At Ball Morse Lowe, PLLC, we utilize a variety of estate planning tools to benefit our clients. Our lawyers are available to create:
- Last will and testaments
- Irrevocable and revocable trusts
- Life insurance trusts
- Gun trusts
- Family limited partnerships
- Other asset protection strategies
Our estate planning attorneys are members of WealthCounsel, a prestigious association of estate planners and business attorneys throughout the country. WealthCounsel is primarily composed of legal and financial professionals at the top of their fields.
Revocable Living Trusts
A revocable living trust is a legal agreement created during your life that can be revoked and amended. Its primary advantage is that it allows assets to pass to the named beneficiaries according to the terms of the trust without being subjected to the probate process (any property not included in the trust will still be subject to the probate process). This can save a considerable amount of time, money and frustration.
When creating a revocable living trust, the grantor transfers the title of the property to an appointed trustee of the trust (both the grantor and the trustee can be the same person). Other than executing documents as trustee of the trust, this will have no effect on the use of the property during the grantor's lifetime. The grantor can still enjoy all the benefits of owning those assets without having to worry about probate.
Last Will And Testaments
In a perfect world, all of your assets will be transferred to your revocable living trust, but oftentimes and for various reasons, there is property that does not get transferred to the trust. This property makes up the residue of the estate. A "pour-over" last will and testament can ensure that all property not owned by the trust at death is transferred to the trust and distributed in accordance with the trust terms. In addition, a will allows for specific gifts of personal property and other items not included in the trust.
Contact Us For A Consultation
Arrange a initial consultation with one of our estate planning lawyers by calling Ball Morse Lowe, PLLC, at 405-701-5355 or by contacting our office by email.
We serve clients in the Oklahoma City area and throughout the state from our offices in Norman, Oklahoma City, and Purcell.