Inheritance planning is about more than just drafting a will or creating a trust. To ensure your wishes are carried out and your loved ones are cared for, you need to address the finer details. Overlooking key aspects can lead to confusion, disputes, or unintended consequences.
Here’s a checklist of often-overlooked elements to help you cover all your bases in inheritance planning.
A Letter of Last Instructions
A letter of last instructions is a practical companion to your will or trust. While not legally binding, it provides essential information your loved ones will need after your passing.
This letter can include:
- Contact information for your attorney, financial advisor, and other professionals
- A list of important documents, such as deeds, insurance policies, and financial accounts
- Instructions for paying outstanding bills or closing accounts
- Your preferences for funeral arrangements
By leaving clear instructions, you can ease the burden on your loved ones during an already difficult time.
Handling Digital Assets and Social Media
In today’s digital age, your online presence is part of your legacy. Planning for digital assets ensures these accounts are handled according to your wishes.
Create an inventory of your online accounts, including email, social media, and financial platforms. Include login credentials and instructions for each account, such as:
- Deactivating or memorializing social media profiles
- Accessing online banking or investment accounts
- Preserving digital photos or other sentimental content
Some states allow you to appoint a digital executor to manage your online accounts, so check your state’s laws for guidance.
Using a No-Contest Clause
A no-contest clause, also known as an in terrorem clause, can deter beneficiaries from challenging your will or trust. Of course, in today’s litigious world, it seems like anyone can sue someone for alleged wrongdoing. This provision states that anyone who contests the document will forfeit their inheritance.
While this clause can be effective, it must be carefully drafted to comply with state laws. Additionally, it works best when the inheritance provided to potential challengers is significant enough to discourage them from risking it.
Naming Contingency Beneficiaries
Naming primary beneficiaries is standard practice in inheritance planning, but what happens if your primary beneficiary predeceases you or is otherwise unable to inherit? Or, if you have no children and no grandchildren – in other words, no bloodline descendants – living at the time of your death.
Always name contingency beneficiaries to ensure your assets pass as intended. This prevents your estate from being distributed according to state intestacy laws, which may not align with your wishes.
For example, if your primary beneficiary is a spouse, consider naming your children, siblings, or a charitable organization as contingent beneficiaries.
Appointing Contingency Administrators
Similarly, it’s wise to name backup executors or trustees in case your first choice is unable or unwilling to serve. This ensures your estate is managed efficiently without delays or disputes.
When selecting a contingency administrator, choose someone trustworthy, capable, and familiar with your wishes. Providing detailed guidance in your estate plan can help them carry out their duties effectively.
Planning for Incapacity
Inheritance planning isn’t only about what happens after your death. It should also address scenarios where you become incapacitated. Include these documents to ensure your affairs are managed during your lifetime:
- Durable Power of Attorney: Authorizes someone to manage your financial matters if you’re unable to do so.
- Health Care Power of Attorney: This document appoints a trusted individual to serve as your health care agent or proxy to make medical decisions on your behalf.
- Living Will: Specifies your preferences for life-support treatment. In Oklahoma, this document applies only if two physicians state you are either terminal, persistently unconscious, or have what is referred to as an end-stage condition. Up to that point, the Proxy or Agent named in your Health Care Power of Attorney will make medical decisions on your behalf.
By planning for incapacity, you protect your interests and reduce the likelihood of court intervention.
Regularly Reviewing and Updating Your Plan
Life changes, and so should your estate plan. Major events like marriage, divorce, the birth of a child, or the death of a beneficiary can significantly impact your inheritance planning. As we tell our clients, laws change, your life changes, and our recommendations change.
Review your plan regularly to ensure it reflects your current wishes. This includes updating beneficiaries, revising asset distributions, and ensuring your documents comply with current laws.
Addressing Unique Assets
Certain assets require special attention in inheritance planning. For example:
- Business Interests: Include a succession plan to ensure a smooth transition for your business.
- Real Estate: Specify who will inherit property and how it will be managed.
- Collections or Heirlooms: Provide detailed instructions for distributing valuable or sentimental items.
Asset protection strategies such as creating limited liability companies for these assets deserve consideration. By addressing these unique assets, you can avoid disputes and ensure they are handled appropriately.
Take Action Today!
Our doors are open if you are ready to work with an Oklahoma City estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment or call us at 405-843-6100.
If you’re looking for a Tulsa, Oklahoma will and trust lawyer, our office there can be reached at 918-615-2700.
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.
- Can You Use AI to Plan Your Estate? - October 13, 2026
- Choosing the Right Successor Trustee: Key Considerations - October 8, 2026
- Aging in Place: A Medicaid Waiver Can Fill the Gap - October 6, 2026
