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Probate, Estate And Trust Administration
in Kansas and Missouri

Contact The Law Offices of
Kyle E. Krull, P.A.

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Probate and estate administration in Kansas and Missouri are the processes through which estate assets are transferred after death. When probate avoidance planning has not been implemented prior to death, the state will require a probate court proceeding if the deceased was a resident or owned real estate in the state. Probate can be supervised or unsupervised. In an unsupervised probate, the appointed estate administrator manages assets, pays any debts, files required tax returns and various court documents, and distributes the estate assets with very limited probate court control. However, the court may at any time require the process be supervised (usually when someone expresses concern about the estate administration). In a supervised probate, the probate judge must approve nearly every detail of the estate administration.

Probate Avoidance

Because probate can be a lengthy, costly and public process, many people choose to avoid it. There are a number of legal strategies that will allow you to pass property to another person after death, without going through probate.

• Joint Tenancy & Tenancy by the Entirety. Adding another person to your assets as a joint owner, as a "joint tenant with rights of survivorship," will allow your assets to pass to them upon your death without going through probate. There are pitfalls to this strategy, however, to include subjecting such assets to any claims (such as any divorce, lawsuit or bankruptcy) against the co-owner and making them available to the co-owner's personal, legal or financial problems -- all while you are still alive and planning on using the assets yourself. In Missouri, a joint tenancy between married couples is automatically a tenancy by the entirety (TBE), whereby each spouse owns the undivided whole (i.e., 100%) of the property. When combined with "rights of survivorship," the entire interest in the property passes from one spouse to the other at the death of the first spouse and no probate is required. Even more important, the liability of one spouse does not jeopardize the ownership of the other spouse to the whole of the property. This is why TBE is excellent for marital asset protection in Missouri.
• Beneficiary Designations. Both Kansas and Missouri allow transfer on death (TOD) or pay on death (POD) beneficiary designations to be added to bank accounts. Beneficiary designations like these are preferable to joint tenancy. Why? They allow you to transfer property only upon your death, without giving away current ownership. Additionally, understand that if you have beneficiaries listed on your assets, those assets will be distributed upon your death to the listed beneficiaries, even if your last will and testament states otherwise... or if those beneficiaries are facing divorces, lawsuits or bankruptcies.
• Revocable Living Trust. A revocable living trust is a legal document that allows you to establish a separate entity (the trust) to "hold" legal title to your assets while you are alive, and to name trustees to manage those assets according to the trust terms. Typically, you serve as the trustee while you are alive, managing your assets for your own benefit. Upon your disability or death, the trust terms appoint your successor trustee who then continues to manage -- or distribute -- the assets held in trust. A properly drafted revocable living trust can accomplish many goals, including guardianship and probate avoidance for your estate and bloodline, marital and creditor protection for your children.

Kansas and Missouri Estate and Trust Administration

A properly drafted and funded revocable living trust will generally avoid probate. The trust need not be filed with the probate court. Nonetheless, there are still steps necessary to administer the trust when the trustmaker dies: beneficiaries must be contacted; assets must be gathered, valued and managed; potential creditors must be notified; debts, taxes and final expenses must be paid; and, ultimately, any remaining income and assets must be distributed in compliance with the trust terms. Successor trustees often lack the time, resources or knowledge to personally administer the trust, and therefore may call upon legal, accounting and investment professionals for assistance. Oftentimes, a corporate fiduciary (e.g., a trust company) is an excellent alternative to relying solely on busy family members or friends to serve as trustee. We can help your successor trustee(s) navigate the complexities of administering your trust. Please call our office and we will be happy to schedule a consultation, regardless whether our office drafted the original will and trust.

Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Probate and Estate Administration, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.

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