Kansas City Probate
When a family member dies, what happens to the estate; the bank and savings accounts, the stock and bond accounts, the real estate, insurance, trusts, annuities, business interests and other assets? It depends on Kansas City probate.
What is Kansas City probate?
Nolo Law for All says “Probate is a legal process that takes place after someone dies.” It includes:
- proving in court that a deceased person’s will is valid (usually a routine matter)
- identifying and inventorying the deceased person’s property
- having the property appraised, paying debts, and taxes, and
- distributing the remaining property as the will (or state law, if there’s no will) directs.
If deceased didn’t have a Will, then the property Missouri law dictates the distribution according to intestacy laws(dying without a Will).
What about Kansas City Probate?
Not all estates must go through probate. If an estate falls below a certain threshold, it is considered a “small estate” and doesn’t require court supervision to be settled. Click here to find out Missouri’s small estate threshold and procedure.
Some assets skip probate and go directly to the beneficiary or co-owner. For example:
- Property in a revocable trust
- A home or land owned as joint tenants with a right of survivorship or tenancy by the entirety, here the joint tenants own the real estate on the death of the decedent
- Life insurance policies and retirement accounts with a designated beneficiary
- Bank accounts with a Payable on Death (POD) or Transfer on Death (TOD) clause
- Cars, RVs, boats, and motor homes with multiple names on the title in Missouri are presumed to be jointly owned with rights of survivorship and pass to the other(s) upon the death of one of the owners. You can also create a TOD clause (for someone who doesn’t currently co-own the vehicle) with the Missouri Department of Revenue.
If a decedent had created a Living Trust to hold his or her largest assets, then that estate, too, won’t go through probate, unless the assets left outside of the trust add up to more than Missouri’s small estate limit.
Now, what about estate taxes and inheritance taxes?
Missouri law based a state estate or death tax on the Internal Revenue Service (IRS) estate tax credit. As the IRS stopped allowing state death tax credits after January 1, 2005, Missouri’s estate tax is no longer imposed.
Disclosure: Estate taxes, wills, and probate are areas that need the expertise of a lawyer who specializes in these areas. Always seek professional advice.
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