In a Missouri Final Will, the testator generally also establishes a personal representative-or co-personal representatives (two or more persons acting jointly in this regard) to be in charge of the estate matters. A personal representative is someone who collects all the information about the decedent’s debt and property, pays off any outstanding debts using the assets on behalf of the estate, and makes sure that the decedent’s property is distributed as specified in the will document, so this is a role with quite a bit of responsibility. The personal representative picked is normally somebody the testator really is sure of to execute their last will.
If someone dies without any legitimate Missouri Will (which in the majority of states implies the document must be correctly witnessed, not only signed), someone will usually be assigned by the probate court to function as personal representative and cover the decedent’s debts, using assets as necessary to do so. Subsequently, the residual assets will be allotted amongst the decedent’s heirs in line with the legislation of the state the testator lived in.
In some states, any time one spouse passes away leaving their husband or wife, that living spouse will inherit all of the decedent’s assets in the absence of a Will document declaring the opposite. In other cases, the decedent could have chosen a particular person to acquire a life insurance policy, retirement account, or some other asset, and that beneficiary designation will determine who is given those assets in the absence of a Last Will and Testament.
The thing to note is the fact that anybody who needs to designate how their belongings will be used after their death should undoubtedly complete and appropriately finalize a Last Will to guarantee their wishes are known and respected. Without a last will, you might be leaving it up to chance, the laws of the state, or a court in respect of the way your last matters will be wrapped up.