(Essential Guide) Estate Planning | Womack Advisers 2022

What is the Main Idea of Estate Planning?

In the simplest form, an estate plan is a way to ensure that all your assets are accounted for after you pass. Despite not being able to handle these assets yourself at the time, it will record the list of beneficiaries who are listed as receiving these assets.

When Should You Do Estate Planning?

It is never too early to start your estate plan. While you might not have a lot of assets, and you may not have a proper estate, anyone can have an estate plan if they have assets of value to leave their next of kin. You should consider filing an estate plan when you are ready to have a family, when you are considering retirement, or if you find yourself with health problems.

Who Should Have an Estate Plan?

Anyone can have an estate plan even if you do not have a proper estate. While the name of the document may be outdated, it still stands as an important set of documents to ensure your valuable assets – such as vehicles, property, brokerage accounts, or other assets – go to the right loved ones.

An estate plan can not only ensure that your wishes are established, but that your assets are listed and covered so that none are overlooked. This estate plan can be filed and updated at any point in life. This document is important to maintain periodically as relationships change in your life.

What is the Order of Inheritance?

If you don’t have a will or estate plan in place, the order of inheritance defaults to the closest relatives unless otherwise specified by a will. The exact order may vary by state, however, the next of kin are typically considered to be your surviving spouse, if applicable, followed next by your biological or adopted children.

Grandchildren are next in line to inherit assets, followed by your parents, siblings, and so on until the family line widens and extends, typically ending with your cousins, if you have any.

If you want to control the order of inheritance, it is important to define this in your will. In some estate plans, it may also be outlined for specific assets, however, it is most often done as a part of the will.

Discuss Your Plans with Womack Advisers

At Womack Investment Advisers, Inc., our team is dedicated to providing you with the industry’s best financial advice, helping you plan for the future and ensure your estate assets are dealt with how you want them to be. It’s never too early to start your estate plan, even if you don’t have an estate.

Located in Edmond, OK, our team is proud to provide estate planning services for our neighbors in and around Oklahoma. We’ve helped dozens of clients achieve their lifelong goals and live a happier, more satisfied life knowing they are in good hands.

It’s time to discuss what you want out of life. Give us a call today to set up your free consultation and see how we can help you achieve your goals in life.