You naturally want what is best for your loved ones after your death. You may think that preparing a will is the only thing you can do, but there are actually other options for Oklahoma City residents that can give them more flexibility over their asset management and distribution. One of these options is called a living trust. Its greatest advantage is arguably the ability to allow you to manage your trust property before your death.
Let’s look at the differences between wills and living trusts. While a will can be complex, it typically will be simpler than a living trust. This document should be revocable during your lifetime, meaning you can make changes to it as you wish. A solidly-prepared will should hopefully prevent any of your family members from disputing it after your death. According to AARP’s comparison of wills and trusts, a will may be in your best interests if your estate contains few assets or if the terms would be simple.
A living trust is also revocable while you are living and becomes irrevocable upon your death. You can put funds into a living trust immediately or specify the amount to be included after you die. This type of arrangement may be ideal for a beneficiary who is a minor child or a dependent who has special needs. For example, you can specify in the trust how much of the assets would be given to the person upon your death, or how the funds should be spent to take care of a child or special-needs beneficiary. You can also specify the terms of your care and your property’s maintenance and designate a trustee successor if you are unexpectedly disabled.
Both of these options have advantages and drawbacks and should be carefully considered during your estate planning. This information is only a portion of what you would need to know to make an informed decision, and should therefore not replace the advice of an attorney.