Back to top

Do You Need a Will or a Trust?

Do You Need a Will or a Trust?

Thinking about what will happen to your assets after you pass away can be challenging. But, having a clear and up-to-date estate plan is one of the best gifts you can give to your loved ones. A legal will or trust can ensure your wishes are followed. It can reduce time, conflict, frustration and legal fees spent by your loved ones as your estate is settled. When some people hear the word “estate”, they assume only the very wealthy need an estate plan. This is not true. Anyone who owns property of any kind, has a checking/savings account, or other assets has an estate. Most everyone could benefit from proper estate planning.

What’s the difference between a will and a trust?

A will is a legal document that leaves instructions for how you want your assets distributed. Without it, the state will decide for you. Even with a will, your estate will be probated in court. This means the court will prove the validity of the will and oversee the administration of your assets.

A trust is also a legal document that can help to skip probate and administer your assets to your heirs. There are several types of trusts that may meet your needs. A legal professional can help you choose the one that is best for you.

It is incredibly important to ensure the smooth transition of your assets after your death so your loved ones are not left trying to guess your intent. While our CERTIFIED FINANCIAL PLANNER™ professionals can help you decide whether you need a will or a trust, we will refer you to a legal professional to draft your documents. We work very closely with estate planning attorneys and CPAs to offer the most comprehensive financial planning to our clients. If you live outside of Oklahoma, state laws may vary so we suggest contacting a legal professional in your state.

For more information, visit the Oklahoma Bar Association.

Retirement Readiness Checklist

Retirement is an exciting time, but we know prepping for retirement can be overwhelming. There is a lot to think about – from emergency funds to tax planning, legal matters and insurance coverage. You’ve worked hard for your money over the years, now let’s make it work hard for you by ensuring your needs are covered. Our Retirement Readiness checklist is a great way to see how far along you are on your path to retirement.