There are many options at your disposal when you are doing your estate planning. One item that will likely come up is a living trust. This tool gives an appointed person, known as a trustee, control over assets that have been designated for a beneficiary or heir. Many people in Oklahoma use living trusts because of their many benefits.
As the American Bar Association points out, a living trust is simply a trust that you create while you are still alive, as opposed to trusts that are created after your death. Most people name themselves as the trustees. Making that trust revocable is often recommended, as it gives you the flexibility to manage the property and make changes as you see fit or even dissolve it.
As an article from the AARP Bulletin points out, many people choose to create a living trust over simply relying on a will because a trust can help your survivors avoid probate. Some additional benefits include the following:
- It can be difficult for people to challenge the terms of a living trust.
- In the event you become incapacitated, your property will still be taken care of by either a co-trustee, such as a spouse, or a successor trustee whom you have named.
- You can specify exactly how and when heirs will inherit their assets, such as all at once or portioned out over time.
Another reason many people prefer to create a living trust is that, unlike a will, the terms of a trust will never be made public.
Only you can determine which estate planning tools are right for you under the guidance of an attorney. While this information may be useful, it should not be taken as legal advice.