If a minor or disabled person owns $10,000 or less in total property, a court can skip the normal conservatorship process. Instead, the court can put the money in a bank, give it to a trusted person, or hand it directly to a parent, caretaker, or the minor. Whoever the court picks to receive the money or property is considered to have handled it properly, as long as they follow the court's instructions.
475.330. , when. — 1. When the whole of a does not exceed the value of ten thousand dollars, the court may, , without the appointment of a or the giving of , authorize:
(1) The in a to receive , payable to the when appointed or to the minor upon his attaining the age of eighteen years; or
(2) The thereof to a suitable person by the court, deliverable to the conservator of the estate when appointed or to the minor upon his attaining the age of eighteen years; or
(3) The payment or delivery thereof to the parent of the minor, or to the person having care or of the minor or to the minor himself.
2. When the whole estate of a person over the age of eighteen who has been to be does not exceed the value of ten thousand dollars, the court may, in its discretion, without the appointment of a conservator or the giving of bond, authorize the deposit thereof in a depositary authorized to receive fiduciary funds in the name of a suitable person designated by the court, or authorize the delivery thereof to a suitable person designated by the court. The person receiving such money or other shall hold and dispose of the same in such manner as the court directs.
3. When the whole estate of a minor or a does not exceed ten thousand dollars, the court may the conservator of the estate and authorize of the assets of the estate of the in the same manner as provided in subsections 1 and 2 of this section.
4. The person or officer making payment, delivery, or of or evidence thereof to the person designated by the court under this section is and released to the same extent as if such payment, delivery, transfer or issuance was made to a conservator of the minor or disabled person, and he is not required to see to the thereof, except that a person or officer making payment, delivery, transfer or issuance of money or personal property, or evidence thereof, to a or may be discharged and released as provided for in section 507.184.
Tap any gold-underlined word to see what it means.
Source & history notes
(L. 1955 p. 385 § 347, A.L. 1959 H.B. 537, A.L. 1977 S.B. 142 & 433, A.L. 1979 H.B. 95, A.L. 1983 S.B. 44 & 45)
Related Missouri laws
Escheat of minor's estate, when
RSMo 475.325
Payment and delivery to foreign guardian or conservator
RSMo 475.335
Effect of filing letters of foreign guardian or curator
RSMo 475.336
Jurisdiction by act of foreign guardian or conservator
RSMo 475.337
Use of multiple-party accounts and joint property
RSMo 475.322
Service on foreign guardian or conservator
RSMo 475.338
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.