What is probate?

Answer : It is the court process whereby certain assets titled in the name of the deceased are transferred to his or her beneficiaries. This process takes place in the Probate Division of the Circuit Court – usually in the county in which the deceased permanently resided at the time of death. The Probate Division has been established primarily to protect the rights of one’s heirs, beneficiaries under a will and creditors, and to assure the orderly transfer of property.

What is meant by the term “intestate” ?

Answer : When one dies leaving a will, we say that the person died testate. If one dies without a will, the person is said to have died intestate. In the situation involving no will, the beneficiaries are the individuals named under Section 474.010 of the Missouri Probate Code.

Is there a time limit when I should get the will on file with the Probate Division?

Answer : Yes, you need to file the will or if the deceased was intestate, to get an estate opened within one year from the date of death. If more than one year has elapsed, then you need an attorney to file a Petition to Determine Heirs.

Once an estate is opened in the Probate Division, how long does the probate take?

Answer : The earliest that an estate may be closed and the assets distributed to the heirs or beneficiaries is approximately 6 months after the opening of the estate. However, it is unusual for all administrative duties to be finalized within that period of time. A good estimate for most probate estates is 7 to 10 months from the beginning to the closing date.

What are the expenses incurred in the administration of a probate estate?

Answer : The expenses usually encountered in the average estate fall into four main categories: (a) bond premiums for an indemnity bond to be purchased by the Personal Representative (also commonly referred to as executor) unless waived by the will, by all the beneficiaries or sometimes, by the Probate Division; (b) publication costs for two notices during the administration of each estate; ©) court costs and (d) fees to the Personal Representative and Attorney.

How much are the Personal Representative and the attorney’s fees?

Answer : The fees paid are based upon the size of the estate and the amount of work performed. Section 473.153 sets forth a minimum fee schedule for the Personal Representative and the attorney. These fees are based upon a percentage of the value of the personal property administered and of the proceeds of all real estate sold under order of the probate court. This percentage is based upon a graduated scale as follows: 5% of the first $5,000; 4% of the next $20,000; 3% of the next $75,000; 2.75% of the next $300,000; 2.5% of the next $600,000 and 2% of everything over $1,000,000. Frequently, family members appointed to serve as Personal Representative will waive their claim to fees.

In smaller estates, the statutory minimum fee will not be enough to compensate the lawyer for the work involved. The lawyer may suggest an alternative, such as payment for work done on an hourly rate or perhaps a higher percentage than that provided by the statute.

If the deceased did not leave detailed records regarding his or her assets, how can the Personal Representative find out about the assets?

Answer : Once appointed by the Probate Division, the Personal Representative has a specified period of time to file an Inventory listing those assets owned by the deceased and subject to the jurisdiction of the Probate Division. However, if the Personal Representative believes that someone may be hiding assets or may have improperly disposed of them, the Personal Representative can file a Petition to Discover Assets against those individuals who may be holding/hiding the assets. Keep in mind that banks and brokerage houses are generally very cooperative in providing information to a Personal Representative so a Petition to Discover Assets would rarely be filed against a bank or brokerage house.

Are records in the Probate Division open to the public?

Answer : Yes. This is one of the reasons that individuals with substantial assets will frequently dispose of their assets through a revocable living trust.

What is the difference between “supervised” probate administration and “independent” probate administration?

Answer : Supervised administration is closely monitored: the Probate Division reviews and approves many actions of the Personal Representative and audits the annual accountings (also called settlements). Independent administration is more informal and eliminates the need for supervision by the Probate Division. An estate may be “independently” administered if so provided in the deceased’s will or if the beneficiaries consent.

1318 Highland Oaks Dr. Unit D, Ballwin, Mo. 63021

FOR SALE $125,490

Reply to: dpuntiga@charter.net


Spacious and open condominium, with 1006 square feet of living area.

Features
Kitchen with dishwasher/stove/microwave/double door refrigerator
Dining area with large window
Living room with triple width window
Laundry room/closet 5 x 3
Two full Baths / condo has wired smoke alarms
Bedroom with 4 x 8 walk in closet and about 5 x 10 deck
Master bedroom larger than 13 x 12 with oversize closet
Includes almost all window treatments, washer, dryer, and refrigerator
Pergo flooring through entire condo and ceiling fans in most areas
Single car garage with opener
Private secure indoor storage area 12 x 10
additional parking available for guests
Association pays trash, water, sewer
Electric bill on the budget plan was $59 per month last year
The heating/cooling unit and hot water heater are all less than two years old

For additional information visit http://dwightpuntigan.point2agent.com/
For directions and more info visit http://www.visualtour.com/show.asp?T=1365529
MLS 80006002 View Listings
 

1318 Highland Oaks Dr. Unit D at Pocono Trail   google map   yahoo map

Residential Lot - 5 Acres - backs to Innsbrook - $59,950.

Details

Address: 1307 Paisley Plc Type: Farm / Acreage Style: Single Story Lot Type: Rectangular Lot Size:  5.04 acres  n/a "356 foot road frontage" in Boone Trail Estates MLS: 774746

Description

Acerage to build on in a private setting, yet close to Interstate 70. The front part of the lot is an open area with enough slope to build a walkout out or an atrium style home as some of the neighbors have done. About halfway back on the lot is a small pond that the cattle used to use. The back part of the lot is overgrown with brush, but has some trees worth saving. The lot backs to Innsbrook, and has a view of fairway and green. There are several lakes and ponds in the area.

Highlights   ▪ Electric and Phone are available ▪ Could be a Park Like setting.

Virtual Tour

MLS® #774746   $59,950 Under $60,000

                                                         Century 21 Premier Lifestyles


 

Dwight Puntigan Email Dwight   Phone: 636-947-6100 Home: (636) Cell: (636)219-6242 Fax: (636)947-6108   http://www.stcharleshousing.com/ http://stcharleshouses.tripod.com/ http://dwightpuntigan.point2agent.com/ http://stpetersrealestateinvestment.2trom.com/ http://seniorplanningdwightpuntigan.bravehost.com/ http://www.visualtour.com/inventory.asp?u=121889 http://activerain.com/dpuntiga/

For first home, investing, downsizing, assisted living, and beyond.

Some people talk about financial planning, estate planning, and so on.  I feel that it is LIFE PLANNING.  Lawyers, insurance agents, accountants, security licensees. And now here I am a Realtor.  We all have a worthwhile niche to fill along the way, with no one putting the whole thing together.  It takes a team of professionals that communicate with each other and the client.  The family doctor, the family banker, and so on, used to provided the professional services to the family.  The family and the professionals all were willing to be part of a larger family.  We all need professionals to tell us what we need to know as opposed to us knowing the right questions to ask.  I do not always know enough to ask the right question.  If you have worked with someone that has done well by you or has needs for professional service, Please tell me with his feedback form.

Many people plan their estates by creating a document called Last Will and Testatament.  The will is a legal document that tells how you want your assets distributed at death.  Joint tenancy property and life insurance proceeds pass without a will.  A will does not become effective until you die, and then it goes into probate.  A revocable living trust is a method of control for your estate while you are alive, incapacitated, or dead.  No probate costs or time costs.  You name the trustee for each situation.  This is just one example of why we need to establish our family of professionals for advise and planning early in life to last past the end.

VACATION HOMES ARE BECOMING A REALITY FOR MORE HOMEOWNERS

     Whether it’s a lakefront cottage or a log cabin in the woods, a vacation home often seems to be a dream that only the wealthy can afford.  But these days, you don’t have to be a millionaire to own one.

     A nationwide survey shows the median household income of second-home owners is $46,500.  And, according to recent statistics, there were 7.2 million U.S. households in 1990 that owned some kind of recreational property or second home for vacation purposes.  That number is expected to at least double and possibly triple over the next 10 years.  With today’s continued low interest rates, the tax advantages a second home can bring, and a wide selection of areas experiencing solid home price appreciation, this is an excellent time to consider purchasing a second home as an investment – and a great getaway place.

     When searching for your second home, remember to investigate the area thoroughly.  Ask a Realtor^® and the local chamber of commerce to provide information packets, maps and brochures.  Take time to visit the area several times – a few months prior to and during its peak season(s).  Are the crowds unbearable? Is the weather unpredictable?

     Speak with a local Realtor regarding current and past home prices.  Knowing the area’s sales history will help determine the market value of the homes and effectively predict their appreciation potential.

     Once you’ve settled on a community, work with a Realtor and lending institution to determine how much home you can afford.  Drive around the town and its neighborhoods.  Experience the day-to-day activity around potential properties. Keep in mind you may decide to retire to the area one day.  Will the property serve two purposes – that of vacation and retirement home?  More and more Americans are purchasing vacation properties in areas where they plan to eventually retire.

     Remember, vacation homes remain a good investment and provide substantial deductions on yearly tax forms if they meet certain criteria.  As the laws are ever-changing, complex and detailed, consult your real estate agent, who will usually work with a tax attorney or certified accountant, to calculate the tax benefits of owning a second home.

          Relaxing in your own home in that dream vacation spot is not out of your reach.  More and more Americans are realizing that owning a vacation home is do-able – not to mention a good investment and a peaceful retreat for years to come.