What is Supervised Administration?
Fri 19 May, by FritzLaw on Estate Planning, Probate
Independent administration is generally preferred when administering a probate estate (over $40,000) within one year of the decedent’s death. However, if the heirs won’t consent to independent administration and the Will doesn’t specifically designate it, then the only alternative is to proceed under a supervised administration. Supervised administration means just that; the probate process is supervised by the probate court. The court must approve the actions of the personal representative at each step and he/she …
What is Independent Administration?
Fri 19 May, by FritzLaw on Estate Planning, Probate
If a probate estate in Missouri is over $40,000 and it is within one year of the decedent’s death, there are two ways the estate can be administered: independent administration or supervised administration. The easiest and preferred method is independent (or unsupervised) administration because of reduced court involvement and overall costs. In Missouri, an independent administration allows the personal representative to take action without permission from the court. The personal representative has broad authority to …
What is a Small Estate Affidavit?
Fri 19 May, by FritzLaw on Estate Planning, Probate
Missouri recognizes a modified process to probate an estate where the “entire estate, less liens, debt and encumbrances does not exceed forty thousand dollars.” This process is often referred to as “Small Estate Affidavit” because only an affidavit has to be filed with the court in order to probate the assets. This shortened approach to probate is very different from the longer, more complex process that is required with a larger estate. The purpose behind …
What is Determination of Heirship?
Wed 17 May, by FritzLaw on Estate Planning, Probate
If a probate estate is over $40,000 and no full estate (independent or supervised) is opened within one year of the date of decedent’s death, you will likely have to probate the assets through a process called “Determination of Heirship.” The court may grant a petition for Determination of Heirship if the following conditions are met: The petition cannot be filed until one year after decedent’s death No prior estate administration was completed and no …
What is an Application for Probate of Will?
Wed 17 May, by FritzLaw on Estate Planning, Probate
After a loved one passes away, it may be necessary to distribute the assets of the decedent to the legatees or heirs. If the person died with a Last Will and Testament, the Will must be admitted to the proper probate court within one year of the decedent’s death, with a few exceptions (RSMo 473.050). The probate court will likely require the following information in order to approve or deny your Application for Probate of …