Ep 4 - Erik Rome on Estate Planning: Navigating Probate and Choosing the Right Trustee

Welcome to Metcalf Money Moment, where hosts Jeb Graham, Ethan Hutcheson, and Eric Wymore welcome Erik Rome from Sage Law to discuss the ins and outs of estate planning. In this episode, Erik dives into key aspects of managing an estate, from avoiding probate and understanding the role of wills to the complexities of trusts, durable power of attorney, and healthcare directives. They also explore the importance of appointing the correct individuals in your planning—whether a family member or a corporate trustee—and why reviewing your estate plan regularly is crucial. Tune in as Erik shares practical advice on ensuring your estate is in good hands, and your wishes are carried out seamlessly.

IN THIS EPISODE:

• [2:42] Erik defines probate, how to avoid it, and what the will controls
• [6:56] Trusts and why they are created
• [12:03] Discussion of trusts, durable power of attorney, healthcare directives and involving the children in the planning
• [17:29] Conflicts of interest and do you need a corporate trustee, and how often should you review your estate plan
• [23:03] Reviewing an older estate plan

KEY TAKEAWAYS: 

• A will only dictates how assets that go through probate are distributed. Suppose you have designated beneficiaries or joint owners on assets (like bank accounts or property). In that case, assets bypass the will and probate, meaning the will won’t impact how those assets are handled.
• To avoid probate, you can use joint ownership (e.g., with a spouse), beneficiary designations (for accounts or life insurance), or a revocable trust. Properly titling assets and ensuring beneficiaries are in place for all relevant accounts is key to avoiding the lengthy and costly probate process.
• One common mistake families make is appointing individuals to roles like trustees or executors based on birth order or profession rather than considering whether the person has the right temperament and qualifications for the job. This can lead to conflicts or mishandling of estate matters. 

RESOURCES:

Metcalf Partners - Website

Jeb Graham - LinkedIn

Ethan Hutchison - LinkedIn

Eric Wymore - LinkedIn

Sage Law - Website

Erik Rome - LinkedIn

DISCLAIMER:

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.  LPL Financial representatives offer access to Trust Services through The Private Trust Company N.A. an affiliate of LPL Financial. (154-LPL)

GUEST BIOGRAPHY: 

Erik Rome practices law in Kansas and Missouri in estate planning, estate and trust administration, and business and tax planning. He helps clients develop and implement comprehensive estate plans for various estate sizes, assets, and objectives. Understanding that every client’s goals are unique, Erik works closely with each client to create a custom plan to accomplish their goals, such as minimizing taxes, making charitable gifts, accounting for periods of incapacity, and planning for the eventual transfer of...