Leaving a Legacy
Is your family prepared to manage their future assets? What practical steps can you take to help your beneficiaries manage the influx of wealth?
Educating Your Beneficiaries
Adult children who haven't been prepared for their financial future sometimes have difficulty with financial mismanagement during the wealth-transfer process. The good news is that you can take steps now to prevent these future problems.
You can also help younger family members better understand the importance of preserving the family’s wealth by creating documents such as value statements. It can be helpful for senior family members to clarify and write down their financial values and the lessons they wish to impart. Relay those values to younger family members who may feel disconnected from the family history and wealth-building process.
Activating Financial Values Through Involvement
Teach your children by involving them in annual reviews with the family’s financial advisor. Encourage them to research and report on various investment types or appoint them to a philanthropic board. Give them strong knowledge of family investments and ensure they know where to turn for future wealth-management questions or concerns.
Explaining and Organizing Documents
Legal documents, including a will, a health-care directive, power of attorney or trusts, can be overwhelming — particularly during a time of grieving. For a smoother wealth transfer, familiarize younger family members with these documents and their location. They may be responsible for seeing that they are followed and enforced.
What You Should Know About Leaving a Legacy.
When Should I Start Estate Planning?
It's never too early to start planning for your estate. If you're over the age of 18, you should at least have a durable power of attorney and an advanced medical directive. The power of attorney lets you name someone to manage your property for you in case you become incapacitated and cannot do so. There are three main types of advanced medical directive: a living will, a durable power of attorney for health care (also known as a health-care proxy), and a Do Not Resuscitate order.
Preparing the Next Generation to Manage Wealth
Many parents and grandparents are reluctant to discuss their estate plans — particularly their plans for leaving behind an inheritance.
The Key to Investing for the Future
The first step in investing is defining your dreams for the future. Imagine what you want your life to look like in 5, 10, and 15 years. You'll end up with a list of goals. You can then decide how much money you'll need to accumulate and which investments can best help you meet your goals.
Personal Trust Services Overview
We look forward to helping you protect and manage your wealth. Give us a call, or complete the form and we will contact you.
Tulsa Area: (918) 293-7582
OKC Area: (405) 936-3991
Tulsa Area: (918) 293-7561
OKC Area: (405) 936-3929
Tulsa Area: (918) 293-7576
OKC Area: (405) 936-3727
Tulsa Area: (918) 293-7560
OKC Area: (405) 936-3727
For all markets:
Mineral Management: (918) 779-6613
Real Estate Services: (405) 936-3789