Legal Question in Wills and Trusts in Missouri
Personal Rep Obligations...
A close friend recently died. His will names me as Personal Rep. He has only 3 assets, a car and two bank accounts, all total less than $40,000. The car was not paid for and is valued more than what's owed. If I assume the role of Personal Rep, what are my responsibilities and obligations with regard to the car that I do not want? If I allow the court to appoint a Personal rep, what happens to the car?
2 Answers from Attorneys
Re: Personal Rep Obligations...
As personal representative you would most likely file an Affidavit for collection of small estate with the Probate Court. If the will provides for an independent administration, you would liquidate the estate assets, and after the claims period runs, pay off any valid claims against the estate and distribute the assets per the Will. You may also need to be sure that the decedent's last income tax returns are filed and any taxes paid. Other than these things there is really not much that you will need to do.
Re: Personal Rep Obligations...
As part of a small estate proceeding (which substitutes for a full administration of an estate) you must represent to the court that there is no debt owed by the estate. Since you know that the estate does have debt, I do not believe that a small estate proceeding is available to you. However, you can have the will admitted to probate and conduct a full administration, including disposition of the car. In view of the relatively small value of the estate I would advise administering the estate yourself, lest the administration fees dissipate the inheritance provided.