Ark. Code Ann. § 28-65-501: Dispensing with guardianship generally

(a) The parents of a minor, jointly with equal authority if they are husband and wife living together, or the survivor if one (1) parent is dead, or the competent parent if one (1) is incompetent, or the other parent if one (1) parent is imprisoned for a felony, or the parent to whom the custody of the child has been awarded by a court of competent jurisdiction if the parents are divorced or living apart, or the natural mother of an illegitimate child, shall be the natural guardian of the person of each unmarried minor child of the parents and shall have the care and management of the estate of each such minor derived by gift from the parents or either of them, without the necessity of judicial appointment.

(b) However, upon a showing of a necessity therefor to protect the interests of the minor, the court may appoint a statutory guardian of the estate of the minor, and when appointed and qualified, the statutory guardian shall have exclusive control over the estate of the minor.

(c) The court may appoint the natural guardian as guardian of the estate of the minor.