Cape Girardeau
Estate Administration Attorney

Once you pay all debts and taxes, the remaining assets are distributed to the beneficiaries named in the trust, will or, if no will exists, according to Missouri’s intestacy laws. Amanda L. Smith, JD, can prepare the necessary legal documents for asset distribution and ensure that the distribution is carried out according to the law and the deceased’s wishes.

The administration process differs from probate if the deceased established a trust. Our attorney can assist trustees with their duties, including managing trust assets, paying expenses, and distributing funds to beneficiaries according to the trust agreement’s terms. We can also advise trustees on their fiduciary responsibilities and help them avoid potential liability.

Further, when the person who created a revocable trust dies, the trust often becomes irrevocable and requires an EIN, which a successor trustee can get from the IRS. Once the successor trustee allocates the value of all the assets, they can begin the administration process. However, if there are accounts that were not placed in the trust, then probate may need to be opened. If probate is opened, it can pave an easier way for family members or creditors to contest the value of the assets going through probate. Many times, there may be an issue where the amount left in the trust estate does not leave enough to follow the trust’s specific distributions.  In that case, decisions need to be made, which can feel like a burden without proper guidance.

Probate courts operate under specific rules and deadlines. Understanding Missouri probate law, navigating court procedures, and completing required paperwork accurately and on time can be complex and time-consuming. Even small errors can cause significant delays and added expenses.

Locating, identifying, and valuing all of the deceased’s assets can be difficult, especially if records are incomplete or disorganized. This includes real estate, bank accounts, investments, personal property, digital assets, and other valuables. Determining fair market value, especially for unique or complex assets, often requires specialized appraisals.

Identifying and managing the estate’s debts and liabilities, including mortgages, credit card balances, medical bills, and taxes, is crucial but challenging. It involves notifying creditors, validating claims, prioritizing payments, and ensuring compliance with tax laws and regulations.

Federal estate and gift taxes, as well as income tax implications for the estate and beneficiaries, can be complex. Understanding and navigating these tax issues and minimizing potential liabilities often requires the skill of a tax professional.

Grief and loss can exacerbate existing family tensions and lead to disagreements among beneficiaries regarding asset distribution, the trust or will’s validity, or other estate matters. These disputes can cause delays, emotional distress, and costly legal battles.

Dealing with the practical and legal aspects of estate administration while grieving the loss of a loved one can be incredibly overwhelming. The emotional burden can make it difficult to focus on necessary tasks and can lead to procrastination or errors in judgment.

Estate administration often requires the assistance of various professionals, such as appraisers, accountants, financial advisors, and attorneys. Finding qualified and reputable professionals can be a challenge, especially for those who have never dealt with a loved one’s estate.

An executor, administrator, or trustee’s duties are extensive and complex. Many individuals are unfamiliar with these responsibilities and may feel overwhelmed by the numerous tasks involved, including managing assets, paying debts, distributing inheritances, and keeping accurate records.