Probate is a legal proceeding that grants authority to a Personal Representative (also known as an Executor) to administer the estate of a deceased person (the decedent). The responsibilities include paying expenses, claims, taxes and any debts owed by the decedent, and distributing the remaining estate to those entitled to receive it either by a Last Will & Testament or by Missouri law.
Probate property, also known as the Probate Estate, includes all property owned by the decedent at the time of death, except assets owned jointly with another, or with a beneficiary, or payable on death, designation. For example, a jointly owned bank account will not go through probate but will go to the joint owner. Similarly, a bank account with a designated beneficiary will bypass probate and go directly to the named beneficiary.
A probate proceeding takes place in the probate court of the county where the decedent lived at the time of their death. Probate is a court supervised process of legally transferring ownership of property from the decedent to the rightful recipients. This process may be simple or it may be contested and lengthy. For small estates, those under $40,000.00, there is a simplified procedure that allows for a quicker resolution. For estates over $40,000.00, the probate process typically takes a minimum of 6 months, as mandated by Missouri law.
Probate fees and expenses are primarily determined by Missouri statute. There are also court costs and possibly a bond required for the Personal Representative. A knowledgeable and experienced probate attorney can provide guidance and support to help the personal representative navigate the process as efficiently and effectively as possible.
