Missouri Sample Letter for Update to Estate Closure
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FAQ
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.
Living Trust In most situations, this is undoubtedly the most effective choice for avoiding probate in Missouri. Almost all assets held within a revocable (living) trust are exempt from the probate process.
Like in any other state, a trust in Missouri works by letting a trustee hold and manage your assets ing to your terms. However, you don't simply give your assets directly to the trustee. The trust itself is an artificial entity, similar to a corporation, where you place your assets and which your trustee manages.
Missouri probate follows this general flow: contact the court, get appointed as personal representative, submit will if it exists, inventory and submit valuations of all relevant assets, have the court and beneficiaries approve it, and then distribute the assets to beneficiaries.
The Estate Settlement Timeline: There isn't a specific deadline for this in Missouri law, but it's generally best to do so within 30 days to prevent unnecessary delays in the probate process.
If the Will is not filed with the Probate Court within the required one year period, the Will becomes invalid ? it is no longer any good. The Will essentially ?expires?.
Living Trust This is by far the best option to avoid probate in Missouri in most circumstances. All of the assets in a revocable (living) trust will avoid probate. Having a trust also can help you avoid some of the problems occasionally encountered with joint ownership and beneficiary designations.
Probate Estate ? real estate and personal property owned by the decedent and subject to administration supervised by the probate court, including any income after death. Publication ? notice published in a newspaper in the county where the decedent resided.
