Q: Does my father need a will?
My father has recorded beneficiary deeds for all of his land and houses. He has also added TOD to his vehicles. He has given all of his other assets (furniture etc.) away to someone within the family. My mother preceded him in death and they had a will together with different terms, such as the division of their assets should they die together. Him being the survivor of their will inherited everything. My question is, does he need a new will? The only debt he might have is a small credit card balance, otherwise he owns everything free and clear. He doesn't want the hassle of creating a trust but wants his family to avoid probate.
A: If your father's estate value is under $40,000, it is considered a "small estate." The procedure for distribution of assets in a small estate is governed by Mo Rev. Stat. Section 473.097 and the statutes references in that section. If you have any questions you should consult and attorney.
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