How Is Property Transferred At Death?
The probate division has been established primarily to protect the rights of one`s heirs, beneficiaries under a will and creditors, and to assure the orderly transfer of property. However, if an individual disposes of all property prior to death, either by gift, living trust, joint accounts with right of survivorship, payondeath accounts, beneficiary accounts or other similar transferondeath provisions, then there may be no need to probate the estate, as the distribution of such property is not affected by the terms of a will or the laws of intestate succession. However, in the case of most individuals dying with property in Missouri, some involvement with the probate division will be necessary.
The assets of the deceased, except for any real estate passing to heirs or devisees under the will, are held and managed by the Personal Representative during the administration of the estate. The Personal Representative makes distribution of the estate when the administration is ended and the Personal Representative has reported all transactions to the probate division for approval.
The earliest that an estate may be closed and distribution made to the heirs or beneficiaries is approximately six (6) months after the opening of the estate. However, it is unusual for all administrative duties to be finalized within that period of time.
Speak to an Experienced Estate Planning Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified estate planning lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local estate planning attorney to discuss your specific legal situation.
Additional Estate Planning Articles
- What Is A Power Of Attorney?
- What Is A Durable Power Of Attorney?
- What About The Revocation Of A Durable Power Of Attorney?
- What Powers Are Granted By General Powers Of Attorney?
- Must I Sign A Power, And If I Do, Will It Be Followed?
- What Specific Cautions Must Be Made In Preparing And Granting Powers Of Attorney?
- What Is Probate?
- What About The Rights Of Creditors And Collection Of Debts?
- What About Payment Of Death Taxes?
- What About Establishing Title To Real Estate?
- What About The Surviving Spouse's Rights?
- What Is Simplified Probate Administration?
- What Are Some Other Functions Of The Probate Division?
- What Is A Tenancy In Common?
- Will A Joint Tenancy Avoid Probate Expenses?
- Can A Revocable Living Trust Be Changed Or Revoked?
- Is A Revocable Living Trust An Adequate Substitute For A Will?
- Will A Revocable Living Trust Avoid Probate Expenses?
- What Are Some Of The Advantages Of A Revocable Living Trust?
- Is A General Durable Power Of Attorney Or A Living Will Still Needed?
- What Are Some Other Considerations In The Use Of A Revocable Living Trust?
- Who Can Advise You About A Revocable Living Trust?
- What Are Some Of The Disadvantages Of A Revocable Living Trust?
- Does The Revocable Living Trust Reduce Income Taxes Or Estate Taxes?
- Should I Use A Joint Account For Help In Writing Checks?
- May Safe Deposit Boxes Be Jointly Held?
- What Is A Guardian?
- What Is A Conservator?
- Who Can Be The Trustee?
- Who May Be Appointed Guardian And Conservator?
- What Does It Mean To Be Incapacitated Or Disabled?
- What Is The Legal Effect Of A Judicial Determination Of Incapacity Or Disability?
- How Are Guardianship And Conservatorship Proceedings Commenced?
- What Are The Duties Of A Guardian And A Conservator?
- Is The Conservator Or Guardian Personally Liable For The Debts Of The Protectee Or Ward?
- How Are Guardianship And Conservatorship Terminated?