Completing a Small Estate Affidavit in Missouri

When the estate of a deceased loved one is required to go through probate, the process can be lengthy, costly and demanding in terms of energy and attention. In Missouri, as in other states, this process sometimes can be bypassed by using a small estate affidavit. A small estate affidavit is a legal document that lets someone assert ownership of assets from an estate valued at less than a certain amount. Under the right circumstances, a small estate affidavit can help heirs save on legal costs and reduce the time and trouble it takes to distribute assets to beneficiaries.

A financial advisor can help you determine the estate planning strategies that you will need to manage and distribute your assets.

What Is a Small Estate Affidavit in Missouri?

Formal probate is a court-supervised process that is used to oversee the distribution of assets from the estate of a deceased person. Probate can take several months or more and require paying fees and other costs that reduce the value of the estate.

In order to keep small estates from burdening courts, states offer alternative ways of handling estates that allow bypassing probate in some cases. A small estate affidavit is one of those alternatives. Using a small estate affidavit allows heirs to claim the assets of the deceased without going through formal probate so families can settle small estates quickly and efficiently.

This streamlined process can't be used for all estates. The value of the estate is one limitation. In Missouri, a small estate affidavit is only available for estates with a total value of $40,000 or less , after accounting for any liens or other encumbrances. In addition the deceased must have died without leaving a spouse or minor children.

Usually only a family member can complete a small estate affidavit. They will need to fill out the document with specific information about the decedent, the estate's value and the assets to be transferred.

Small estate affidavits can be used to transfer assets such as the funds within bank accounts and the title of ownership for vehicles, as well as to claim life insurance benefits. In Missouri, unlike many states, small estate affidavits can also be used to transfer real estate.

Once the affidavit is filled out, notarized, filed with the court and approved by a judge, it can be used to access and transfer assets belonging to the deceased. This process can still take weeks and involve paying some fees, but is faster and less expensive than probate.

How to File a Small Estate Affidavit in Missouri

There are several steps to follow to file a small estate affidavit in Missouri, as well as specific criteria that might have to be met:

1. Assess the estate's value : Confirm that the total value of the estate does not exceed $40,000 and that no real estate is involved. Only estates meeting these criteria are eligible for the small estate affidavit process in Missouri.
   • In Missouri, small estates worth more than $15,000 in assets are required to publish a notice in a local newspaper. This is done to inform any creditors and allow them to file a claim. Estates worth less than $15,000 skip this requirement.
2. Wait 30 days : Missouri law mandates that heirs must wait at least 30 days after the decedent's death to file a small estate affidavit. This allows for any claims or disputes to be addressed.
3. Gather necessary documentation : Collect essential information and documents, including the death certificate, the value of their assets and details about heirs. This information is necessary for completing the affidavit forms.
4. Complete the affidavit form : Fill out the small estate affidavit form, ensuring all information is correct and complete. The affidavit must include a statement confirming that the estate qualifies under Missouri's small estate laws, as well as a declaration that no other person has a superior right to the assets.
5. Have the affidavit notarized : The affidavit must be signed in the presence of a notary public.
6. File the affidavit : Submit the completed and notarized affidavit to the appropriate probate court in the county where the decedent lived. Once filed and approved, the affidavit can be used to collect and transfer the assets listed. When the affidavit is presented to an entity such as a bank, it will then release the assets to the person named in the affidavit.

FAQs About Small Estate Affidavits in Missouri

How Much Does It Cost to File a Small Estate Affidavit in Missouri?

While the cost of the filing fee will vary slightly depending on the county, on average, you can expect to pay between $50 and $75 to file a small estate affidavit in Missouri. This does not include the cost to publish a notice in the local newspaper, if required.

Can a Small Estate Affidavit Be Used to Transfer Real Estate in Missouri?

Yet, unlike in many states a small estate affidavit in Missouri can be used to transfer real estate. The affidavit also is applicable to personal property such as bank accounts and vehicles.

How Long Does the Small Estate Affidavit Process Take in Missouri?

After filing a small estate affidavit in Missouri, a small estate is often closed in less than two months. In comparison, formal probate often takes no less than six months.

Do I Need a Lawyer to File a Small Estate Affidavit in Missouri?

Hiring a lawyer is not required to file a small estate affidavit in Missouri. Still, it can still be helpful to consult with a lawyer or attorney. They can ensure legal requirements are met, nothing in the estate or process is overlooked, and that the process is completed correctly.

Bottom Line

Completing a small estate affidavit in Missouri can simplify the process of settling a loved one's estate, allowing for a quicker and less expensive resolution than other options. If your estate qualifies, following the steps above could help you manage the transfer of assets and avoid the probate process.

Tips for Estate Planning

• A financial advisor can help you create a personalized estate plan to manage and distribute your assets. Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you're ready to find an advisor who can help you achieve your financial goals, get started now .
• SmartAsset's guide to Missouri inheritance law can tell you what you need to know if you are planning an estate there.

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