What is true about the value limit for a Small Estate regarding formal probate?

In Missouri, a small estate is defined in terms of its value limit, which plays a crucial role in determining whether formal probate is necessary. For an estate to qualify for the small estate affidavit process, its total value must be less than $40,000. This provision allows the heirs to avoid the formal probate process, which is typically more complex and time-consuming. By enabling the use of affidavits, the law streamlines the transfer of assets when dealing with smaller estates, making it easier for heirs to manage the deceased's estate without the need for court involvement.

This limit is specifically set to facilitate a quicker and less burdensome process for those managing smaller estates, reflecting a legislative intent to ease potential financial and logistical burdens on families dealing with the passing of a loved one.