Monthly Update for Administration of Trusts and Asset Management

January, 2024



 

THINGS TO THINK ABOUT AS THE NEW YEAR BEGINS…

ARE YOUR BENEFICIARY DESIGNATIONS UP TO DATE?

When you first set up your estate plan, you probably spent time customizing a plan that reflected your individual goals and family circumstances. However, over time, your personal and family situation may have changed. That is why it is important to periodically review your beneficiary designations. The beneficiaries you selected several years ago may not reflect your current intentions.

 


CONSIDERATIONS

Financial assets of various types such as life insurance policies, annuities, individual retirement accounts and qualified retirement plans such as a 401(k) require beneficiary designations. If you have married, divorced, had children or lost a spouse since you named your beneficiaries, a change is probably in order. It is easy to forget about that 401(k) from two jobs ago or the life insurance policy your grandparent purchased for you. You don’t want to leave your loved ones empty-handed because you forgot to update your beneficiary designations.


DO YOU HAVE A LETTER OF INSTRUCTION?

Would your family and heirs know where to locate your important personal and financial records if you should become disabled or pass away unexpectedly? 

A letter of instruction tells your loved ones where to locate important documents, provides contact information for your legal and financial advisors, and gives instructions for carrying out your wishes. 

Your letter of instruction should indicate where important legal documents such as your trust, last will and testament, powers of attorney, healthcare directive, and titles to vehicles are kept. In addition, you should have a list of your bank accounts, investment accounts, retirement accounts, real property, vehicles, oil and gas interests, artwork, jewelry, life insurance policies, and annuities. This list should also include the location of your safe deposit box and key and a list of its contents. Your letter of instruction should also include any particular funeral or burial arrangements you have already have in place or wish to occur.
 

PROVIDE INFORMATION TO YOUR TRUSTEE OR PERSONAL REPRESENTATIVE
 

In addition to providing the above information to your trustee or personal representative (previously known as an executor), you should also provide him, her, or them (if you’ve selected a corporate fiduciary) important records such as birth certificates, marriage certificates, divorce decrees and any death certificates that may be needed.  

LEAVING BEHIND MORE THAN MONEY

Not everyone has a sizeable fortune to pass on. Whether your actual net worth is grand or modest, you have assets to share with your family that are more important than money – your values. 

Become involved in your community and other worthy causes that are important to you and share these missions with your family. Your involvement and commitment might become contagious. It is important for your family and children to know what volunteer and charitable inclinations are important to you. Family meetings can help you communicate your expectations and gauge your children’s interests, strengths and weaknesses for future responsibilities regarding your estate. 

We are here to help you guide you through these topics and answer any questions these topics might have generated.

WealthTrust Oklahoma is the Oklahoma Trust representative office of National Advisors Trust Company. We are independent and hold a federal charter.  In addition to trust administration services, we offer investment management services through our firm, WTO Advisors.

WealthTrust Oklahoma is the Oklahoma Trust representative office of National Advisors Trust Company. We are independent and hold a federal charter.  In addition to trust administration services, we offer investment management services through our firm, WTO Advisors.

Alyssa Kaiser, CTFA, has over 31 years of experience in the trust, investment, and banking industries and is President of WealthTrust Oklahoma and WTO Advisors.  Alyssa may be contacted at: (405) 241-1600, or by email at Alyssa@WealthTrustOk.com.