How Does Succession Work in Missouri?

Fans of the popular television show Succession may be somewhat familiar with what happens when a person dies without a solid will, but the laws will be different from state to state. If you die without a will in Missouri, your assets will be transferred to your closest relatives because of the state’s intestate succession laws. If you’re eager to learn more about the process, our team of Springfield probate lawyers can start you in the right direction. In the meantime, read on to learn more about Missouri’s intestate succession laws and how they might affect you and your family.

Which Assets Would Pass by Succession?

Even if you don’t have a will, there are some assets that will likely not automatically pass to your heirs. Usually, these types of assets require you to name a beneficiary at the time you open or purchase them, and therefore those assets will go to whoever is named in the documents. Some examples of assets that won’t be covered under Missouri’s succession laws include life insurance proceeds, any property you’ve transferred to a living trust, funds in an IRA or 401(k), bank accounts registered as payable upon death, or property you own with someone else. These are just a few examples of the types of assets that would be distributed differently than customary under Missouri’s succession laws.

Who Gets What Upon My Death?

In the event that you’ve died without a will, Missouri’s succession laws would kick in to help the probate court determine who is entitled to your assets. Who gets what will be determined by the family you have built by the time of your death. For example, if you have children but no living spouse, your kids will inherit everything. The same goes if you died with a spouse but no children – your husband or wife will inherit all of your assets. Things get trickier if you die with a spouse and children from that marriage – your spouse would inherit the first $20,000 of your intestate property, plus half of the balance of your total assets; your children would inherit the rest. On the other hand, if you die with a spouse and children who don’t share a blood relation, your spouse and children would split the estate 50/50.

Finally, those without a spouse or children would see their assets split between their parents and siblings; if there weren’t any living parents, the siblings would get everything; and vice versa if there were no living siblings. 

Will the State Get My Property?

If you were to die without a will and don’t have any family at all, your property would ‘escheat’ into the state’s coffers; however, if you have any relatives at all – aunts, uncles, grandparents, nieces or nephews – then it would likely go to them before that were to happen. Likewise, the best way to protect your property from going to the state is by working with our Springfield probate lawyers, who can help you create a will that protects your assets.

Probate Assets vs. Non-Probate Assets

Contrary to popular belief, not all assets pass through probate when a person (known as a “decedent”) dies. In many cases, property passes outside the probate process. Generally, the following types of property are not considered probate assets:

• Property passing by trust: Assets in trusts — both revocable trusts and irrevocable trusts — avoid probate when funded properly. This allows decedents a greater degree of privacy than they would otherwise have if the same assets passed through probate.
• Property passing by beneficiary designation: In some cases, decedents can pass property through beneficiary designations. The most common types of property that pass by designating a beneficiary are bank accounts and retirement accounts.
• Property passing by operation of law: Occurs where more than one person owns an asset (typically real estate) and, upon the person’s death, the property automatically transfers to the other owner(s). There are two types of property ownership in Missouri where this occurs: tenancy by the entirety, which is available only for married couples, and joint tenancy with right of survivorship. Under these types of property ownership, when one owner dies, their interest automatically passes to their spouse or the other owner(s).

If you’re considering structuring your assets to ensure that they pass outside of probate, please contact a Springfield probate lawyer.

The Probate Process in Missouri

You might be surprised to learn that there is not just one “probate process” in Missouri.

Full Estate Administration

Full estate administration is the type of probate most people think of when they hear the term “probate.” Using this process, the personal representative named in the Last Will and Testament publishes a notice to potential creditors, calculates inventories, appraises the estate’s assets, pays all debts and taxes, distributes the assets as specified in the Trust or Last Will and Testament, and files a final statement with the court to close probate. This type of probate process can be lengthy, stressful, and expensive. If you’d like to discuss avoiding the lengthy and costly probate process, please contact our office to speak with one of our probate lawyers.

Small Estate Administration

If the value of the decedent’s estate is less than $40,000, Missouri law offers an expedited probate process known as “small estate administration.” Using this procedure, the personal representative (known as an “affiant” in this context) files an affidavit with the court listing the decedent’s property, debts, and heirs, and promises to distribute the estate according to the decedent’s Last Will and Testament (or Missouri’s intestate succession laws). Upon receiving court approval, the personal representative will pay the estate’s debts, if any, and distribute the assets. For more information on the details of small estate administration, please contact our office to speak with a Springfield probate lawyer.

Determination of Heirship

If a decedent has been deceased for more than one year and has not left a Last Will and Testament (i.e., died intestate), anyone claiming an interest in their estate may file a petition for determination of heirship, in which the court will formally determine the decedent’s rightful heirs. While this process generally is simpler than a full estate administration, it may require potential heirs to prove that they are entitled to a portion of the decedent’s estate, which can easily become complicated.

Hire Springfield Probate Lawyers to Get Started

Don’t leave the state of your assets up to the law. Instead, make a game plan for how you want your estate to be treated after your death by contacting our Springfield probate lawyers today.