Our Claremore wills and Trusts attorneys can help you with estate planning. A trust is often a central part of estate planning. Revocable living trusts in Oklahoma offer many of the same benefits as a will. In your trust, like in your will, you can set forth a plan for distribution of your assets. Trusts have several additional benefits, however, that make them vital for many individuals. The following is a look at trusts and what they can offer you: For more answers to your Estate Planning questions call our Wills and Trusts attorneys today.
What is a Living Trust in Oklahoma:
A living trust, otherwise known as a revocable trust, is a legal document that can partially substitute for a will. With a living trust, your assets are placed into a trust. This could include your home, bank account, stocks, and more. The trust is then administered for your benefit during your lifetime. Upon your death, the assets within the trust transfer to your beneficiaries.
Most people name themselves as the trustee in charge of managing the trust’s assets. In this manner, your assets, though placed in a trust, remain controlled by you alone. Within the trust, you can name a successor trustee who will manage the trust’s assets in the event you become unwilling or unable to do so.
At anyt time the creator of a living trust can alter, amend, or revoke it. This is in contrast to revocable trusts, which once created cannot change except for limited circumstances.
Your trust will set out a trustee and name your beneficiaries who will receive your assets upon your death. The trust document can also provide guidance and dictate certain powers and authorities to the trustee to manage and distribute the assets. Oklahoma Trusts offer the additional benefit of being able to customize the distribution of assets. For instance, the parent of a minor child could create a system whereby certain sums of money distribute each year, with the remainder distributing upon reaching the age of 30. Trusts offer much flexibility and control over the distribution of assets.
Avoiding Probate With a Trust:
One of the main benefits of a trust is that it will allow your assets to avoid probate. In the event you die and your assets are not held in trust, they must go through the probate process. Probate is the court supervised process of transferring your assets to those listed as beneficiaries in your will (or through intestacy laws in the event you did not have a will). With a trust, the assets held in the trust will become managed by the appointed trustee. They will distribute in accordance with your directions, and the court will not supervise or have any involvement. This saves your heirs both time and money. Further, your assets will not become a part of the public record because the trust is not under the direct management of the probate court.
Kania Law Office’s Claremore Wills and Trusts Attorneys:
Revocable or living trusts allow you to set out who you wish to receive your assets upon your death. They also allow for specific distribution plans, creating endless options to fulfill your last desires for your assets. Trusts have the tremendous benefit of avoiding probate and protecting beneficiaries from creditors. Through use of a trust, you can maximize those assets passed down to your loved ones. At Claremore Attorneys Law Office, we will assist you in developing a complete and comprehensive trust. We will also assess what other estate planning options would help you to preserve your legacy. Contact us today to schedule a free consultation or visit our Attorneys Blog for more information.
