personal representatives in kansas, missouri, and … · after all, an attorney will know what laws...

PERSONAL REPRESENTATIVES IN

KANSAS, MISSOURI, AND OKLAHOMA, PART 2

“In this second discussion on Personal Representatives in Kansas, Missouri, and Oklahoma, we will look at some of the practical concerns you'll have to think about when selecting

a personal representative.”

By Larry Parman OKLAHOMA ESTATE PLANNING ATTORNEY

http://www.parmanlaw.com/

Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 2

As with any estate planning decision, thinking through your choice carefully,

and not making a decision until you're sure of your selection, can take some

time. Talking to your attorney about your options can also be a good idea,

especially if you are unsure about anything or have any questions.


WHAT DOES A PERSONAL REPRESENTATIVE NEED TO BE ABLE TO

DO?

Any willing and mentally capable adult can serve as a personal representative,

but that doesn't mean you should choose the first person you think of when you

make your selection. Instead, you should consider people who have specific

traits, or abilities.

When an executor or personal representative manages an estate, that person has

specific duties. These include, for example, taking an inventory of all estate

property, paying any outstanding estate debts, managing estate assets during the

probate process, distributing the appropriate inheritances to estate beneficiaries,

and closing the estate once all required tasks are completed.


To perform these duties, a representative will need to, at the very least, be a

responsible person capable of managing multiple duties at the same time. The

representative should not be someone who is uncomfortable managing financial

affairs. Beyond that, the representative should be capable of, if necessary,

managing such affairs even in light of potential conflicts or legal disputes that

might arise. Further, choosing a trustworthy, honest person is a necessity. Your

personal representative will be in a position of significant responsibility, and you

must be sure that person will not abuse the power he or she receives.

PROBATE, PERSONAL REPRESENTATIVES, AND LEGAL EXPERIENCE

A lot of the issues a

personal representative

faces will involve probate

laws, court rules, and

issues related to the legal

process of settling an

estate. This naturally leads

many people to wonder if

they need to name an

attorney as their personal

representative. After all, an attorney will know what laws apply, right?

Not necessarily. Even an experienced lawyer who has been practicing for years

may not have any experience or knowledge of the probate process. Unless the

attorney is an estate planning or probate lawyer, he or she may have never

entered a probate court or have any familiarity with the probate process.


So what are you to do? Do you need to choose an estate planning lawyer to serve

as your personal representative? No. In fact, many people who serve as a

personal representative do not need to have any legal experience, nor do they

necessarily have to hire an experienced probate attorney to help them. Many

estates are relatively simple and easy to manage even for someone without legal

experience.

On the other

hand, should a

problem arise,

should

something

need to be

fixed, or should

the personal

representative

need advice, contacting a probate attorney will be one of the best steps to take.

You, as a person making an estate plan, won't need to hire a probate lawyer to

help your representative manage the estate, but your chosen representative

might need to do so prior to or during the estate management process.

PROBATE AND NON-PROBATE ASSETS

When it comes time to settle your estate, your personal representative will be

responsible for managing the assets that pass through probate. But not all assets

pass through probate. For example, if you created a revocable living trust, the

successor trustee you name in the trust will be responsible for distributing trust

assets after you die. Should your personal representative and successor trustee

be the same person?


Because there are so many different kinds of trusts, it's difficult to say whether

you should choose a single person to serve as both a personal representative and

trustee. Talking to your estate planning attorney about your specific needs and

circumstances will be necessary.

PERSONAL REPRESENTATIVES AND YOUR ESTATE PLAN

The process of selecting a personal representative is an important step in any

estate plan.

Whenever you select

someone to manage

your estate and to

protect your wishes,

you need to be

certain that your

chosen

representative will

be effective, honest,

and reliable. You

will also need to make sure you make your choice known in a legally enforceable

manner. While it is up to you to make the final decision, your attorney will

ensure that your choice will be respected. If you need help or guidance in making

an appropriate selection, or have any questions about personal representatives,

contact us so we can help you make the right choice.


About the Author Larry Parman

After helping his own family deal with a lengthy probate and a battle with the IRS following his father’s death in a farm accident, Larry made a decision to help families create effective estate plans designed to reduce taxes, and minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors. Following a dozen years in the investment banking and financial services business, in the mid-1980s Mr. Parman formed a law firm that gives families the peace of mind that comes from having created a premier estate and financial plan. After forming his law firm in 1984, he offered a series of public and private seminars to inform the public about using a Living Trust as the foundation of a

family’s estate plan. Today, Parman&Easterday is one of the leading business and estate planning law firms in the Midwest. The firm’s primary focus is on business and estate planning, elder law, asset protection, and providing effective estate planning solutions for clients. Today, the firm’s premier estate plan design is referred to as a Legacy Wealth Plan. Mr. Parman is a frequent guest on the radio and can be seen on television talk shows explaining the importance of proper estate planning. Prosperity Productions selected Mr. Parman as a featured speaker in a nationally-recognized educational video on Living Trusts. He is the author of numerous published articles on financial and estate planning matters and the co-author of two books, Estate Planning Basics: A Crash Course in Safeguarding Your Legacy and Guiding Those Left Behind in Oklahoma: Settling the Affairs of Your Loved Ones. Mr. Parman is a member and Fellow of the American Academy of Estate Planning Attorneys. He is also a member of the Oklahoma and Missouri Bar Associations, the American Bar Association, and the Oklahoma City Estate Planning Council.

www.ParmanLaw.com

OVERLAND PARK, KS 10740 Nall Avenue, Suite 160 Overland Park, KS 66211 Phone: (913) 385-9400 Fax: (913) 385-9422

OKLAHOMA CITY, OK 13913-B Quail Pointe Drive Oklahoma City, OK 73134 Phone: (405) 843-6100 Fax: (405) 917-7018



personal representatives in kansas, missouri, and … · after all, an attorney will know what laws...

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