personal representatives in arkansas, missouri, and oklahoma
TRANSCRIPT
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
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.
Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 3
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.
Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 4
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.
Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 5
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?
Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 6
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.
Personal Representatives in Kansas, Missouri, and Oklahoma, Part 2 www.ParmanLaw.com 7
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