What assets do and do not go through probate in Missouri?

When it comes to estate planning and the settlement of an individual’s assets after their passing, understanding which assets go through probate and which do not is crucial. In the state of Missouri, specific rules and regulations govern this process, determining how different types of property are handled. This article will delve into the intricacies of probate in Missouri, outlining what assets are subject to probate and which ones are exempt, all while referencing the relevant legal code.

Assets Subject to Probate

Probate is the legal process through which a deceased person’s assets are distributed and debts are paid off under court supervision. In Missouri, the following assets typically go through probate:

• Real estate solely owned by the deceased

• Bank accounts solely in the deceased’s name

• Investment accounts held solely by the deceased

• Personal property solely owned by the deceased

Assets Exempt from Probate

While certain assets are subject to probate, others are exempt from this process in Missouri. These include:

• Assets held in a living trust

• Proceeds from life insurance policies with named beneficiaries

• Retirement accounts with designated beneficiaries

• Jointly owned property with rights of survivorship

Legal Code Reference

It is essential to note that the laws governing probate in Missouri can be found in the Missouri Revised Statutes, specifically in Chapter 473 – Probate Code. This legal code outlines the procedures and requirements for probate, ensuring that the settlement of an estate is conducted in accordance with the state’s regulations.

Conclusion: Navigating Probate in Missouri

Understanding which assets go through probate and which do not is fundamental in estate planning and the distribution of assets. By familiarizing yourself with the probate process in Missouri and the assets exempt from it, you can ensure a smoother settlement of an estate. Remember to consult with legal professionals to guide you through the complexities of probate and estate planning in the state.

Buried in Work’s Additional Resources

Buried in Work provides Missouri state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.