A good estate plan can last a lifetime, but it does need reviewing as your life changes. Year end is a good time for you to review your plan or create one. Consider the following as you review yours:

HAS YOUR LIFE CHANGED

Ask yourself:

1. Has your family grown or changed (birth, adoption, marriage, divorce)?
2. Has your financial picture shifted significantly (new business, sale of property, inheritance, major investment change)?
3. Have you moved to another state, or acquired property in another state?
4. Have there been changes in your health or capacity, or in who you trust to make decisions?
5. Have your relationships with those named in your document changed (trustees, agents, executors)?

If you answer “yes” to any of these, it’s important to have your documents and named beneficiaries on assets reviewed.

REVIEW ASSETS

In Oklahoma, asset ownership and beneficiary designations dictate who will receive your assets and when.

1. If you have a trust, all assets should typically be owned by the trust or have the trust named as a beneficiary, subject to a specific plan to leave them out.
2. If you don’t have a trust, you may have accounts titled jointly, pay on death, or transfer on death, and it’s important to ensure these are updated and correct for all assets. Using these designations can work, but are not as reliable as a comprehensive estate plan.

CONSIDER PROBATE AND HOW TO AVOID IT

One of the key goals of estate planning is to minimize delays, cost, and complexity for your loved ones. Probate can be lengthy and expensive, easily lasting 9-12 months and can be $5,000 – $7,000 for the most basic probate. Does your estate plan include a trust or other devices to avoid probate? Using a revocable living trust can help, but you must fully fund it (move assets into it) and tailor it for your particular situation.

YOUR GOALS BEFORE YEAR END

1. Schedule a meeting with us to review whether your estate plan reflects your current life circumstances and, if needed, update your Will/Trust, Powers of Attorney, and Healthcare directive.
2. Update or confirm your asset inventory ownership and beneficiary designations (real estate, business interests, investment accounts, retirement plans, insurance policies, mineral/oil/gas rights, bank accounts).
3. If you own a business, farm, or have mineral rights: review your succession plan, governance documents, leases, and how assets will pass to heirs.
4. Talk with your financial advisor or CPA regarding tax issues and consider any gifting strategies or changes in tax law that might apply to you.
5. Inform or educate your loved ones about where your original documents are stored, who holds them, and what you expect.

If you don’t have an estate plan, it’s time to take action to protect your family and we can help.

If you have questions, need to make changes to your estate plan, or need to create one, you can contact us  here to schedule a consultation!