, or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust.

(1) the removal, resignation, or death of the trustee;

(2) the termination of the beneficiary's interest in the trust; or

(3) the termination of the trust.

Acts 2005, No. 1031, § 1.