• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100
(913) 385-9400

Attend a Webinar - OK Attend a Webinar - KS/MO
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Leawood Probate
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Kansas
      • Johnson County
        • Fairway
        • Mission
        • Overland Park
        • Prairie Village
        • Shawnee
      • Wyandotte County
    • Oklahoma
      • Edmond
      • Midwest City
      • Moore
      • Norman
      • Oklahoma City
      • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Estate Planning » Do I Really Need an Estate Plan?

Do I Really Need an Estate Plan?

March 31, 2020 by Larry Parman, Attorney at Law

Overland Park estate planning attorney

Do you have friends and family members who periodically bug you about setting up an estate plan? If so, you may be putting them off because you are convinced you don’t really need an estate plan yet. You are hardly alone. People often think they don’t need an estate plan because they only have a modest estate. As an Overland Park estate planning attorney at Parman & Easterday explains, the need for estate planning is not directly related to the size and value of your estate.

Myths and Misconceptions

Surveys tell us that despite acknowledging the need for an estate plan, over half of all Americans do not have one in place. Often, the explanation offered for this seeming disparity is based on the belief that an estate plan is only necessary once you have reached a certain level of material wealth. The truth, however, is that every adult can benefit from estate planning. Moreover, a comprehensive estate plan can (and should) accomplish a wide variety of objectives that go above and beyond simply distributing your estate assets after you are gone.

Estate Planning Goals and Objectives

Whether you have a complex and valuable estate or a simple and modest estate, there are a number of goals and objectives you can include in your estate plan, including:

  • Avoiding probate.  A common estate planning goal is probate avoidance. Probate is the term given to the legal process that follows a death and during which a decedent’s estate assets are identified, debts of the estate are paid, and estate assets are eventually transferred to the new owners. Formal probate can be time consuming and costly. Moreover, beneficiaries of the estate may have to wait a long time before receiving their inheritance. A well drafted estate plan, however, can help your estate avoid probate altogether.
  • Protecting and providing for your minor child.  If you are a parent, your child is your most valuable asset. Your estate plan can do much to help protect and provide for your child. Your Will offers the only official opportunity to nominate a Guardian for your child in the event one is ever needed. In addition, your minor child cannot inherit directly from your estate. Therefore, most parents create a trust within their estate plan to protect and guard the assets they intend to leave their child.
  • Planning for the possibility of incapacity. Incapacity is not a concern that is limited to the elderly. In fact, you could become incapacitated tomorrow as the result of a tragic accident or debilitating illness. Your estate plan allows you to plan for that possibility by deciding ahead of time who will control your assets and who will make decision for you if incapacity does strike.
  • Planning for long-term care. At some point, you may require long-term care. The cost of that care may surprise you. Nationwide, the average cost of a year in LTC for 2019 was almost $100,000. If you don’t plan for the possibility that you may need to pay for LTC in the future, you could put the assets you do own at risk should you need to qualify for Medicaid to help pay for your LTC expenses.

Contact an Overland Park Estate Planning Attorney

For additional information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about estate planning, or you are ready to get started on your plan, contact an experienced Overland Park estate planning attorney at Parman & Easterday by calling 405-843-6100 or 913-385-9400 to schedule your appointment today.

What happens to my assets if I die without having a Will?

If you die intestate (without a Will), the state has a plan for you. The state’s intestate succession laws dictate what happens to your assets. Only close family will likely inherit from your estate.

If I’m single and have no dependents, do I need an estate plan?

Yes. While the need for estate planning does increase as you grow your family, you can still benefit from having an estate plan in place as a single person who has no children.

How often should I update my estate plan?

There are no hard and fast rules; however, every three to five years during your working years is about right for a routine review and update of your estate plan. There are a number of life events that call for a more immediate and thorough review.

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • An Irrevocable Trust Can Ease the Estate Tax Burden - April 15, 2021
  • How to Dispose of “Stuff” - April 14, 2021
  • What’s the Difference Between Joint Tenancy and Tenancy in Common? - April 13, 2021

Filed Under: Estate Planning

Other Articles You May Find Useful

special needs planning 3
Special Needs Planning Demystified
pet trust BC
An Overview of Estate Planning for Pets
estate tax
New Majority May Push for Transfer Tax Expansion
What Is a HIPAA Release?
simple will
What Are the Legal Requirements for a Will in Oklahoma?
It’s Better to Give, Especially This Year

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018
parman_sidbr_map

Where We Are

OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
parman_sidbr1_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 5:30 PM

Footer

footer-logo

The information on this Oklahoma and Kansas Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2021 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube