Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Detailed Answer
After settling all valid debts and administrative expenses, the remaining assets in an estate represent the residuary estate. Under Missouri law, the executor or personal representative follows these key steps:
- Prepare and File an Inventory: Within 60 days of appointment, the personal representative must compile and file an inventory listing all estate assets and their appraised values. See RSMo 473.307.
- Pay Debts, Expenses, and Taxes: The personal representative must notify creditors, review claims, and pay allowed debts. This includes funeral costs, probate fees, administrative expenses, and taxes. Claims must follow the procedure in RSMo 443.
- Calculate the Residuary Estate: Subtract the total of all paid debts and fees from the gross value of estate assets. The result equals the residuary estate value.
- Distribute the Residuary Estate: If the decedent left a will, distribute remaining assets according to its residuary clause. Missouri codifies these distributions at RSMo 474.010. Without a will, distribute assets under Missouri intestacy statutes (RSMo Chapter 474).
In practice, executors often create an assets-and-liabilities worksheet. List each asset value in one column and each debt or expense in another. Sum each column and subtract debts from assets to confirm the residuary estate.
Helpful Hints
- Maintain clear records of asset appraisals, bank statements, and titles.
- Keep copies of all creditor notices and proof of payment.
- Use official Missouri probate forms available on the Missouri Courts website.
- Review Missouri intestacy rules if the decedent died without a will.
- Consider hiring a probate attorney to help navigate complex claims or tax issues.