When someone dies, the person in charge of their estate (called the personal representative) is allowed to invest the estate's extra money — money not needed to pay bills — without asking a court for permission. The money must be invested carefully, following Missouri's prudent investor rules. Safe options include U.S. government bonds and insured bank accounts. If the person in charge hires someone else to handle the investments, that helper must put in writing that they are acting as a fiduciary (someone trusted to handle money responsibly).
473.333. Investment of . — Except as restricted or otherwise provided by the of the , on or after August 28, 2009, the shall, without or approval of the court, invest liquid assets of the , including funds received from the sale of other , other than funds needed to meet debts and expenses currently payable, in accordance with the of the , sections 469.900 to 469.913, subject to the following :
(1) Investment of any part or all of the liquid assets:
(a) In of or s unconditionally guaranteed as to and interest by the United States; or
(b) In interest-bearing accounts and , including time certificates of , in financial institutions to the extent the account or are by the , shall constitute investments;
(2) If the personal representative it to investment and management functions to an as provided in section 469.909, the agent to whom the is made shall acknowledge in a writing delivered to the personal representative that the agent is acting as an on the account.
(RSMo 1939 § 104, A.L. 1955 p. 385 § 126, A.L. 1957 p. 829, A.L. 1980 S.B. 637, A.L. 1982 S.B. 700 Revision, A.L. 1998 H.B. 1571, A.L. 2006 S.B. 892, A.L. 2009 H.B. 239)
Prior revisions: 1929 § 104; 1919 § 103; 1909 § 111
Multinational banks, and obligations of, investment in, when, 409.950
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RSMo 473.330
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RSMo 473.337
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RSMo 473.327
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RSMo 473.340
Interest relinquished to vendor, when
RSMo 473.323
Interest may be sold, when
RSMo 473.320
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.