Probate is the court-supervised process that allows for transfer of ownership on assets in an estate the owner passes away. There are many nuances to the process, depending on state law and other components, but in the end, most probates are fairly similar. One of the biggest concerns people usually have about probate is how much it’ll cost. The average cost of probate in Missouri will differ depending on various circumstances of the estate.
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Factors that can come into play might include things like:
The complexity of the estate
The size of the estate
How complicated the estate and Estate Plans are
Whether or not anyone is contesting the Will
Whether or not a probate attorney is retained
Common Probate Fees in Missouri
Probate fees in Missouri can be the result of the costs of things such as:
Court and filing fees
If you hire an attorney, the fees for their compensation
Professional fees for the Appraisal, Land Survey and Accounting
Executor fees/compensation - Missouri allows for compensation by statute; the range is two to five percent
Executor/Administrator/Probate Bonds (generally required)
Common Questions About Probate in Missouri
How Long Does Probate Take in Missouri?
In Missouri, probate will take a minimum of six months - although in most cases, it will take longer.
How Much Does a Probate Lawyer Cost in Missouri?
Probate lawyer fees in Missouri can widely range. This is one of a handful of states that allows lawyers to charge a percentage of the estate value (by statute).
How to Avoid Probate in Missouri?
You may be able to avoid probate in Missouri by utilizing the state’s Non-Probate Transfer Law, which allows you to designate direct transfers of assets to your beneficiaries. You also might be able to:
Create (and properly fund) a Trust
Title property/assets with Joint Ownership
Finally, small estates that don’t meet a certain threshold can also avoid probate by using a summary probate procedure.
What is Considered a Small Estate in Missouri?
Any estate valued at less than $40,000 (not including encumbrances or liens) can be settled through a summary probate procedure. The state does not have an Affidavit procedure.
Who Pays Probate Fees in Missouri?
You don’t have to worry about how to pay for probate. Virtually all of the cost to probate an estate (including probate attorney fees in Missouri) can be paid using funds from the estate.