Missouri Probate | Inheritance Advances in Missouri
The probate process is a detailed legal procedure intended to distribute a deceased person’s estate fairly. If your loved one has died and left behind belongings, you can only access these assets once the state has probated them. In Missouri, probate requires beneficiaries to follow a specific process before receiving their inheritance.
Probate Process In Missouri
When a resident of Missouri dies, the Missouri probate courts oversee the distribution of all assets and belongings left behind. They first appoint a representative to be in charge of the estate, collect and itemize all assets and monetary accounts, ensure all outstanding debts are paid off and determine the validity of any existing wills. Once the court has completed the process, the rightful heirs can claim their shares of the estate.
Is Probate Required in Missouri?
For many estates, probate is required regardless of whether a will exists. However, if your loved one’s estate is valued at less than $40,000, you may qualify for simplified probate in Missouri. In this case, you could submit a written request to the court, pay off any debts and sign an affidavit for your inheritance. Any estates with assets totaling more than $40,000 will require a more formal process. Regardless of the total estate value, you must file probate in Missouri within one year of the person’s death.
If your loved one didn’t leave a will, the court will determine inheritance proceedings according to Missouri probate laws. This process is called intestate succession, and it can lead to even more drawn-out legal processes.
Does Missouri Have an Inheritance or Estate Tax?
Missouri is one of many American states with no estate or inheritance tax. This exemption allows heirs to enjoy their inheritance without paying additional fees. However, larger estates are subject to certain federal taxes. Though the exemption amount changes yearly, 2022 federal taxes apply to estates valued at $12.06 million or more.
Spouses in Missouri Inheritance Law
Spouses are typically the default heir for a person’s estate after they die. In Missouri, spouses are entitled to at least half of their spouse’s assets. If the deceased leaves less than half in the will, the surviving spouse can take against the estate to get their rightful half — unless otherwise agreed upon in a prenuptial contract. According to Missouri probate law, spouses also receive an additional $20,000 if they have children with the deceased.
How Long Does Probate Take in Missouri?
The key problem with the probate process in Missouri is that it takes an extremely long time from start to finish. In Missouri, the probate court allows creditors six months to file a claim against the estate. After the six-month period, probate goes through an approval process with the court, so many families wait up to a year and a half for their inheritance.
How to Avoid Probate in Missouri
Because of the lengthy process, many heirs search for ways to avoid or advance probate. Though it’s difficult to avoid completely, there are a few exceptions that could save your family a lot of time in legal proceedings. Before your loved one passes, they can help you avoid probate by placing their assets in a revocable living trust or assigning beneficiaries to their accounts. The only other assets that can avoid probate are retirement accounts, joint accounts or accounts with a Transfer on Death (TOD) designation.
If the estate has assets that must undergo probate, turn to us for an alternative. At IFC, we provide probate advances so you can get the money you’ve been given right away. The process is fast and easy and you decide how much of your inheritance you’d like to receive immediately. Whether you have bills to pay, car payments to make, home improvements, vacation plans, etc. – the money is yours to use however you’d like.
Access Your Inheritance In Missouri Immediately
With over $200 million advanced to heirs since 1992, we have the expertise and size to help you immediately. Avoid the Missouri probate process and work with our team to get your rightful inheritance when you need it.
We’re more than happy to walk you through the Missouri probate process and answer any questions you may have about your advance on inheritance. There are no hidden fees, no monthly payments, and credit and income are never an issue. To access your money instantly, apply online or call 1-855-538-7268!