There are those who are under the impression that estate planning is not relevant to them “yet.” They see the exercise as something that applies only to “old folks.” To be fair we are all aware of the fact that the likelihood of your passing increases as you reach an advanced age. But the truth is that people of all ages pass away each and every day, and estate planning is in fact a core responsibility that goes along with becoming a mature, self supporting adult, especially if you have other people relying on your income.
With the above in mind one of the core elements of many estate plans is going to be life insurance. Most people are offered insurance on the job, and it is something to take very seriously. Where would your family be from a financial standpoint if your income was to suddenly vanish? And of course the level of life insurance coverage that is appropriate is going to change over years as your family grows, so it is a good idea to revisit it periodically.
Another basic element of estate planning is the selection of a method of transferring your assets. The most common vehicle is the last will. However, a last will is not your only choice and it may not always be the best one. When you use a last will to transfer assets to your loved ones your estate must pass through the process of probate.
There are pitfalls that go along with this process, and one of them is the fact that it is time-consuming and the heirs to the estate do not receive their inheritances until the estate has been probated and closed. Probate is also costly, and it provides people with an open forum within which they could challenge your wishes. For these reasons some people choose to create revocable living trusts. This vehicle is a viable alternative that is a better choice in most instances.
To learn more about estate planning essentials, simply get in touch with an experienced estate planning attorney to arrange for an initial consultation.
Larry Parman
Founding Attorney
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
- Does Every Estate Go Through Probate? - September 29, 2026
- TOD Deeds: A Ticking Time Bomb for Real Estate Transfers - September 24, 2026
- The Challenges of Estate Planning for Child-Free Couples - September 22, 2026
