Probate &
Trust Administration
There can be terrific grief and pain at the loss of a loved one. Beyond grief and pain, when you add external stresses to the equation you can have a disaster on your hands in very short order. Part of the responsibilities or duties of an executor or administrator of an estate can be to reduce the level of stress during the Missouri probate process.
The fundamental duties of a personal representative (also known as an “executor,” if male, or an “executrix,” if female) of an estate are the same as those of a trustee–protecting the assets and interests of the beneficiaries. One way to protect those assets and interests and, at the same time, help the probate process go smoothly, is to have all of your ducks in a row and prepare for court as best you can.
What Is the Probate Process?
Missouri has several methods to probate assets depending on the size of the estate, whether a Will was admitted to probate within the statutory time, and when theprobate is opened.
Full Probate
In Missouri, assets of a decedent owned individually, without designation of a beneficiary or other non-probate transfer, with a total value that exceeds $40,000.00 after debts and expenses, and presented for probate less than 12 months after death of the owner, can be administered via Full Probate.
Probate of an estate with a Will, in Missouri, begins with filing of a petition for letters testamentary by a person named in the Will as personal representative. If the decedent did not have a Will, then a person such as a spouse, child or other heir of the decedent may file for letters of administration. To preserve their rights under the Will, the personal representative and beneficiaries must present the Will for admission to the probate court within 12 months of the date of death of the Will maker.
The Court will not issue letters of administration if the petition is made more than 12 months after date of death. In that instance, the heirs of the decedent must file a determination of heirship.
The probate court will appoint a personal representative who will administer the estate, gather and inventory assets, pay debts and expenses of the estate, then distribute the remaining assets, if any, to the beneficiaries under the will or heirs at law as defined in the Missouri Probate statute.
Once the personal representative has published notice of their appointment by the court, creditors have six months to file their claim with the estate, if they donot do so they are forever barred from making a claim.
Six Months and ten days after the personal representative was appointed by the Court, and all claims are paid by the personal representative, the personal representative can distribute assets according to the Will or Missouri intestate estate statute.
Finally, the personal representative will file their statement of account and proposed distribution with the probate court.
Alternatives to Full Probate
Spousal Refusal of Letters
Allows the surviving spouse to apply to the probate Court for an order to collect the Deceased spouses’ assets if the value of the assets does not exceed $24,000. All assets, including real estate, may be collected under this order. The spouse is not required to hire an attorney to apply for Refusal of Letters.
Minor Refusal of Letters
Allows children of a deceased parent who are under eighteen and not married. To collect assets of the:
1
The value of the Deceased’s solely-owned asset(s) is less than $8,000 per minor child. If the value of said asset(s) exceed $8,000 per minor child, the Applicant may present evidence that the Deceased supported said minor child(ren) in a greater amount on an annual basis.
2
The Deceased’s minor child(ren) all have the same surviving parent or legalguardian.
3
Said surviving parent or legal guardian of the minor child(ren) is completing
the application.
Creditor Refusal of Letters
Small Estate Affidavit
Determination of Heirship
A spouse, child or heir at law can file a Determination of Heirship as to property exceeding $40,000.00 after debts and expenses if a Will was not presented for admission within one year of death of the Will maker, or if there was no Will.
It’s Okay To Ask For Help!
Take proactive steps to avoid probate by preparing a Trust based estate plan. With nearly 30 years’ experience, we know how to help you avoid probate. Or, if your loved one recently died and you need assistance
navigating probate law, we can guide you.