When someone passes away, their family can be left to grieve the loss of their loved one. However, they’ll also need to endure the probate process. This involves handling and managing the assets of the deceased upon their death. Unfortunately, this can be incredibly complicated, regardless of whether or not there is a will. As such, understanding how probate works, what assets are subject to this process, and why you should connect with St. Louis probate lawyers is critical to ensuring you can plan effectively to protect your assets and beneficiaries.
What Is Probate?
Probate is an incredibly complicated and tedious process that occurs when someone has passed away. Essentially, when the head of an estate dies, the executor must file their estate plan with the probate court. This court will validate the will of the deceased and oversee the distribution of their assets. Probate involves the transferring of assets from the deceased to the legal beneficiary and is critical to help protect the rights of those with a vested interest in the estate. However, if there is no estate plan, probate looks different.
If there is no will established by the deceased, probate must still occur. However, instead of validating a will or distributing assets based on the wishes of the deceased, the state of Missouri will assume control of the assets and distribute them according to the state’s intestate line of succession laws. Generally, if you have a spouse and children, your surviving spouse will inherit the first $20,000 of the estate and half the remaining amount, while the other half is distributed among your children. This means you have no control over who receives what assets.
What Assets Must Go Through This Process?
First and foremost, it’s important to understand that not all assets in Missouri will go through the probate process. It’s imperative to understand that, typically, only assets solely owned by the deceased will be subject to probate. However, property owned by two individuals must have a right of survivorship. If there is no right, the asset will be subject to probate. As such, assets like bank accounts, real estate, personal property, and stocks that are solely in the name of the deceased and have no beneficiary designation or right of survivorship will be subject to this process in Missouri.
Additionally, any assets held in a trust fund are not part of probate. This is because the property in a trust is not technically owned by the deceased and therefore is not subject to this process.
It’s important to understand that estate planning can help you avoid or simplify the probate process following your passing. As such, if you’re ready to begin planning for the future, connecting with the Stobie Family Law Group is critical. We understand that shielding your assets and providing for your loved ones is a priority, which is why we will do everything possible to help you through this process so you can have peace of mind for the future. Contact us today to learn more about how we can assist you during these times.
