When it comes to estate planning in Missouri, it’s crucial to understand which assets may not pass under a will. Certain types of property are exempt from probate and will be distributed according to specific rules, regardless of what is stated in a will. In this article, we will delve into the various forms of property that do not pass under a will in Missouri, including joint property, life insurance policies, and trusts.

Joint Property

One type of property that does not pass under a will in Missouri is joint property. When property is held jointly with rights of survivorship, it means that upon the death of one owner, the property automatically passes to the surviving owner(s) outside of the probate process. This is a common feature of joint bank accounts, real estate, and other assets held jointly by spouses or partners.

Legal Reference: Missouri Revised Statutes Section 461.051

Life Insurance Policies

Proceeds from life insurance policies are another example of property that bypasses a will in Missouri. Life insurance policies typically designate a beneficiary to receive the death benefit upon the policyholder’s passing. The proceeds from a life insurance policy are paid directly to the named beneficiary and are not subject to probate.

Legal Reference: Missouri Revised Statutes Section 376.580

Trusts

Assets held in a trust are also exempt from probate and do not pass under a will in Missouri. A trust is a legal arrangement where a trustee holds assets on behalf of a beneficiary. Upon the trustor’s death, the assets held in the trust are distributed according to the terms of the trust document, bypassing the probate process.

Legal Reference: Missouri Revised Statutes Section 456.4-401

Final Distribution of Assets

Understanding which assets do not pass under a will in Missouri is essential for effective estate planning. By knowing how joint property, life insurance policies, and trusts operate outside of the probate process, individuals can ensure that their assets are distributed according to their wishes in a timely and efficient manner.

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