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The assets of the deceased, except for any real estate passing to heirs or devisees under the will, are held and managed by the Personal Representative during the administration of the estate. irs e-file Irs gov. The Personal Representative makes distribution of the estate when the administration is ended and the Personal Representative has reported all transactions to the probate division for approval. The earliest that an estate may be closed and distribution made to the heirs or beneficiaries is approximately six (6) months after the opening of the estate. However, it is unusual for all administrative duties to be finalized within that period of time. irs e-file Tax preparation software. Rights of Creditors and Collection of DebtsThe probate division serves as a forum through which creditors of the deceased can protect their claims and seek payment. Also, the Personal Representative of the estate can pursue and collect payment of any debts that may have been owed to the deceased, as well as seek the recovery of property owned by the deceased which is in the possession of others. Payment of Death TaxesAnother important function of the probate division is to provide for the collection of any taxes which might have been due by reason of the deceased''s death or on the transfer of his or her property. irs e-file Federal inheritance tax. The administration of the estate normally may not be closed until all death taxes (state and federal), final income taxes, fiduciary income taxes and personal property taxes have been paid. The Missouri Estate Tax Law has completely eliminated Missouri death taxes for most small and medium sized estates. Thus, a Missouri Estate Tax Return is necessary only for estates for which a federal estate tax return must be filed. Such estates are those involving more than $600,000 of probate and nonprobate assets. Establishing Title to Real EstateThe administration of an estate in the probate division also serves to establish clear title to any real estate which the deceased may have owned at the time of death. Real property passes directly to one''s heirs, or to one''s devisee if a will is admitted to probate; thus, it does not technically form a part of the probate estate unless it becomes necessary to sell the property to pay debts or for certain other reasons as set out in the statutes. However, even though real property does not always form a part of the estate, if there is no probate administration it may be impossible for the heirs to pass clear title to the property for one year after death. This is due to the fact that, in Missouri, a will may be filed at any time within one year after the death of the individual executing the will and that will could possibly alter the ownership of the property. Similarly, creditors may take actions to enforce claims which could force the sale of real property. However, if an estate is probated, the period of time in which the title to the real property can be so affected is reduced to approximately six months after the opening of the estate. The Surviving Spouse''s RightsA common misconception is that, upon death, all of an individual''s property passes directly to the surviving spouse. This is simply not the case.
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