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.
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Location: Camdenton, MO 65020, USA

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