REVOCABLE TRUSTS IN OKLAHOMA CITY

What is a revocable trust?

A revocable trust or living trust is a legal agreement created during your life that can be revoked and amended. Its primary advantage is allowing 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 (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.

Another advantage of a revocable trust is that it provides for planning during your incapacity. If you become incapacitated, the successor trustee you named will step in and manage the assets in your trust for your benefit without the necessity of a guardianship proceeding. A will does not provide any planning for incapacity.

A revocable trust is particularly beneficial for the following circumstances:

• Providing for special needs beneficiaries
• Establishing trusts for minor children
• Providing for charities
• Ensuring pets will be cared for after your death
• Including provisions for individuals with substance abuse issues
• Disinheriting a child or other heir
• Avoiding multiple probate proceedings if you own property in multiple states
• Protecting your children’s inheritance from creditors or risk of a failed marriage

The revocable trust is a foundation for an estate plan that will provide for you during your incapacity and allow for the seamless transfer of assets upon your death. The knowledgeable attorneys at Ball Morse Lowe can assist you in implementing a revocable trust.