Probate is the process in which a deceased person’s assets are transferred to their heirs under supervision of the Court. The process consists of verification of assets, a creditor claims period, and distribution of the assets to the heirs.
In Missouri, probate is a supervised court proceeding to transfer assets to a deceased person’s heirs. The estate administration is managed by the court-appointed Personal Representative (executor) and a probate attorney. If the decedent left a will, the original will must be validated by the Court. If the decedent did not leave a will (this is called dying “intestate”), the assets will be distributed in accordance with Missouri’s intestacy statute, located in the Missouri Probate Code. It is important to note that a Last Will and Testament does not avoid probate court, it simply guides the probate process. The death certificate must also be submitted to the court for verification. The Personal Representative is responsible for doing an inventory of the probate assets and paying off any outstanding debts. The decedent’s estate will consist of the decedent’s assets that were in their name alone, including personal property and real property. If the total estate assets minus debts are under $40,000, a small estate affidavit can be completed, which is much simpler and faster than opening a full probate estate.
To avoid probate, there are several options. Assets can be transferred into a Revocable Living Trust, which also provides creditor protection. Beneficiary designations (transfer on death, payable on death) can be used on assets like bank accounts, retirement accounts, life insurance policies, and vehicles to transfer them to a named beneficiary when a person dies. Assets held jointly with right of survivorship will also transfer outside of probate court. It is important to visit an estate planning attorney prior to making decisions on how to best transfer your assets at death, because transferring property incorrectly can create unintended problems. Avoiding a court-supervised legal process is advisable, because probate costs can add up quickly. Between filing fees and paying the probate attorney, probate proceedings can easily cost your heirs thousands of dollars.