The will has been drafted, trusts have been established and everything is located in a safe and easy to find location -- what else is there to do? Most people in Oklahoma might leave their estate plan at that and then move on to other things in life. While having a plan certainly does create a much simpler estate administration process, it still might not be enough. For those with considerable net worth, a wealth transfer plan is exceptionally useful.
Although every family in Oklahoma is unique, many parents still include their adult children in their estate plan. This tends to create a bit of a conundrum for parents who are unsure what information they should share with their adult children regarding their wills. There might be no universal answer that is appropriate for each and every family, but there are certain considerations that can help parents decide which estate planning approach is best suited for their family.
Great aunt Tilda's silverware, dad's old house or grandma's car -- these types of assets are passed on alongside more financially focused inheritances, such as lump sums of cash or the remaining contents of a retirement account. In some cases, an inheritance is highly desirable and even beneficial to the heir. However, simply because loved ones left something behind in one of their wills does not necessarily mean that an heir is stuck with it.
Life is constantly changing thanks to new advances in technology that allow most people in Oklahoma to live healthier, longer lives. On average, people are living longer than ever before, creating new opportunities for people to better enjoy the last years of their lives. However, this also means that estate planning strategies that worked for previous generations -- including trusts -- might need to be updated.