Probate administration.
Your loved one has passed away, and having to go to court is stressful. We can make it easier.
St. Charles Probate Lawyer
When a person dies, their estate goes through a process known as “probate” in which that person’s assets are distributed to their beneficiaries or next of kin. This process usually follows instructions set out in a deceased person’s will, but various circumstances can complicate or prolong these procedures and lead to an unfavorable outcome. When going through this process, the family is often in significant emotional distress, and administering a person’s estate is a big responsibility. Additionally, disputes may arise that require court oversight or litigation. You’ll need a probate lawyer to help guide you through the system. We can help.
The Role of the Personal Representative
The person who is responsible for representing and administering the estate is the Personal Representative, sometimes referred to as an “executor.” They must gather all assets, pay certain types of outstanding debts, and ensure the decedent’s last wishes are honored regarding the division of their assets.
Typically, the personal representative is named in the decedent’s will. However, if no personal representative is named in the will prior to death, the court will assign one in the following order: (1) the spouse, (2) a beneficiary, (3) if there are no such persons qualified, than any person the court directs.
What probate does and does not address.
Probate is necessary to address any property held in the deceased person’s name at the time of death, including any solely owned bank accounts, real estate, stock holdings, and so on. Property held in a trust is not subject to probate, as it will pass according to the terms of the trust. Jointly owned vehicles, real estate, or other property are not subject to probate, as ownership will automatically pass to any joint owner. Additionally, any assets with a beneficiary designation (retirement accounts, life insurance, annuities, etc.) are not subject to probate; rather, they will pass in accordance with their beneficiary designations.
Property subject to probate is either distributed in accordance with the will, if one exists, or in accordance with Missouri’s intestacy laws. Additionally, an expedited small-estate administration can take place if the total probate estate is less than $40,000.
The Role of the Personal Representative
The person who is responsible for representing and administering the estate is the Personal Representative, sometimes referred to as an “executor.” They must gather all assets, pay certain types of outstanding debts, and ensure the decedent’s last wishes are honored regarding the division of their assets.
Typically, the personal representative is named in the decedent’s will. However, if no personal representative is named in the will prior to death, the court will assign one in the following order: (1) the spouse, (2) a beneficiary, (3) if there are no such persons qualified, than any person the court directs.
What probate does and does not address.
Probate is necessary to address any property held in the deceased person’s name at the time of death, including any solely owned bank accounts, real estate, stock holdings, and so on. Property held in a trust is not subject to probate, as it will pass according to the terms of the trust. Jointly owned vehicles, real estate, or other property are not subject to probate, as ownership will automatically pass to any joint owner. Additionally, any assets with a beneficiary designation (retirement accounts, life insurance, annuities, etc.) are not subject to probate; rather, they will pass in accordance with their beneficiary designations.
Property subject to probate is either distributed in accordance with the will, if one exists, or in accordance with Missouri’s intestacy laws. Additionally, an expedited small-estate administration can take place if the total probate estate is less than $40,000.
Start working with a St. Charles Probate Lawyer today.
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