Estate Planning
Brings Peace of Mind.
COMPREHENSIVE ESTATE PLANNING SERVICES
What Does an Estate Planner Do?
An estate planner’s responsibility is to help guide you through the estate planning process from the very beginning, even before you have prepared any documents, to the end where you will have a completed estate plan ready to review.
Not only will the experienced estate planners at Womack Advisers help you prepare your estate plan, but they will help you list your assets and liabilities, provide a procedure for dispersal of assets to your heirs, and decide how any estate taxes are settled.
An estate planner is also responsible for educating you on the details of the process and answering any questions you might have about your plan. There are actually 5 different areas to be considered when planning an estate. What are the 5 Components of Estate Planning, you ask? They're wills, trusts, powers-of-attorney, health care directives & beneficiary designations.
Estate planning may be done in tandem with an attorney or financial adviser and can be done at any age.
When To Consider Estate Planning
We find a lot of Oklahomans with the same question: When Should You Begin Estate Planning? The estate planning process can begin at any age. However, once you reach your early to late 40s, it's essential that you begin taking this task seriously. Likewise, if you have recently purchased property, such as a family home, vacation home, or even rental properties, you are probably a good candidate. In fact, if you have accumulated or are in the process of accumulating any type of significant wealth or assets, you should begin considering estate planning.
Our Estate Planning Process
Proper planning can protect your assets, cover future expenses, and prevent unnecessary probate costs and death taxes. At Womack Investment Advisers, Inc., we asked the question, "What are the 5 components of Estate Planning?" and then answered it, and we follow a process to help our clients navigate the murky waters of all the aspects of estate planning.
- In an initial meeting, our advisers will review your finances, deeds, and other assets and discuss your goals. If you decide to move forward, we will draft documents to achieve your objectives.
- After you review the documents to ensure that your intentions are met, we will answer any additional questions you may have about the process.
- Lastly, we will help you to determine how to properly incorporate your assets with your planning arrangements to ensure that your life’s work is protected.
Womack Investment Advisers offers quality estate planning services in Edmond, Oklahoma. We are devoted to helping you (our neighbors) properly preserve and protect everything you've worked so hard to gain.
Estate Planning in Edmond, OK
If estate planning is even on your radar, maybe it's time to sit down with a certified financial planner and position your family for less stress in the future.
Our experienced advisors at Womack are able to guide you on the right path to estate planning successfully.
Give us a call today to schedule your no obligation (and no cost) meeting to see if you're the right fit for our estate planning services.
You may be asking yourself, "How do I prepare for an estate planning meeting?" We have some valuable information for you to reference on estate planning preparation on our blog page. We'd love for you to stick around and check out all the valuable investment and financial news we offer over there!
What is the Difference Between a Will and Estate Planning?
The world of financial planning can be confusing, and it is often thought that a will and estate plan are the same. These two items are, however, different, and it is important to have both done as a part of your financial planning.
Typically, a will is written as a part of the estate planning process, rather than filled out separately, as they work together in helping distribute assets and name individuals as beneficiaries or heirs.
A will is meant to provide clarity on your wishes and desired asset distribution after you pass away, as well as designating power of attorney to various individuals whom you trust.
An estate plan, on the other hand, is meant to help divide up assets to surviving members of your family, release trusts, and properly plan what assets will be divided and how.
An estate plan is best for establishing the details of your wishes and listing all assets and debts, while your will is more tailored to defining the roles and responsibilities of those around you.
If you have any questions about estate planning, contact our
estate planning specialists
today. We offer free consultations and can help you get back on the right track with financial planning,
no matter where you are in life!
How to Choose Your Estate Planner
Choosing the right estate planner can be a daunting task; it’s important to find an adviser who is not only skilled and reliable but who understands your goals and works well with you.
Estate planning is often done in tandem with consulting with a financial attorney or financial adviser, where you can define all of your assets and determine how they will be distributed to your beneficiaries.
When choosing your planner, it’s important to always look for a few key skills and qualifications that can help you determine if the planner is a good fit before you ever sit down for a consultation:
- Personality
Your estate planning services should be tailored to you, which means your financial adviser should work well with you and help you work towards your goals. Your estate plan should also be tailored to your needs and goals.
- Reliability
Choosing a trusted name in the industry or local area will help you rest easy knowing your finances are in good hands. Our advisers tailor every estate plan to your needs, and we will be there for you whenever you have questions or need to adjust your plan in the future.
- Experience
At Womack Advisers, we are dedicated to helping you plan for the future of your family, guiding you through each step of the estate planning process. We have been in business serving clients for over 25 years, always providing the same kind of expertise and friendliness that our customers expect from us.
Do You Need Estate Planning?
Anyone can benefit from estate planning, even if you don’t have a sprawling mansion and significant retirement fund. It is a critical part of good financial planning, and sitting down with an estate planner at Womack Investment Advisers, Inc. can help you understand and plan for your financial future.
An estate is the total sum of your assets or belongings, including vehicles, real estate, cash, and other valuable or personal assets. It is never too early to think about estate planning, especially if you have a family of your own or considerable assets you’d like to pass down to your heirs.
This plan is a way to legally protect your assets, passing them down to your surviving family or other heirs of choice. It also gives you a say in who receives your assets and allows you to make decisions about your end-of-life preferences, and who can make decisions for you in the event of your incapacitation.
Checklist: What Are the Main Steps in Estate Planning?
When you first start an estate plan, there are several things you’ll need to consider. This can be summed up in a four-part checklist, where you can define, draft, take action, and update your plan:
| 1. Defining Your Assets | 2. Drafting a Plan | 3. Taking Action | 4. Updating Your Plan |
|---|---|---|---|
| Value of your assets: real estate, vehicle, artwork, other objects | Who is your beneficiary? | If you opened a trust, fund it. | Review beneficiaries every 3 years. |
| Gather income, retirement, and investment account statements | Who should become the caretaker of your children, if applicable? | Review and update beneficiaries on any investment accounts. | Review assets every 5 years. |
| List all insurance policies and their cash values, as well as the location of any safety deposit boxes. | Who should become your financial Power of Attorney and distribute your assets? | Any assets included in the trust should be retitled and copies of these documents kept safe. | Consult with your estate planner if you have any questions. |
| List any liabilities such as mortgages, loans, credit lines, and other sources of debt. | How much do you estimate is necessary for the education and care of your children, if applicable? | Review your estate plan with your estate planner, financial adviser, and attorney. | Consult with your estate planner for any missing areas or ways to improve your plan. |
What are the Four Important Estate Planning Factors?
Four key factors go into estate planning, and each must be considered with care. These four elements are:
1. Your will and living will
2. Powers of Attorney
3. Medical POA
4. Trusts
While some of these factors do require a will to be drawn up, a living will is often necessary as well in estate planning services. These define your wishes and ensure that the heirs have a protected right to the assets you set forth as designated.
Powers of attorney for both medical and other areas define how your surviving family and friends are allowed to act in the event you are incapacitated or unable to act on a decision. These should be people you trust greatly with their power of attorney.
Your trust is another key aspect of event planning which provides any designated assets and funds to your heir(s) at a time of your choosing.
Start Your Estate Planning Today with Womack Investment Advisers, Inc.
It’s time to start thinking about the future. At Womack Advisers, our financial specialists will help you plan for life with comprehensive wealth management and estate planning services so you can always put your best foot forward. Our estate planning specialists have helped us become a trusted name in financial advisement and planning for over 30 years.
Investments don’t have to be intimidating, even in the middle of estate planning. Identifying your portfolio investments and risks are all a part of listing your assets and liabilities, and we can help you sort out the details.
Get Started TODAY!
You deserve more than fitting your life and legacy into a pre-defined package, which is why we cater to your individual needs, creating personal plans and strategies to help you move towards your goals.
Get in contact with one of our financial advisers today for more information on how to get started. We provide a free initial consultation to learn your financial goals and help you better understand our services.