You may already know that creating an estate plan is important, but you might not be sure where to begin. The good news is you do not need all the answers before you meet with an attorney. What you do need are clear goals and a general idea of what matters most to you.
Answering a few key questions ahead of time will help you prepare an estate plan outline that reflects your wishes, and you can start with the ones we share here.
Who Should Handle Your Affairs If You Cannot?
Start by thinking about who you trust to make decisions on your behalf. These decisions involve two major categories: financial matters and health care decisions. Your estate plan should include:
- A financial power of attorney, which gives someone the authority to manage your money or property if you become unable to do so.
- A health care power of attorney, which names someone to speak with your doctors and make medical decisions if needed.
Think about who is responsible, available, and willing to act in your best interest. Make sure the person you choose understands your wishes and is prepared to follow them.
Who Should Receive Your Property?
Next, think about your beneficiaries. These are the people or organizations who will receive your assets after you pass away. This might include family, friends, or charities that are important to you.
Make a list of the people you want to include. Think about:
- Who should receive your home or real estate?
- Who should inherit financial accounts, such as savings or retirement funds?
- Do you want to divide assets equally or give certain items to specific people?
If you have minor children, you may need to create a trust that holds their inheritance until they are old enough to manage it. Oklahoma law allows you to specify these details in your will or trust.
Who Should Care for Your Minor Children?
If you are a parent, one of the most important decisions you will make is naming a guardian. This person would step in to raise your children if something happens to you before they reach adulthood.
You can name a guardian in your will. If you do not, the court will decide who takes on that role. Make sure you choose someone who shares your values and is capable of providing a stable environment.
Also consider whether you want a separate person to manage the child’s finances. In some cases, it makes sense to name one person as guardian and another as trustee or financial manager.
What Kind of Medical Treatment Do You Want?
Part of your estate plan should include an advance directive or living will. This document tells your doctors what kind of care you do or do not want if you cannot communicate for yourself.
You can specify:
- Whether you want to be kept on life support
- Whether to receive artificial nutrition or hydration
- Whether to allow certain life-saving procedures
These decisions are deeply personal. Writing them down removes guesswork for your loved ones and helps make sure your wishes are honored.
What Assets Do You Own?
You do not need a full inventory, but having a general list of your assets will help your attorney create a complete plan. Start with:
- Real estate, including your home or rental property
- Financial accounts, such as checking, savings, and retirement
- Life insurance policies
- Vehicles, valuable items, and personal property
If you own property in more than one state, such as a vacation home, let your attorney know. Special planning may help you avoid extra court proceedings in another state.
Do You Want to Avoid Probate?
In Oklahoma, probate can be time-consuming and public. Some people prefer to use a revocable living trust to pass assets privately and more efficiently.
If you want to avoid probate, your attorney can help you understand how to title assets properly and keep them out of the probate process.
Do You Have Any Unique Concerns?
Every family is different. You may have special circumstances to plan around, such as:
- A child with special needs
- A blended family
- A business
- A desire to leave part of your estate to charity
Bring up any concerns or long-term goals during your planning meeting. The more your attorney understands, the better your plan will reflect your values.
Take the Next Step!
We have created a great resource that serves as a companion to this post. Our estate planning worksheet has been carefully devised to help you formulate your thoughts as you prepare for the next step.
It is being offered free of charge, and you can visit this page to gain access: Oklahoma City estate planning worksheet.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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