Everyone has an estate plan. If you have not designed your own plan, the State of Oklahoma has designed a plan for you. The “state” plan is referred to as “intestate succession”.

Generally, the administration of a “state” designed plan will be more cumbersome and expensive than a plan tailored to your specific needs.

With a personal estate plan you can provide for the support, maintenance and education of your children and grandchildren or others. You can determine the age your children and grandchildren are qualified to handle the property. Without a personal estate plan your children receive full control of the property they inherit at age 18. Your personal plan can also include a designation of whom you want to care for your children (guardian).

Careful estate planning can minimize or eliminate inheritance tax, and reduce the cost of administration for your estate. With a personal plan you can provide for orderly transition of a family business and avoid unnecessary costs, expenses and hardships. Your plan can also increase your ability to support religious, educational and other charitable causes.

Some things to consider when contemplating your Estate Plan include:

• Does your plan include a distribution of your property, real and personal, in accordance with your current wishes? Review your will, living trust and title documents (deeds, bank accounts, investment accounts, etc.).
• Do you have a Durable Power of Attorney appointing someone to take care of your affairs if you become incapacitated? Does your Durable Power of Attorney include a health care proxy?
• Do you have an Advance Directive to Physicians (“Living Will”) providing that if you are terminally ill you will not be kept alive by artificial means?
• Have you reviewed your life insurance policies to determine the current status of ownership and beneficiaries? Are there changes in your life insurance plan that can be made to minimize estate tax consequences on proceeds?
• If there are potential minor beneficiaries of your estate, have you made provisions for their share to be placed into trust until they attain an age that you determine is appropriate for them to exercise control of their share?
• Have you determined your approximate social security benefits in the event of disability and retirement?
• Do you have disability insurance?