Living Trusts in Oklahoma: How Do They Work?
Living trusts in Oklahoma are estate planning tools used to help your family manage the probate process. There are usually many questions that surround trusts: Do trusts help a family avoid probate? What type of trusts are available? Should they create a living a living trust?
In this article, you will learn basic information about living trusts in Oklahoma. If you have questions about living trusts and whether they are right for your Oklahoma estate, schedule your free consultation with Ball Morse Lowe right away.
Trusts in Oklahoma: Do They Avoid Probate?
Establishing a living trust in Oklahoma can help your family avoid the probate process for the assets that are placed inside of the trust before you die. The key is to place the assets within the trust during your lifetime. How you set up a living trust depends on whether you choose a revocable living trust or an irrevocable living trust.
It is imperative to continue to add assets to your living trust as you purchase them or obtain them if you wish for them to avoid probate. For more information about how a living trust in Oklahoma can be used to avoid probate, schedule a free consultation with the estate planning attorneys of Ball Morse Lowe.
What Is a Revocable Living Trust in Oklahoma?
A revocable living trust in Oklahoma is a flexible estate planning document that can be used to help avoid probate. When an established living trust is revocable, you retain the ability to not only continue to add assets to it during your life, but also to remove property from it. You can also be the beneficiary of a revocable living trust during your life while also managing the trust as the trustee. You also name a successor trustee. The successor trustee is the person who will act as the trustee of the revocable living trust when you die. You can also change the beneficiaries during your lifetime. However, once you die, the trust becomes irrevocable.
Your revocable living trust includes instructions on how the beneficiaries may use the assets within the trust. For example, if there is money placed in the trust, there may be a stipulation that it must be used by a minor child for education. That isn't necessary, of course.
What Is an Irrevocable Living Trust?
An irrevocable living trust is a type of trust that cannot be changed. The assets still avoid probate, but if you create a living will of this nature you cannot change it. You must think carefully about how you set up an irrevocable living trust. What assets do you want to place within it? Who do you want to name as the beneficiaries? How should it operate after your death?
Generally, an irrevocable living trust is chosen by individuals looking to minimize estate taxes. Although Oklahoma does not have an estate tax, there is a federal estate tax.
Should You Create a Living Trust in Oklahoma?
If you're wondering if you should create a living trust in Oklahoma, consider whether you have assets that you want to pass on to your loved ones without the assets going through the probate process. A revocable living trust doesn't have to be difficult to set up or manage. It can be a tool that helps protect your assets for years to come.
Learn More about Living Trusts in Oklahoma
If you have questions about how a living trust in Oklahoma can help you or if you want to get started and create a living trust, an experienced estate planning attorney can help. Ball Morse Lowe provides free consultations. We can answer your questions regarding both revocable and irrevocable trusts and the probate process. Schedule your free consultation now.