(a) The circuit court in its discretion, without the appointment of a guardian or the giving of bond, may authorize the payment and delivery of any moneys or other property due or that may in the future become due the minor or incompetent person to some suitable person, institution, or agency for the minor or incompetent person, to be retained, used, expended, distributed, or disposed of, for the benefit of the minor or incompetent person as the court may direct, in cases in which: (1) The present total value of the personal property of a minor or an incompetent person is less than twenty-five thousand dollars ($25,000);(2) The minor or incompetent person owns no real property;(3) The minor or incompetent person should have a guardian to care for his or her needs; and(4) The minor or incompetent person is supported in whole or in part by a monthly income from the Department of Human Services, pension boards, or any other person or agency except the United States Department of Veterans Affairs.(b) In the event the moneys or other property of the minor or incompetent person accumulates to a total value of twenty-five thousand dollars ($25,000) or more, the suitable person shall rans Affairs.(b) In the event the moneys or other property of the minor or incompetent person accumulates to a total value of twenty-five thousand dollars ($25,000) or more, the suitable person shall immediately report that fact to the circuit court.Amended by Act 2023, No. 326,§ 10, eff. 8/1/2023.Acts 1953, No. 340, § 1; A.S.A. 1947, § 57-646.1; Acts 2005, No. 1962, § 117.
Arkansas Legal Code