Sheriff Bassett was shot and killed while assisting a Missouri Highway Patrol Trooper Curtis Martin investigate a minor traffic accident on U.S. 63, south of Vienna. After arriving at the accident at 11:50 am, Trooper Martin began to interview one of the drivers he became suspicious and requested backup. One vehicle had been weaving before abruptly stopping on the highway and was struck by a second vehicle.

When Sheriff Bassett arrived he was asked to watch the driver and passenger, Mark A. Ebright and Anthony O. Denson, as the Trooper Martin searched the vehicle. The driver, Denson, suddenly opened fire on Sheriff Bassett with a Glock 9 mm pistol, striking him several times. At the same time, the passenger, Ebright, lunged at Trooper Martin in an effort to disarm him. Trooper Martin drew his weapon and shot the Ebright, wounding him. Trooper Martin and Denson then exchanged shots, Trooper Martin took cover on the driver's side of the suspect vehicle. Denson jumped into the air attempting to get a shot at Trooper Martin, who shot and killed the Denson. It was later determined that Denson and Ebright committed a robbery, wounding a store clerk, in Evansville, Indiana the night before Sheriff Bassett was murdered. Four guns along with over 1,000 rounds of ammunition were discovered in the suspect vehicle.

Sheriff Bassett was flown to Phelps County Regional Medical Center where he died of his wounds while undergoing surgery at 3:25 pm.

Sheriff Bassett was a US Air Force veteran serving in Vietnam. Sheriff Bassett served as sheriff for 10 years and was serving his third term at the time of his death. He was survived by his wife, Marilyn, daughter, Michele; and two sons, Paul and John. Interred: Visitation Cemetery, Vienna, Missouri.