Mo Personal Representative Without Bond
Description
How to fill out Missouri Personal Representative's Deed To Individual?
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FAQ
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.