Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
When a person passes away in Missouri, the appointed executor (if there’s a will) or administrator (if intestate) must inventory the estate’s assets and distribute them among heirs. The process follows several key steps under Missouri law.
1. Appointment of Personal Representative
The probate court issues Letters Testamentary (for executors) or Letters of Administration (for administrators) after reviewing the will or declaring intestacy. These letters grant authority to manage and settle the estate.
2. Inventory and Appraisement
Within 90 days of receiving Letters, the personal representative must file an inventory with the probate court under RSMo 473.093. The inventory should list all assets, including:
- Real property (land, homes)
- Personal property (vehicles, jewelry)
- Bank accounts and investments
- Receivables (loans owed to the decedent)
Appraisals must come from qualified appraisers or disinterested parties. These values serve as the basis for calculating estate taxes and fair distribution.
3. Paying Debts and Expenses
The representative must notify creditors and pay valid claims and administrative expenses before distributing assets. Missouri law requires publishing a notice to creditors under RSMo 473.441, and most claims must be filed within six months of notice.
4. Distribution of Remaining Assets
After debts, taxes and expenses are settled, distribute the estate per the will. If there’s no will, follow Missouri’s intestate succession rules in RSMo 474.210. These rules prioritize the surviving spouse and children. For example:
- If the decedent leaves a spouse and children, the spouse receives a statutory allowance under RSMo 472.340, then the remainder splits among the spouse and children per the will or intestate law.
- If no spouse survives, assets pass equally to children.
Hypothetical example: An estate has $350,000 in assets, $50,000 in debts, and three heirs (spouse and two children). After paying debts and administrative costs, the net $300,000 could be divided so the spouse receives a family allowance, then the remainder is split equally among the three heirs or as specified in the will.
Helpful Hints
- Gather deeds, titles, account statements, and insurance policies early.
- Hire qualified appraisers and keep written appraisals for the court record.
- Publish a notice to creditors to protect the estate from late claims.
- Maintain detailed records of payments to creditors and distributions to heirs.
- Consult a probate attorney for complex estates, tax issues, or family disputes.