Ark. Code Ann. § 28-9-216: Advancements

(a) If a person dies intestate as to all his or her estate, property which he or she gave in his or her lifetime to an heir shall be treated as an advancement against the heir's share of the estate if declared in writing by the decedent or acknowledged in writing by the heir to be an advancement.

(b) For this purpose, the property advanced shall be valued as of the time the heir came into possession or enjoyment of the property or as of the time of death of the decedent, whichever first occurs.

(c) If the recipient of the property fails to survive the decedent, the property shall not be taken into account in computing the share of the recipient's descendants.