Understanding Arkansas Property Distribution

Summary

The user sought clarification on property distribution in Arkansas, particularly regarding a 1/5 undivided ownership interest in common as stated in a will. The discussion covered the nature of revocable trusts, the inability of a trustee to alter a trust post-grantors death, and the possibility of a partition lawsuit by a co-owner to force a property sale. The conversation also touched on the distribution of property expenses among co-owners, the potential for legal action for reimbursement, and the conditions under which a party might lose their share of the property.

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Clarification about a will and property distribution
Are you seeking clarification about a will and property distribution in Texas?
Arkansas
What specific clarification do you need about the will and property distribution?

In Arkansas:
- Wills must be in writing and signed by the testator.
- The distribution of property depends on the will's terms.
*/* undivided owneeship interest in common
What is the context of this */* undivided ownership interest in common? Is it mentioned in the will or is it a result of intestate succession?
It is stated that way in the will of a revocable trust
Is the revocable trust part of the will or is it a separate legal document? In Texas, a revocable trust can be changed or terminated by the grantor during their lifetime.
What about in arkansas
In Arkansas, a revocable trust can also be altered or terminated by the grantor during their lifetime. Is the trust document available for review?
Can the trustee change part of trust after the person death?
In general, a trustee cannot change a trust after the grantor's death. The terms of the trust become irrevocable and fixed when the grantor dies.
Can the property be sold by one or more parties if not all * agree?
In general, all co-owners must agree to sell a property. However, if one party wants to sell and others don't, they may seek a partition lawsuit.
What does that do?
A partition lawsuit divides the property among the owners. If physical division isn't possible, the property may be sold and proceeds divided.
So one person can file a partition lawsuit if the others dont want to sell and force a sale?
Yes, in Texas, one co-owner can file a partition lawsuit to force a sale if the other co-owners do not agree to sell.
What about in arkansas
In Arkansas, one co-owner can also file a partition lawsuit to force a sale if the other co-owners do not agree to sell.
Is it automatically granted or do they have to battle in court before it sales
A partition lawsuit in Arkansas isn't automatically granted. It requires a court hearing where all parties can present their case. The court then decides whether to divide or sell the property.
If tax, insurance and maintenance is do for the property, how does that get distributed
In Arkansas, typically, property expenses like tax, insurance, and maintenance are divided equally among co-owners unless stated otherwise in the agreement.
What if ome party pays for it, how do they go about getting reimbursed?
If one party pays for property expenses, they can request reimbursement from the other co-owners. If the co-owners refuse, the paying party may need to take legal action to recover their costs.
If the other parties dont pay for maintence and taxes, will it forfiet their ownship if they get notified by certified mail?
In Arkansas, if co-owners fail to contribute to property expenses, it doesn't automatically forfeit their ownership. However, they can be sued by the paying party for their share.
What can cause a party to lose their share?
In Arkansas, a party can lose their share of property through a court order, such as in a partition lawsuit, or if they fail to pay a judgment related to property expenses.
Do they have to notified of expenses and agree on them before they are done to the property
In Arkansas, it's generally good practice to notify all co-owners of significant expenses and get their agreement before incurring them. However, the specific rules may depend on any agreements between the co-owners.