• 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      • Is Your Estate Plan Outdated?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 » Resources » Frequently asked questions » Wills and Trusts FAQs

Wills and Trusts FAQs

      • Is a will enough for an estate plan?

      • Many people assume that creating a will is sufficient for their estate planning. Unfortunately, this is simply not the case. There are many key issues that a last will and testament is not going to help you to plan for.  A will won’t help you to plan for incapacity, to protect your assets from irresponsible heirs, or to control what happens to wealth that you leave to a minor or to a disabled relative. These are just a few of the many different situations in which the creation of a last will and testament is likely not going to be sufficient.

      • Can you disinherit a spouse in your will?

      • When you make a last will and testament, you may assume that your wishes as expressed in the will are going to be respected. However, this is not necessarily the case. If your last will and testament leaves all of your property to someone other than your spouse, your spouse may be able to claim a spousal elective share. If you don’t want your spouse to be able to claim a good portion of your assets — even when your will specifies someone else should inherit — you’ll need to work with an experienced attorney to find alternative methods of transferring your wealth.

      • Are trusts only for wealthy people?

      • It is a common misconception that you should only create a trust if you are rich. This is not necessarily the case. There are many reasons why you might wish to create a trust, and trusts are definitely not only for wealthy people. In fact, it could be even more important to you to create a trust if you are middle class and your ability to leave a legacy could be put at risk by high nursing home care costs. 

        Trusts can be created to provide more privacy in the transfer of assets after death, to protect assets from being lost during your lifetime or after you pass on, and to facilitate the timely transfer of trust assets to heirs or beneficiaries who may be counting on an inheritance in order to maintain their quality of life. You should work with Parman & Easterday to determine if a trust should be part of your plans to accomplish your goals for your legacy and for the protection of your loved ones.

      • What should you expect as a trust beneficiary?

      • If you have been named as the beneficiary of a trust, it is important for you to know what to expect. The exact impact of inheriting through a trust, as opposed to being left assets in a last will and testament, is going to vary depending upon the type of trust that was created and the instructions in the trust document. You may simply inherit more quickly because the assets left for you will pass through the trust administration process. However, your loved one may have also created a special needs trust or other type of trust that imposes conditions or restrictions on your inheritance. If this is the case, you will need to understand what the limitations are and what exactly you must do to access your inheritance.

      • Why is trust administration better than probate?

      • If you transfer your assets to your loved ones using a last will and testament, your wealth will need to transfer through the probate process. Unfortunately, the probate process is a time-consuming process that can be costly. The trust administration process is often better because it is cheaper, there is a reduced risk of your wishes being successfully contested, it is more private, and your family can inherit more quickly. These are just some of the many reasons why trust administration may be preferable to the probate process. Parman & Easterday can explain what the specific benefits of trust creation are based on your assets and family situation.

      • What if I make the wrong type of trust?

      • If you make the wrong trust type, you likely will not get the protections that you expected to receive when you created the trust.  For example, a living trust will not provide your assets with protection from estate tax. You don’t want to create the wrong type of trust, only for you or your family to discover later that you didn’t actually protect your family or assets and that you are now at risk of loss. This can be prevented by working with an experienced attorney at Parman & Easterday who will discuss your goals for trust creation and help you to select the right type of trust for your situation.

      • How can a wills and trusts lawyer help you?

      • If you are interested in creating or modifying an estate plan, you should talk with an experienced wills and trusts lawyer at Parman & Easterday. Our legal team will work closely with you to select the best combination of legal tools to achieve your goals for protecting your family and assets and securing your legacy.

        To find out more about how our firm can help you with all of the legal issues related to wills and trusts, give us a call today at  (405) 843-6100 or contact us online today. You can also join us for a free seminar to find out more about how a last will and testament and various types of trusts could become part of your comprehensive estate plan.

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

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