When people pass away, state probate law determines how their assets are distributed if they haven’t made a will or set up trusts. Sound estate planning gives individuals control of their assets and helps minimize or eliminate probate court involvement. It’s natural to have probate law questions when considering an estate plan, so here are answers to few questions that come up frequently.

Probate Law FAQs

What Is Probate? 

Probate is the process a state uses to establish what assets are in an estate and how to close it out. Probate Courts are divisions of Missouri’s Circuit Courts, and they handle administration of probate matters.

What Is an Estate?

An estate is the collection of a deceased person’s assets. Items in estates can include real estate, vehicles, personal property, stocks and bonds, and intellectual property. Wise estate planning reduces estate size. Smaller estates mean lower or no estate taxes and lower costs of probating the estate.

How Long Does Probate Take?

Probate takes six months or more to complete because probate law gives creditors six months to file their claims with the estate. The process takes significantly longer if disputes arise, such as challenging a will’s validity or its meaning.

How Can We Avoid Probate?

Creating trusts for property, including a special needs trust for a loved one with a disability, avoids probate of the assets in trusts. Placing financial assets in accounts with designations to transfer on death (TOD), and establishing joint ownership of property are other ways to keep property out of probate. Small estates valued at less than $40,000 may qualify for a simplified process that is quicker and less expensive than formal probate.

Woodlawn Law Offices in O’Fallon, MO, provides honest, skilled, and compassionate representation in probate law matters. Backed by 25 years of experience as an estate planning lawyer, Attorney David Schmidt offers individualized service that puts the client first. Begin your estate planning today. Call (636) 240-6667 to schedule your consultation, and visit the website and Facebook page for more information about this practice.