Missouri Inheritance Loans and Probate Advance Law
Probate is generally something most people want to avoid, but the fact is, probate laws are important for a variety of reasons. They ensure the wishes of the deceased are fulfilled according to the directives in their will, and they protect the interests of those who have interests in the estate, such as beneficiaries and creditors who are owed a debt. Probate laws also enable property and assets to be transferred legally from the deceased to their heirs. All states define their own probate laws, so it is important that you know and understand the laws in the state where probate is taking place.
What are Missouri Probate laws?
Missouri probate laws lay out the legal process for handling the belongings, property, and assets of someone after they die, including how their estate will be divided and passed to their heirs. This is true whether the deceased left a will or not.
Those who are appointed a personal representative of an estate should consider contacting a Missouri probate lawyer for assistance. An attorney will know Missouri estate and inheritance laws and will be able to guide you through the complexities of the probate process to make sure you complete the steps properly.
What is the Probate Process in Missouri?
The probate process in Missouri is basically the legal way in which property and assets are transferred from a decedent to their heirs and beneficiaries. While the process is relatively similar across the country, there are procedural differences you need to be aware of if you are setting up your estate, or if you are appointed as personal representative of the estate.
First, you should hire a probate attorney to represent you. If there is a will, the personal representative will apply for Letters Testamentary, and if there is not a will, the personal representative will apply for Letters of Administration.
Notice of probate is published, and creditors have six months to file a claim against the estate for debts owed. During this time, the property and assets of the estate must be inventoried, and their value appraised for the court.
Debts, final taxes, creditor claims, and expenses are to be paid from the estate. Debts are paid in order of importance as defined by Missouri law. Some assets may need to be sold to pay these expenses, but every transaction must be accounted for. A settlement is to be prepared for the court that details financial transactions coming in and going out from the estate. The court must approve the settlement before the estate can be divided and distributed to the heirs. Once distributed, the estate is closed, and probate is over.
The personal representative of the estate has many tasks that must be completed before an estate is closed. In Missouri, probate typically takes a year or more to complete, during which, the personal representative manages the estate, but the probate court has control of the estate.
What Property Must Go Through Probate in Missouri?
Property that must go through probate in Missouri would include all property solely owned by the decedent unless the decedent took steps when they were alive to avoid probate. In Missouri, real property can go directly to heirs if the decedent left a will leaving the property to heirs. Real estate is technically not included in the probate of an estate unless it must be sold to pay debts or taxes. Be aware, that you cannot receive or sell any property that is subject to probate for one year after the person’s death unless the property goes through the probate process.
How Can You Avoid Probate in Missouri?
You can avoid probate in Missouri in several ways, but they must be arranged prior to death. Some of these ways of avoiding probate include establishing a living trust to hold property in your heir’s names until your death, ensuring your accounts are jointly held with right of survivorship, designating certain assets as payable on death or transfer upon death, and adding beneficiaries to your retirement accounts and life insurance policies.
How Can You Access Missouri Inheritance Funds Immediately?
There’s really only one way to access Missouri inheritance funds immediately when they are stuck in probate. Probate Advance gives heirs and beneficiaries a way to get their inheritance funds fast in a simple and straightforward manner. If you qualify, you can get your inheritance many in days, not years, and there are no strings attached, so you can do whatever you want or need to do with the money. After all, it’s your money, and you shouldn’t have to wait for it.
Probate Advance does not charge hidden fees or costs, and there’s no credit check, and no payment plans because this is not a loan. Probate advance provides immediate access to inheritance funds to those who qualify and simply waits for probate to end to collect. We wait for probate, so you don’t have to. And if you qualify, you can get your inheritance funds in about 48 hours.
How Do You Qualify for an Inheritance Cash Advance?
Finding out if you qualify for an inheritance cash advance in Missouri is as easy as filling out a form or giving us a call. If you are an heir or beneficiary (known in Missouri as a distributee) to an estate that is going through the long probate process, you may qualify for a probate advance in 24 to 48 hours. Within days, your inheritance money can be in your bank ready for you to use however you want or need to.
What Do You Need for a Probate Advance in Missouri?
All you need for a probate advance in Missouri is to provide us with some basic information. We use this information to confirm your status as a distributee of an estate going through probate. Once confirmed, you just have to let us know how you want to receive your funds. It doesn’t matter how long the probate process is in Missouri; you can bypass waiting for your inheritance and get your funds in as little as two days.
What Areas of Missouri Qualify for an Inheritance Loan?
You can receive an inheritance loan from anywhere in Missouri, including the following cities:
- Kansas City
You can learn more about Missouri probate law and rules on estates and inheritance from our resources:
Missouri Probate Resources
- Missouri Code Title XXXI Trusts and Estates of Decedents and Persons Under Disability
- Missouri Probate Forms