What defines a Small Estate regarding formal probate?

A Small Estate in the context of formal probate is defined by the total value of the estate's assets. In Missouri, an estate is considered small and may be eligible for simplified procedures if its value is less than $40,000. This threshold allows for a more efficient and less burdensome process for settling the estate, as small estates may not require the full formal probate process typically needed for larger estates. Establishing this limit helps in streamlining the distribution of assets and reduces the legal complexities involved, making it easier for heirs to manage the estate without extensive legal formalities.