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Arkansas Probate Accounting: What Executors Must Report
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Arkansas Probate Accounting: What Executors Must Report

Arkansas probate accounting for executors: the 2-month inventory, annual accounts to the Circuit Court, what to report, and how the final account closes the estate.

By Settled Editorial

One of the core duties of an Arkansas personal representative is keeping, and reporting, a clear financial record of the estate. The court and the beneficiaries have a right to know what the estate held, what came in, what was paid out, and how the final shares were calculated. A personal representative who fails to account properly faces a court citation, personal liability, and possible removal.

This guide covers the Arkansas inventory and accounting requirements, what an account must contain, when an interested person can force one, and how the estate is formally closed through a final settlement.

Why Accounting Matters

The accounting requirement flows from the personal representative's fiduciary duty. You are managing someone else's property for the estate and the people entitled to it. Transparency is not optional, and in Arkansas it is enforced by the Circuit Court (Probate Division) that appointed you.

Accounting also protects you. A well-documented account shows that you followed the rules, paid claims in the correct priority, and distributed only what remained. Without records, you are exposed to claims that you mismanaged or misused estate funds, and the court can reduce or deny your compensation if you fail to account after being cited.

The Inventory

Before any formal account is due, the personal representative must file an inventory of the estate. This is your first court filing with a hard deadline.

Deadline: Within two months after your qualification (Ark. Code 28-49-110), unless the court directs otherwise or all competent distributees waive it in writing.

Contents of the inventory:

  • All property the person owned at death, described well enough to identify each item
  • Your statement of the fair market value of each item as of the date of death
  • Real property, personal property, and financial accounts in the estate, with liens and joint-owner or beneficiary notes

Arkansas uses Form 17 (Inventory of Decedent's Estate) for this filing. Build the worksheet before the form is due: for each asset capture the owner name, the account or title number, the date-of-death value, any encumbrance, and the source document. If an asset turns up after you file, report it.

The inventory waiver. If all competent distributees, and the guardians of any who lack capacity, sign written waivers, you may skip the inventory filing unless the court still requires it (Ark. Code 28-49-110). That waiver can collapse the moment a creditor files a claim and demands the inventory, so keep the worksheet ready either way.

Arkansas Accounting Rules

Arkansas expects accounts on a regular cycle during administration, not just at the end. Under Ark. Code 28-52-103, the personal representative files accounts during the period of administration, and Arkansas practice runs them annually unless the court directs otherwise. You also file a verified account when you petition for final settlement.

Each account is filed with the Circuit Court (Probate Division), and each needs proof. Keep receipts, canceled checks, and account statements for every payment you report. The account is not a summary you sign off on alone; the court reviews it, and interested persons can object.

When accounts can be compelled or waived. If you miss a required account, the clerk can issue a citation requiring you to present your account for settlement within thirty days, and the court can compel an account on its own motion or at an interested person's request. In some estates the court may adjust the timing or, where all competent distributees agree, streamline the process. Confirm the local practice with the Circuit Clerk, because county courts differ on how strictly the annual cycle is enforced.

What Goes in a Probate Accounting

Whether it is an annual account or the final account, an Arkansas estate accounting reconciles four things.

1. Beginning value

The starting point for the accounting period: the value from the filed inventory for the first account, or the ending balance carried forward from the previous account.

2. Receipts

Everything the estate received during the accounting period:

  • Cash collected from bank, brokerage, and other financial accounts
  • Income earned by estate assets after death (interest, dividends, rent)
  • Proceeds from the sale of estate property
  • Insurance proceeds paid to the estate
  • Tax refunds received

3. Disbursements

Every payment made from estate funds:

  • Funeral and last-illness expenses paid
  • Approved creditor claims paid, noting the priority class of each
  • Attorney and personal representative compensation (subject to court review)
  • Court filing fees, publication costs, appraisal fees, and other administration expenses
  • Tax payments, including the final income tax due
  • Any partial distributions made during administration

4. Distributions and ending balance

The property or amounts distributed to each beneficiary, and the balance or assets still on hand. The final account should reconcile to zero, or close to it, once distribution is complete.

When Beneficiaries Can Demand an Accounting

Arkansas does not leave accounting entirely to the personal representative's schedule. An interested person, including a beneficiary or a creditor with a stake in the estate, can ask the Circuit Court (Probate Division) to compel an account. Under Ark. Code 28-52-103, the court may require an accounting on its own motion or on the application of an interested person, and the clerk can cite a personal representative who has fallen behind.

Put any request in writing so there is a clear record. If you refuse to account, provide a materially false account, or ignore a citation, the court can remove you and surcharge you for losses the estate suffered. The safer path is to account on the annual cycle and to keep beneficiaries informed as you go, which heads off most demands before they start.

The Final Accounting and Closing the Estate

The estate closes on the final account, not on a beneficiary's say-so. You file a verified account when you petition for final settlement (Ark. Code 28-52-103). Before you get there, walk this sequence:

  1. Confirm notice to creditors was published and the six-month claim window has run (Ark. Code 28-50-101)
  2. Confirm the inventory is filed or properly waived
  3. Pay approved claims, taxes, and administration costs in priority order
  4. Set aside any surviving spouse's and minor children's allowances that apply
  5. Prepare the final account showing all receipts, disbursements, and the proposed distribution
  6. Obtain signed receipts from beneficiaries to file with the court

The final account supports your request to distribute the remaining property and to be discharged. Once the court is satisfied and enters its order, the estate is closed and your fiduciary role ends. Distributing before the claim window closes and before the court reviews the final account can make you personally liable for a later valid claim, so wait for the court.

Protecting Yourself as Executor

Open a dedicated estate account. Run every estate transaction through an account under the estate's tax ID. Never mix estate funds with your own. This is the single line that best protects you when the court reviews where the money went.

Date everything. Note when you received a claim, when you paid a bill, and when you distributed. Timelines decide most accounting disputes.

Keep the source document for every entry. A receipt, invoice, canceled check, or statement should back each line in your account. Vague entries invite questions and objections.

Communicate with beneficiaries. An informed beneficiary rarely runs to the court. A brief update each period prevents most disputes.

Do not distribute early. Wait out the six-month creditor window, pay valid claims in order, and let the court review your account before you hand anything over.

Frequently Asked Questions

Does an Arkansas executor have to file an accounting with the court?

Yes. Arkansas expects accounts during administration on a regular cycle, run annually unless the court directs otherwise, plus a verified final account at settlement (Ark. Code 28-52-103). The court files them through the Circuit Court (Probate Division) and reviews each one.

What is the first accounting deadline after I am appointed?

The inventory. You file it within two months after your qualification (Ark. Code 28-49-110), listing the property the person owned at death with fair market values as of the date of death, unless the court directs otherwise or all competent distributees waive it in writing.

Can beneficiaries force me to account?

Yes. An interested person can ask the Circuit Court (Probate Division) to compel an account, and the clerk can cite a personal representative who has fallen behind (Ark. Code 28-52-103). If you ignore a citation, the court can remove you and surcharge you for losses.

How detailed does the account need to be?

Detailed enough that the court and the beneficiaries can trace every dollar in and every dollar out. Line-item detail by transaction, backed by receipts and statements, is far stronger than summary totals. When in doubt, provide more detail, not less.

Related Guides

Sources

This guide is general information about Arkansas probate accounting. County practice differs, so confirm the current requirements and deadlines with the Circuit Clerk or a licensed Arkansas attorney before you act. It is not legal advice.

Information current as of July 1, 2026

Settled Estate is not a law firm, and this content is for informational purposes only and does not constitute legal advice. Probate laws and procedures in Arkansas can change. Consult with a qualified attorney for advice specific to your situation. Full disclaimer.

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