Estate Planning Checklist for Multigenerational Oklahoma Wealth Transfers
Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation. To help your loved ones avoid becoming part of this statistic, it is important to educate and update your extended family about your wealth transfer goals and the plan you have put in place to achieve these goals.
You should consider communicating the following information to your family to ensure that your loved ones understand and will be prepared to carry out your wishes during a difficult time:
- A net worth statement or, at a minimum, a broad overview of your wealth
- Your final wishes for burial or cremation and memorial services
- Estate planning documents such as a durable financial power of attorney, medical power of attorney, revocable living trust, last will and testament, and irrevocable life insurance trust.
- Who you have chosen to make decisions if you die or are incapacitated or otherwise unable to make decisions while living, including the successor trustees and agents named in your documents.
- Your goals and intentions for inheritances: what the money is and is not to be used for.
- How to access your digital assets.
- Your key advisors and their contact information: estate planning attorney, financial advisor, certified public accountant, insurance agent, spiritual advisor, etc.
We can assist you with determining your wealth transfer goals, creating a plan to achieve these goals, and effectively communicating this information to your loved ones.
