Estate Planning Part 1: The Probate Process

You can't take it with you, but you can leave it behind for heirs and your surviving spouse. Unfortunately, if you do not have your affairs in order, leaving it to your loved ones is easier said than done. If you are not currently familiar with probate proceedings in Missouri, the lawyers at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. would encourage you to take some time to educate yourself on the process and why it is so important to set up a formal estate plan.

Missouri Probate - The Explanation

Essentially, the Missouri probate process ensures that all the decedent's outstanding debts are repaid and that the remaining assets are distributed among the surviving family members. If the decedent (the deceased) had an appropriate estate plan established, the probate process could be skipped and the assets could go straight to the heirs. If the decedent did not have a formal estate plan set up, however, then his/her estate will likely be passed through the local county circuit courts according to standard probate procedure.

Missouri Probate - The Process

When an individual dies without a proper estate plan, the Missouri probate process begins. First, the courts will appoint a representative to oversee the estate. (If you establish a will, you will be able to choose who this representative is.)

The representative will be in charge of submitting payments to pay off outstanding debts (once the courts have given instructions to do so) and distributing the remaining assets among the heirs once all of the balances have been satisfied.

Missouri Probate - The Problem

The main problem with probate is that it takes a very long time; most cases will take a minimum of six months, but it is not uncommon for a year (or more) to pass before the surviving family members are finally given their inheritances. 

Probate can also be a fairly costly procedure. In addition to the court costs (which will vary depending on the size of the estate), someone may have to pay for the representative's commission and the attorney's fees. Typically, these costs are taken out of the estate before the assets are distributed among the heirs.

Missouri Probate - The Solution

Fortunately, there are several things you can do to ensure that your assets are passed directly to your heirs, avoiding probate altogether. Keep watching for second installment in this blog series next week - Estate Planning Part 2: What Needs To Be Included In Your Estate.

Regardless of whether or not there is an official estate plan in place, it is important to contact a probate administration attorney at the Lake of the Ozarks to help you with your situation. There are a lot of little details that need attention, and having an experienced attorney to guide you through the process can make a world of difference.
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.

We accept Visa, MasterCard, and Discover.


85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020   GET A MAP
(573) 346-7231 - Telephone
(888) 236-2485 - Toll Free
(573) 346-4411 - Fax

Location: Camdenton, MO 65020, USA

Comments

Post a Comment

Popular posts from this blog

5 Reasons To Hire A Criminal Defense Attorney

Image
Criminal charges can turn your life upside down. If you are found guilty, you can suffer numerous consequences, including fines, imprisonment, and effect on your permanent record. If you are facing criminal charges, hiring an experienced criminal defense attorney can make a world of difference. Consider these reason why you should hire a criminal defense lawyer to represent your case. 1. Your Attorney Understands The Law It's no secret that the legal field is complex. Every law has exceptions, and every circumstance has different specific requirements. You need a criminal defense attorney that has experience dealing with these minute details and can help you use them to build a solid case. 2. Your Attorney Knows The Scene The Missouri Courts are like a world of their own. Each court has its own set of rules, social norms, and strict guidelines governing what behavior is and is not acceptable. If this is your first court case, you can not possibly know all of these unspo...
Read more

Legal Tips to Be Aware of When Entering Into a Marriage

Image
Congratulations! It is 2019 and this is the year you are getting married. Among all of the wedding planning, you probably haven't had time to think about the legal side of getting married. While it is not the most glamorous side, it is worth taking a look into. For example, has your fiance brought up the notion of signing a prenuptial agreement (prenup)? It is best to know what all comes with a prenuptial agreement and the advantages and disadvantages of choosing to sign one. Our attorneys at the Lake of the Ozarks are here to give you a few legal tips to be aware of when entering into a marriage. If you find yourself need a prenuptial agreement drawn up, call Phillips, McElyea, Carpenter, and Welch   today for your free consultation at 573-346-7231. Legal Tips to Be Aware of When Entering Into a Marriage Do You Plan to Legally Change Your Name After You Get Married? If you plan to change your legal name after marriage, here is what you need to do. According to the Misso...
Read more

Global Entrepreneurship Week: 5 Tips For Aspiring Entrepreneurs

Image
We live in a business-oriented society. From buying groceries to traveling internationally, we rely heavily on local, national, and international businesses for many a spect s of our lives. We have become so accustomed to using these businesses in our day-to-day lives that we now take many of them for granted. No matter how big a corporation is, it's important to realize that every business started out small at some point in time. Every business - even those with thousands of employees - originally began simply as an idea in the mind of one forward-thinking individual. Global Entrepreneurship Week USA We owe entrepreneurs a great debt of gratitude for the roles they have played in shaping our society, our culture, and our nation. Next week (November 14-20, 2016) is designated as Global Entrepreneurship Week USA in recognition of the importance of these forward-thinking individuals. In honor of this important week-long observance, our business attorneys in Camdenton MO ...
Read more