An effective way to pay tribute to a deceased family member is by honoring their final wishes. Your family can do this by going through the Missouri probate process to execute their will according to their demands. Reach out to Rockpoint Probate Funding to receive the financial help you’ll need to make the probate process less stressful.
An Overview of the Probate Process in Missouri
Did your loved one take the time to create a will before their passing? If so, your family should adhere to it by distributing their assets in the way they requested. But first, you’ll need to navigate the Missouri probate process to ensure issues like fraud and theft don’t become problems during asset distribution.
Chapters 456 through 475 of the Revised Statutes of Missouri highlight everything families must remember when preparing to distribute a loved one’s assets. Continue reading to find out what you can expect from the probate process in the Show-Me State.
Does Missouri Require Probate?
Yes, Missouri does require probate, but your family might have the chance to go through a simplified probate process in Missouri in some instances. For example, your family won’t have to deal with the formal probate process if your loved one left behind assets worth under $40,000.
However, you will need to work through this process if your loved one accumulated over $40,000 in assets or died without a valid will. Missouri’s intestate succession laws apply to cases that don’t include wills, which means the state will decide how to distribute assets to surviving family members by following a certain order of succession.
What Are the Steps Associated With the Missouri Probate Process?
Keeping up with everything can be confusing when your family is going through the Missouri probate process. After all, your family must take various steps to complete this process, including the following:
- Setting up an estate for your loved one’s assets
- Presenting your loved one’s will in a probate court in their MO county
- Listing your loved one’s assets and appraising them
- Listing your loved one’s debts and paying them down
- Eliminating any outstanding tax debts your loved one owed
- Executing your loved one’s will and closing their estate
Some of these steps will play out quicker than others. An executor can keep things moving along and may receive executor compensation for their important role.
How Long Will the Missouri Probate Process Take My Family To Complete?
In Missouri, creditors will have six months to file claims against your loved one’s estate. For this reason, the Missouri probate process takes at least six months, and it isn’t unusual for it to take even longer.
If your family disputes how your loved one’s will is handled in probate court, this can cause further delays, especially if lawyers and courts get involved. You might also face delays if more creditors than you were anticipating file claims against your loved one’s estate.
How Can I Prevent Delays During the Probate Process in Missouri?
Does your family want to breeze through the probate process in Missouri? To start, present your loved one’s will to the appropriate probate court as soon as possible following a loved one’s death. This crucial step gets the ball rolling in the right direction.
From there, continue to provide a probate court with the necessary paperwork concerning a loved one’s will. Meanwhile, do your best to work out any differences your family members might have over a loved one’s will at home to avoid having your disagreements spill out in court.
Can I Avoid the Probate Process in Missouri?
You might avoid going through the probate process in Missouri if your loved one’s assets aren’t worth more than $40,000. In this situation, filling out a small estate affidavit, better known as an Affidavit to Establish Title of Distributee, is often the right move.
You might also avoid the Missouri probate process if your loved one went through estate planning and created a living trust. This trust can make it possible to transfer ownership of life insurance policies, bank accounts, retirement plans, and more to beneficiaries automatically. If nothing else, a living trust can make the probate process less complicated, even if you still end up in probate court.
Understanding Missouri Intestate Succession Laws
Intestate succession laws in Missouri are significant for families who encounter a situation where a deceased loved one did not leave a will. When someone dies without a valid will, the state takes over the responsibility of distributing the deceased’s assets according to predefined laws. This means that assets are divided among surviving family members based on their relationship to the deceased, which can often create unintended consequences or disputes among relatives.
These laws ensure that the deceased’s assets are transferred fairly and orderly, adhering to a structured system. For instance, if a person passes away and is survived by a spouse and children, the spouse will typically receive a larger portion of the estate compared to the children. Understanding these laws can help families prepare for potential complexities in asset distribution, and may encourage them to consider creating a will to prevent future misunderstandings.
The Role of Executors in the Probate Process
The executor of an estate plays a crucial role in navigating the Missouri probate process. Named in a will or appointed by the court, the executor is responsible for ensuring that the deceased’s wishes, as expressed in their will, are honored. This includes tasks such as gathering and valuing assets, paying off debts and taxes, and ultimately distributing what’s left to the beneficiaries.
In carrying out these duties, an executor must be organized, detail-oriented, and trustworthy, as they will handle sensitive matters concerning finances and emotions. This responsibility can be daunting, especially considering potential disputes among heirs. The executor serves as a key point of communication between the probate court and the beneficiaries, making their role invaluable in ensuring a smooth probate experience.
Common Misconceptions About Missouri Probate
Many people hold misconceptions about the Missouri probate process, leading to confusion and anxiety during what can already be a stressful time. One common myth is that all estates must go through formal probate, regardless of their size or complexity. However, as noted previously, estates that meet specific criteria, such as those valued under $40,000, can often avoid formal probate proceedings altogether.
Another misconception is that the probate process is necessarily long and arduous. While it can take a significant amount of time, especially if disputes arise, there are pathways to expedite the process. Clear communication among family members and adhering to Missouri’s legal requirements can streamline proceedings, allowing for a more efficient resolution of the estate.
Does Missouri Have an Estate or Inheritance Tax?
Most states don’t have estate or inheritance taxes, and Missouri is one of them. You may, however, find that you’ll have to pay federal estate taxes if your family collects more than $13,610,000 as part of an inheritance.
Can I Access My Inheritance Before the Conclusion of the Missouri Probate Process?
Under normal circumstances, your inheritance and all the assets your loved one has left to your fellow family members won’t be readily available until after the probate process in Missouri is complete. But there are ways you can access your inheritance in advance if you need it.
Rockpoint Probate Funding provides families with the opportunity to apply for probate cash advances. These can come in handy if the probate process for your loved one’s will takes longer than expected.
Understanding How Rockpoint Probate Funding’s Probate Cash Advances Work
Interested in securing a probate cash advance from Rockpoint Probate Funding? We employ a simple process to help people find the financial assistance they need. Here’s how our process works:
- Schedule a free consultation with a trusted representative from Rockpoint Probate Funding to learn all about our probate cash advances.
- Deliver a copy of your loved one’s will, your probate paperwork, and basic information about yourself, and allow us to review it.
- Expect to receive your probate cash advance within about 24 hours if we find you qualify for one.
Call Rockpoint Probate Funding To Learn More About Our Probate Cash Advances
Make the Missouri probate process simpler by calling Rockpoint Probate Funding for help. Our probate cash advances can help you through the process without the usual financial worries. Contact us at (888) 263-8588 for additional information about our service and whether it might benefit you.
