Probate occurs when someone dies and the courts work with the deceased person’s executor to settle the distribution of the estate’s assets. The will is entered into probate, and the court oversees executors as they liquidate assets, pay creditors and final taxes, and distribute bequests to beneficiaries. This is a complex process, so many people seek the advice of an experienced estate planning attorney prior to their deaths.

Probate occurs whether a will was made or the person died intestate, meaning without a will. Missouri uses a formula that allocates assets primarily to spouses and children. When you are an executor, you may benefit from seeking the guidance of a Lake St. Louis probate lawyer.

Probate in Missouri

The St. Charles County Probate Court will validate the will submitted by the executor who has petitioned the court to open probate. The court ensures the will is signed and witnessed, the person who wrote it (maker) was of sound mind, and the beneficiaries for specific bequests are listed.

The executor then:

• Affirms for the court they will serve as executor
• Opens an estate bank account
• Inventories and values the decedent’s assets
• Publishes a newspaper legal notice to alert creditors who may have a claim on the estate
• Pays creditors
• Completes the decedent’s federal and Missouri income tax forms and pays outstanding taxes
• Provide the federal government with an accounting if estate or inheritance taxes are due

Finally, gifts are distributed to beneficiaries, and the estate is closed. Some assets are exempt from probate, and the executor will not handle them. Consult a probate lawyer to discuss settling an estate in Lake St. Louis.

Inheritance Taxes

Missouri does not impose a state inheritance tax. Property located in one of the six states that does impose one could still be subject to inheritance tax, however, even if the heir lives in Missouri. An estate must be worth $12.92 million for a single person or $25.84 million for a married couple before federal inheritance taxes apply, which can amount to 40 percent in the top tax bracket.

Simplified Process for Smaller Estates

When an estate is worth no more than $40,000, Missouri has a simplified process for an executor to notify the probate court in writing they will be responsible for paying the decedent’s final debts and distributing assets to beneficiaries. An inventory of assets must accompany the letter. A legal notice in the newspaper must advise creditors of the death if the estate is valued at more than $15,000. Creditors have a year to validate the debt for probate.

Intestate Succession

When a person dies intestate, Missouri relies on succession laws to distribute assets to heirs. A spouse inherits everything if there are no children and 50 percent of the estate plus the first $20,000 if there are children, who will split the remainder. The decedent’s children by another relationship are also entitled to inherit. Other relatives may inherit if the decedent has no spouse or children.

Without a will, the decedent risks both assets and business interests going to estranged relatives. To avoid misdirection of assets, contact a Lake St. Louis probate attorney for help.

Get Assistance With Probate From a Lake St. Louis Attorney

A death in the family is always a sad and somber event. There is also a lot to accomplish legally when the decedent’s estate must be settled. If the decedent named you executor, you may be confused about what to do next.

Contact one of our knowledgeable attorneys. They understand how probate works and could help you with all aspects of estate planning and probate matters. A Lake St. Louis probate lawyer could assist you if you are the executor, explain how the process works if you are a beneficiary, or draft your estate documents to ensure a smooth probate in the future.