A personal representative, also known as an executor or administrator, is an individual appointed by the court to manage the affairs of a deceased person's estate. In the state of Missouri (Mo), a personal representative is required to post a bond as a security to protect the estate from potential misconduct or mismanagement. However, there are cases where a Mo personal representative may be waived from having to obtain a bond, termed as a "personal representative without bond." A personal representative without bond is a designated individual who is entrusted to handle the estate administration without the obligation of securing a bond. This type of personal representative is typically chosen in situations where the estate is small, the decedent had no debts, or there is sufficient trust in the representative's ability and integrity. There are a few different types of Mo personal representatives without bond that can be named: 1. Close Relatives: In certain situations, a close relative of the deceased may be appointed as a personal representative without bond. This could include a surviving spouse, child, or sibling who is considered trustworthy and capable of efficiently managing the estate. 2. Public Administrator: When there are no eligible or willing relatives available to serve as a personal representative, the court may appoint a public administrator. Public administrators are government officials responsible for overseeing the management of estates of individuals who die without a will or when no suitable private representative is available. 3. Nonprofit Organization: In some cases, a nonprofit organization may be appointed as the personal representative without bond. This usually occurs when the deceased had specified in their will that they would like a particular nonprofit organization to handle their estate administration. 4. Attorney: In certain circumstances, an attorney may be designated as the personal representative without bond. This often occurs when the attorney has a close relationship with the deceased, possesses specialized knowledge of the estate's complexities, or when the deceased has specifically named the attorney as the representative in their will. The appointment of a Mo personal representative without bond signifies a level of confidence in the individual's ability to carry out the necessary duties of estate administration efficiently and ethically. It alleviates the requirement of obtaining a bond, reducing administrative burdens and potential costs for the estate. However, it is important to note that the court will carefully assess each case to determine the suitability of appointing a personal representative without bond, ensuring that the best interests of the estate and its beneficiaries are protected.
Mo Personal Representative Without Bond
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The person who desires to be in charge of the probate estate files an application with the Probate Court to act as the ?personal representative? (also called ?executor?) of the estate. When approved by the Probate Court, that person must comply with certain responsibilities established in the Missouri Probate Code.
However, there are some simplified probate alternatives for smaller estates: For personal property valued at $40,000 or less, a simple affidavit can be used to transfer the property to the beneficiaries without going through probate, provided that no other probate proceedings have commenced.
Missouri requires that an estate be over $40,000 in order to go through a standard probate process. Otherwise, it will undergo a simplified probate process. Wills and testaments must be filed within one year of death with the Probate Division of the Circuit Court.
Probate is the legal process that becomes necessary when: A person dies; That person still has certain asset(s) (anything with an account number, title, or deed) titled into their name only; AND. There is no beneficiary designated on any such asset(s).
Under Missouri Law, the Personal Representative is the individual appointed to administer and wind-up a decedent's estate. This is essentially the same thing as an ?administrator? or ?executor? in other states.