What Happens When You Don’t Have an Estate Plan in Missouri?
The Probate Process
In Missouri, probate is the process by which a court of law decides how to distribute a deceased person’s estate in the absence of a will or estate plan. During probate, the courts will utilize your estate plan in St. Louis or, in its absence, apply the state’s laws of intestate succession to determine the distribution of property to heirs. These rules determine what percentage of an estate a surviving spouse, children, grandchildren and other relatives or loved ones may receive.
The probate process will not take your desires into account if they were not recorded in a legally binding way (e.g., via an estate plan or Last Will and Testament). It also will not matter what your heirs want. The distribution of your estate will be entirely in the hands of the probate judge and Missouri succession laws. Learn how to protect your assets with tools like a beneficiary deed and more.
Intestate Succession May Lead to Family Conflicts
In Missouri, a probate court will divide assets not based on what is fair, but on a pre-arranged percentage system. Under Missouri law, if a person dies and leaves behind a surviving spouse and children who are the issue of that spouse, the spouse will receive the first $20,000 plus half of the remaining balance. The children will divide the other half equally. Unique family situations will be handled differently.
In general, probate is viewed as a difficult, lengthy and often stressful process for a decedent’s loved ones. Probate can take six months to a year or longer, depending on the complexity of the estate. Based on the outcome of probate, it may leave certain loved ones bereft and financially vulnerable. In some cases, probate leads to arguments, family conflict and tension among beneficiaries – often the last thing the decedent would have wanted.
A Lack of Asset Protection
Even if you have a will, your hard-earned assets will not be managed the way you want them to be unless you have an estate plan. An estate plan is a comprehensive tool that allows you to choose exactly who you want to take over the management of important assets, such as a small business or investment account.
With an estate plan, you can set up living trusts—specifically a revocable trust—that allow you to dictate exactly how your assets will be run and distributed if you die or can no longer manage them yourself. This includes how decisions will be made if you become incapacitated by injury or illness. A will, on the other hand, does not have any legal authority until after you die.
If you wish to discuss an estate plan and how it may benefit you based on your specific circumstances, contact our law firm. Our estate planning law firm offers free initial consultations with qualified attorneys to individuals, families and business owners in St. Louis, Missouri. You can find out if an estate plan is right for you at no cost or obligation to you.