• 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 |
(918) 615-2700

Attend an Education Program-Oklahoma City Area Attend An Education Program in the Tulsa Area
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Business Succession Planning
    • 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
      • An Overview of Estate and Gift Taxes
      • 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      • Is Your Estate Plan Outdated?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
    • Frequently Asked Questions
      • Alzheimer’s FAQs
      • Asset Protection Planning
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Inheritance Planning for Minors
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Asset Protection
      • 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
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Edmond
    • Midwest City
    • Moore
    • Norman
    • Oklahoma City
    • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Inheritance Planning » Inheritance Planning Basics

Inheritance Planning Basics

April 30, 2020 by Larry Parman, Attorney at Law

Oklahoma City inheritance planning attorney

Although most Americans admit to knowing the importance of inheritance planning, over half do not have a plan in place. If you are among those who have yet to get started on a plan, it may help motivate you to learn more about inheritance planning. Toward that end, an Oklahoma City inheritance planning attorney at Parman & Easterday explains some inheritance planning basics.

  • DIY planning does more harm than good. In the 21st century, it is tempting to try to save time and money by searching for and downloading inheritance planning “DIY” forms. Resist this temptation! The time and money you think you are saving will almost always end up costing your loved ones considerably more time and money down the road when the mistakes or ambiguities in your documents end up in litigation. Instead of taking this risk, consult with an experienced inheritance planning attorney to ensure that your plan is correct and complete. 
  • Defining your needs and goals helps create a successful plan. Take time to consider what you need to accomplish and what you want to include in your estate plan. People typically focus on the distribution of their estate assets when they think about inheritance planning. While this is one aspect of an inheritance plan, a comprehensive plan can accomplish much more than that. For example, if you don’t want your loved ones to have to deal with a lengthy probate of your estate, you could include probate avoidance as an inheritance planning goal. If you have minor children, protecting their inheritance until they reach the age of majority or even later should be an important part of your plan. Finally, if the manner in which your body is handled after you are gone is important to you, make sure you address funeral and burial planning within your overall plan.
  • Making detailed lists of assets and liabilities helps you stay focused. You probably have some idea of your net worth at any given time, but for estate planning, you need a detailed list of assets and debts. You should include identifying information on your lists, such as account numbers, passwords, or locations of assets so this information can be included with your estate planning documents, When the time comes, it will make your Executor’s job much easier.
  • Incapacity planning should be part of your overall plan. One component that should be included in all inheritance plans is incapacity planning. The inheritance you hope to pass down to loved ones must actually make it to the next generation. If you become incapacitated, this could become a problem. Incapacity can strike anyone at any time as the result of a tragic accident or debilitating illness. If you are the victim of incapacity, who will take control of your assets? Who will make personal and healthcare decisions for you? If you don’t decide within your estate plan, a judge may decide for you.
  • Choosing the right fiduciaries is crucial. One common – and damaging – mistake people make when creating an inheritance plan is failing to take the time necessary to choose the right person for the various fiduciary roles within the plan. If you create a trust, don’t just appoint a spouse or friend as the Trustee because you “trust” them. The role of Trustee is a complex one that requires a degree of financial and legal knowledge and experience to perform well. Appointing the right person will contribute to the success of your overall plan. Appointing the wrong person could contribute to the failure of your plan.

Contact an Oklahoma City Inheritance Planning Attorney

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

Should I share the details of my inheritance plan?

Whether or not you share the details of your inheritance plan is a highly personal decision that only you can make. Failing to share the details with beneficiaries and heirs, however, can increase the likelihood of litigation.

How can I keep my plan private?

If you choose to keep your plan private, you may wish to consider using a trust. While the details of your Will become a matter of public record when the Will is probated, a trust does not go through probate.

When should I begin inheritance planning?

You should not wait until you have amassed a fortune to begin your inheritance plan. In fact, every adult can benefit from having at least a basic plan in place.

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Why Do You Need an Elder Law Attorney? - January 31, 2023
  • Inheritance Planning for Blended Families - January 26, 2023
  • 4 Things Trusts Do That Wills Can’t Do - January 24, 2023

Filed Under: Inheritance Planning

Other Articles You May Find Useful

estate plan outline
Address These Questions to Create an Estate Plan Outline (Part 1)
Parman & Easterday
Understanding Estate Planning – Developing a Fair Inheritance Plan
Oklahoma City estate planning lawyer
Who Should Guard My Child’s Inheritance?
Oklahoma City trust attorneys
What Is the Uniform Transfer to Minors Act?
Parman & Easterday
Disinheritances and Estate Planning
Overland Park estate planning attorneys
Can I Reject an Inheritance Someone Left Me?

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

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

MAP

parman_sidbr_map

Where We Are

TULSA, OK
Memorial Place 7633 E. 63rd Place
Tulsa, OK 74133
Phone: (918) 615-2700

MAP

parman_sidbr_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 - 12:00 PM

Footer

footer-logo

The information on this Oklahoma 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.

Oklahoma City Estate Planning Attorneys at Parman & Easterday offer estate planning services in the Oklahoma City, Oklahoma and surrounding areas. Contact us for help today.

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


© 2023 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube