When someone dies and leaves money or property to people in their will, those gifts (called legacies) start earning interest after 12 months from the date of death. The interest rate is set by the court. If there is a lawsuit or other problem that makes it risky to pay out the gifts, the court can lower the interest rate or set it to zero. If someone was left stocks, bonds, or similar items in the will, any money those items earned (like dividends) also belongs to that person.
473.633. Interest on . — 1. All , other than residuary ones or , shall bear interest from twelve months after the date of the death of the at a rate equal to that allowed by law on money due upon of the court. If the court finds that the legacies cannot be paid without jeopardizing the rights of because of or other circumstances, the court shall determine what rate of interest, if any, not exceeding the rate allowed by law on money due upon order of the court, shall be allowed, after taking into the income of the .
2. The on written instruments, shares of corporate stock and similar shall be a part of the and shall be turned over to the .
(RSMo 1939 § 237, A.L. 1955 p. 385 § 222, A.L. 1985 S.B. 35, et al.)
Prior revisions: 1929 § 238; 1919 § 237; 1909 § 246
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RSMo 473.630
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Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.