2016 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 4 - Administration of Decedents' Estates
Chapter 52 - Accounting
§ 28-52-104. Form of accounts

(a) Accounts rendered by a personal representative shall:

(1) Cover a period distinctly stated;

(2) Be accompanied by proper vouchers; and

(3) Contain, separately listed, the following information:

(A) Charges against the personal representative which shall include the property according to the inventory or the balance of it according to the last prior account, all income and property received, and any gains from the sale, conveyance, or other disposition of any property not shown by a prior account;

(B) Credits to which the personal representative is entitled other than payments to distributees;

(C) Assets paid or delivered to distributees;

(D) The balance on hand at the time of settlement and a description of the assets constituting the balance; and

(E) The unpaid liabilities of the estate.

(b) The court may require the account to be made more definite and certain in any respect and may provide for the inspection or verification of the balance of assets on hand.

(c) (1) In all cases in which the personal representative is sole distributee of the estate or in which all of the distributees who are competent and the duly appointed guardians of all incompetent distributees have filed their written waiver of the requirement of the accounting, a formal accounting as required in the preceding portions of this section need not be filed, and it shall be sufficient if the personal representative files a verified statement setting forth the following:

(A) That notice to creditors has been published as required by law and the time for filing claims against the estate has expired;

(B) That there are no unpaid claims;

(C) That all state and federal estate taxes have been paid and a copy of the federal estate tax return which has been filed has been made available to all the distributees ultimately required to bear a portion of the tax, or to their guardian; and

(D) That distribution has been made in full to all persons entitled as distributees of the estate.

(2) However, if any person asserting a claim against the estate or claiming any interest therein which would entitle the person to formal accounting shall file written demand, the personal representative shall comply with the provisions of this section as to formal accounting as in ordinary cases, unless it shall be shown to the court that the alleged claim is invalid or has been paid, or that the person alleging the interest in the estate has in fact no interest therein entitling the person to an accounting.