Understanding Probate Requirements for Wills in Kansas and Missouri

When someone passes away, one of the first questions families often ask is whether their loved one's Will must go through probate. The answer depends on various factors, including the type of assets, state laws, and how the assets are titled. For residents of Kansas and Missouri, understanding these specifics can make a significant difference in both time and costs.

Understanding Probate

Probate is a court-supervised process that manages the estate of a deceased person. It serves several purposes, including:

• Confirming the validity of the Will
• Appointing an executor or personal representative
• Identifying and inventorying assets
• Settling debts and taxes
• Distributing the remaining assets to beneficiaries

When Is Probate Necessary in Kansas and Missouri?

Probate is typically required if the deceased owned assets solely in their name without any designated beneficiaries. If assets are titled solely in the decedent's name—such as bank accounts, real estate, or investments—those assets must go through probate before they can be transferred to the beneficiaries.

Example:

George passed away in Kansas City, Kansas with just a simple Will. He had three bank accounts, two investment accounts, and a certificate of deposit (CD). None of his accounts had beneficiaries listed on them.

Result: George’s assets must go through probate in Kansas because there were no beneficiaries designated. This probate process can be both time-consuming and costly. After the probate is complete, George’s assets will pass to his beneficiaries as directed by his Will.

Factors Influencing the Probate Process

1. State Laws: Probate laws vary between Kansas and Missouri. Some estates may qualify for simplified probate processes depending on their size and complexity.
2. Estate Size: Both Kansas and Missouri have simplified probate procedures for small estates. In Kansas, estates valued under $75,000 may qualify for a simplified process, while Missouri allows for a simplified probate for estates under $40,000 as well.
3. Types of Assets: The nature of the assets also impacts whether probate is necessary. Assets with designated beneficiaries (e.g., life insurance policies, retirement accounts) or held in a revocable trust typically avoid probate. Similarly, assets held in joint tenancy or with rights of survivorship bypass the probate process.

Avoiding Probate in Kansas and Missouri

Avoiding probate can save your loved ones time, money, and stress. Here are common methods to bypass the probate process:

1. Creating a Living Trust

A living trust holds the deceased's assets and allows them to be distributed without probate. Setting up a living trust in Kansas or Missouri can be far less costly than going through the probate process.

2. Joint Ownership

Owning property with another person—such as a spouse or child—can help avoid probate if the ownership includes rights of survivorship. Upon death, the property automatically passes to the surviving owner.

3. Payable-on-Death (POD) Accounts

Designating a beneficiary for bank, retirement, or investment accounts allows these assets to bypass probate. These POD accounts must be set up directly with the institution holding the assets.

4. Transfer-on-Death (TOD) Deeds

Both Kansas and Missouri allow Transfer-on-Death (TOD) Deeds for real estate. This enables property to be transferred to a beneficiary without probate. In Missouri, this is a particularly streamlined process.

Conclusion

Whether a Will must go through probate in Kansas or Missouri is not always clear-cut. The decision depends on the types of assets, how they are titled, and state-specific laws. While probate is sometimes necessary, strategies like living trusts, joint ownership, POD accounts, and TOD deeds can help families avoid the lengthy and often costly probate process.

If you want to explore options to avoid probate or need guidance on the probate process in Kansas or Missouri, reach out to us today. We're here to make the process as smooth and stress-free as possible.