If you do not have a will, your estate goes by operation of law. Your two sons would inherit your estate. One or both would be appointed personal representative by the probate court to collect all the assets, pay the debts and then distribute out the net proceeds to the two. Please note that a will does not avoid probate. All you assets, unless there are beneficiary designations, would go through probate. With a will, you can name your personal representative. You can also state whether the personal representative can serve without posting a bond in the amount of personal property. Note that in Saint Louis County the Probate Court now requires the bond to be posted in the amount of the real and personal property. Normally one of your two grown sons would have to sign the contract with the funeral home and be personally responsible for the funeral expenses. However, the funeral expenses can be reimbursed to the son who paid them by making a claim with the probate estate through the probate court. You can do a pre-paid funeral to avoid this. Some people donate their bodies to medical research to cut down on the funeral expenses (if you do donate your body, you have to make arrangements ahead of time with the institution and the only cost usually is the transportation from the hospital to the institution). With the real estate you can do beneficiary deeds that avoid probate. However, these deeds need to be recorded prior to your passing away. A beneficiary deed will still give you the right to sell the property without getting the beneficiary(ies)' permission. You can do payable on death in regard to your bank accounts and certificates of deposit.
Answered on Nov 30th, 2012 at 11:26 AM