How to Avoid Probate Court in Missouri
Probate is a legal process that may be required to administer the estate of a deceased person. The probate court can supervise the fulfillment of a will if one is left behind. Without a will, probate will distribute assets to beneficiaries based on Missouri law.
Since probate can be complicated, time-consuming and lead to disputes among beneficiaries, most individuals wish to avoid this legal process. This goal can be achieved with a few estate-planning tools and methods.
A Living Trust
Several legal remedies are available to help an individual prevent his or her family members from having to go through probate. One option is a living trust. A living or revocable trust is an agreement that allows you to remain the trustee while you are here and assign a “successor trustee” who will automatically take over your estate upon your death or incapacitation.
Living trusts can bypass the probate process in Missouri, and are common legal arrangements used to distribute assets without court intervention. To invoke a living trust, you must transfer your assets and property into a trust, which will then assume ownership of these assets. As the trust creator, you will serve as the trustee. You will have the authority to modify your trust and establish a trustee to take over after your demise.
Joint Ownership
An asset or property that is jointly owned will automatically go to the surviving co-owner without the need for the probate process. You can protect certain assets from probate by sharing ownership of vehicles or real estate with your spouse, child, business partner or another individual. This is known as joint tenancy with the “right of survivorship.”
Transfer-on-Death Designations
A transfer-on-death (TOD) deed can be used to pass real estate to a beneficiary without going through probate court. The process of obtaining a TOD deed involves signing and officially recording the deed, but the transfer of the real estate to the designated individual will only occur after the property owner passes. A TOD vehicle registration is also available to pass vehicle ownership to a chosen heir. Finally, certain financial accounts can carry TOD designations for direct asset transfers.
Payable-on-Death Designations
Payable-on-death (POD) designations can be assigned to a variety of financial accounts, including stocks, bank accounts and retirement accounts. With this designation, the funds in these accounts will be delivered to chosen beneficiaries without the need for probate procedures in the event of the account owner’s passing.
Beneficiary Transfer Documents
An estate plan can contain beneficiary transfer documents that allow the owner of personal possessions or belongings to distribute them to specific beneficiaries upon his or her death. Transfer documents can allocate items such as furniture, clothing, collectibles and household items to one or more beneficiaries outside of the probate process. Beneficiary transfer documents are typically only available for untitled physical possessions, not titled assets.
Estate Planning With an Attorney in Missouri Can Prevent Probate Court
The most effective way to protect your family from the probate court process in Missouri after your passing is by working closely with an experienced estate planning attorney. Professional guidance from a lawyer will ensure that your wishes are carried out through a valid and legally sound document – reducing the risk of probate. Your lawyer can employ various strategies to prevent probate and protect your hard-earned assets.
Contact TdD Attorneys at Law to request a free initial consultation with an estate planning attorney in St. Louis.