Oklahoma Estate Planning Myths: Estate Planning is only for the wealthy

From the series Oklahoma Planning Myths . . .

MYTH: Estate Planning is only for the wealthy

FACT: Many factors other than wealth affect the need for estate planning, such as:

(1) caring for a minor or disabled child;
(2) transferring ownership of property in accordance with your desires;
(3) caring for a surviving spouse;
(4) transferring closely held business interests
(5) transferring ownership of property in another state;
(6) charitable giving;
(7) avoiding probate; and
(8) avoiding taxes.

Regardless of what or how much you have, an estate plan is simply a set of directions for the distribution of your assets and protection of your family when you become incapacitated or pass away.

For other information on estate planning, including a podcast called “Estate Planning Demystified” check out my Oklahoma Estate Planning page.

This material was adapted from the firm Tellie Coleman, attorneys at law. Tellie & Coleman has an excellent website with some great resource material.

Posted by Shawn Roberts

I write about and try to answer practical Oklahoma legal questions. I tend to focus on estate planning and business issues. I make a living as an attorney working for Resolution Legal Group in Oklahoma City. I am husband to Amy and the father of Sam and David. We live exactly in the path where the "wind comes sweeping down the plains."