There are a few common misperceptions about the Missouri probate process, and these misunderstandings often lead clients to have the wrong estate planning goals. Learn mor about Missouri probate process in this presentation.

2. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• There are a few common misperceptions about
the Missouri probate process, and these
misunderstandings often lead clients to have the
wrong estate planning goals.
The Missouri probate process
@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

3. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
The Missouri probate process
• The primary goal of an estate plan is generally to preserve your estate for your family. Each state has its own
procedures when it comes to probating an estate. For Missouri residents, it is very helpful to, at least, be familiar
with the Missouri probate process, so here are a few things you need to know.
• A common concern many clients have is that their estate will be tied up in probate for many years, which means
their families will have to wait a long time to receive their inheritances.
@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

4. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• While the Missouri probate process can generally
take several months to complete, the length of time
depends mostly on the size and complexity of the
assets involved in the estate.
• Regardless, there are a few steps that need to be
taken with every estate that goes through probate.
For that reason, the Missouri probate process can
usually be expected to take at least 6 months to
complete.
The Missouri probate process
@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

5. Missouri probate is not always
prohibitively expensive

6. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• Regardless of the size of your estate or how complicated or unique your assets may be, there will always be certain
expenses associated with probate proceedings. But, not every estate will necessarily be extremely expensive.
• Some of the typical expenses you can expect include attorney's fees, executor’s fees, court filing fees, appraisal fees,
bond fees and mailing expenses.
6@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential
Missouri probate is not always prohibitively expensive

7. Appointment of an executor

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• In most cases, it takes approximately one or two
weeks to appoint an executor.
• Appointing an executor might cause a delay when
family members cannot agree on who should
serve as executor.
Appointment of an executor
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9. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• In fact, family disputes are probably the most common cause of delays when it comes to probate.
9@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential
Appointment of an executor

10. Estate taxes do not affect most
people's estates because of the exemption

11. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• The truth is, most estates do not incur an estate
tax because of the estate tax exemption which is
currently $5.49 million.
Estate taxes do not affect most people's estates because of the exemption
@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential

12. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• In other words, unless the value of your estate exceeds $5.49 million, your estate will not owe any federal estate
taxes.
12@ 2017 Gaughan & Connealy Estate Planning Attorneys, Private & Confidential
Estate taxes do not affect most people's estates because of the exemption

13. Understanding the basic steps
of the Missouri probate process

14. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• Initiating the Missouri probate process requires
the filing of a petition with the probate court in the
county where the deceased resided at the time of
death.
• Once the petition is filed, the court will set a
hearing and notice of that hearing will be
published and mailed to all named heirs or
beneficiaries.
Understanding the basic steps of the Missouri probate process
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15. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• The person who is selected to be the personal representative (executor or administrator) of the estate will then take
possession of the property included in the estate and create an inventory.
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Understanding the basic steps of the Missouri probate process

16. After Notice of Death is published

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• Once the notice of the death has been published,
creditors who have legitimate debts will be given
time to submit a claim for payment.
After Notice of Death is published
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18. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• Valid claims must be paid from the estate before any other distributions can be made.
• The personal representative is also responsible for making sure that all estate taxes are paid, if any are due, before
any distributions can be made to heirs or beneficiaries.
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After Notice of Death is published

19. @ 2015 Gaughan & Connealy Estate Planning Attorneys. Private & Confidential
• In order to complete the final step of the Missouri
probate process, which is closing the estate, the
personal representative must provide the court
with an accounting of all transactions relating to
the estate.
After Notice of Death is published
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20. If you have questions regarding probate,
or any other estate planning matters,
contact Gaughan & Connealy for
a consultation by calling us
at (816) 974-3030.