To implement your plan, you will need to consult with a competent and experienced estate planning attorney.

    Be sure to ask your estate planning attorney how long he has been doing estate planning work and how much of his practice is devoted to estate planning. Also, ask him how much of his time he spends counseling Successor Trustee(s) and families. Will he be available to help your family if you become incapacitated and after your death? Bank trust officers, investment advisors, stock brokers, life insurance agents and accountants are good sources of information.

    Depending upon the size and complexity of your estate, you may need the services of more than one professional advisor. For instance, if there is a significant projected estate tax liability, you may find life insurance is the most efficient and effective way to pay this tax. In order to make sure that you are handling your life insurance properly, the services of a competent life insurance advisor may be required.

    Since financial decisions need to be made in the larger and more complex estates, services of an accountant or financial advisor may also be needed. Although most estate planning attorneys are capable of making computations of potential Estate Taxes, an accountant may be required in order to perform computations showing projected values of assets and the income from rental properties or other investments. An investment advisor’s services may also be helpful in formulating investment objectives and decisions.

    If your estate plan involves establishing trusts (such as Family Trust) for a surviving spouse or children, you may want to consider the services of a professional Trustee. There are several excellent resources available in Tulsa. Although many people nominate friends or other family members to serve as a successor trustee, a professional trustee does offer the advantages of investment advice, permanency (corporate Trustees normally don't get sick, go out of town or otherwise fail to serve) and reliability. Although professional Trustees charge a fee for their services, in most cases the fee is very reasonable considering the service performed.

    I hope the foregoing discussion is helpful in getting you started on your estate plan. If I could repeat one single thing, it is this: GET STARTED AS SOON AS POSSIBLE. Virtually all of the estate planning problems which we encounter in our day to day practice could have been avoided rather easily by timely, efficient action.

    Remember--procrastination is not only the thief of time, it can also be the thief of your money.

    Finally, do not attempt an estate plan by yourself--it just isn't worth it. A mistake has the potential of financial disaster. Obtain all the professional assistance your family deserves.