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

On this blog, I write about and try to answer practical Oklahoma legal questions. My focus and most experience is in estate planning and business issues including Oklahoma non-compete law. I make a living as an attorney in the law firm I founded, Shawn J. Roberts, P.C. in Oklahoma City. I live in Edmond with my wife Amy and my two children, Sam (19) and David (11). We live precisely in the path of where the "wind comes sweeping down the plains."