What is Probate?

What is Probate?

Probate is the judicial process by which assets from a deceased person’s estate are divided and allocated by the courts, among the legal recipients (creditors, family members, etc), in accordance with the deceased person’s wishes, as stated through a Last Will and Testament or as determined by the Missouri Revised Statutes, if there is no Will. (Missouri Revisor of Statutes: Revised Statutes of Missouri, RSMo, Missouri Law, MO Law, Joint Committee on Legislative Research)

What can I expect from the Probate Process?

• How long does it take?

  • The probate process can sometimes be taken care of in six months. However, it often takes in excess of a year for the process to be completed.

• How much does it cost?

  • To get started with the probate process, depending on the circumstances, there will be court costs, as well as possibly bonding and publication costs. There will be attorney fees, as agreed upon with your attorney, but these are generally paid by the estate at the time of distribution and not up front.

• Who can start the Probate Process?

  • Anyone can initiate the probate process, however; preference will be given to the Personal Representative of the decedent's Last Will and Testament, if there is one; a statutory beneficiary under Missouri Law; or a creditor.

What assets will transfer through the Probate Process?

• The following assets must go through probate for distribution, if they are in the name of a deceased

  person alone:

  • Checking/Savings Accounts

  • Real Estate- Home, Condo, Land

  • Antiques

  • Motor Vehicles – including boats, ATV, motorcycles

  • Stocks/Bonds

  • Royalty Interest

  • Life insurance with no surviving beneficiary

• Assets that pass upon death without the need for a judicial process are non-probate assets. These include:

  • Life insurance /Annuity/401k with a surviving beneficiary

  • Real or Personal Property owned with another party as Joint Tenants with Rights of Survivorship

  • Bank Accounts with a co-owner or with an appropriate Transfer on Death

  • Assets held in a properly funded trust

If you have additional questions about the probate process, or want to make sure you have your estate plan up-to-date, please contact us.