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:
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.
The attorneys at Ball Morse Lowe have built a respected reputation over the decades for providing sophisticated counsel in complex oil, gas, and energy law matters, business law cases, transactions, estate planning, and family law matters. We take pride in assisting individuals and families with their legal concerns. Personable and responsive, our lawyers craft documents and develop strategies tailored to each client's unique goals and needs.
Ball Morse Lowe PLLC is committed to providing excellent service and sound solutions to our clients in a cost-effective manner. From our law firms in Norman, Oklahoma City, Edmond, Stillwater, Frisco, and Denver, our attorneys provide services throughout the Oklahoma City, DFW, and Denver Metros and in other states, including Texas, North Dakota, Ohio, Colorado, California, Wyoming, and New Mexico.
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The lawyers at Ball Morse Lowe can help you seek what's needed in your case. Our team is standing by to assist you, so call us at (877) 508-4265 to get started with a free consultation with our client intake team.
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I turned to Ball Morse Lowe, PLCC when I needed my mother's estate probated in Oklahoma. It involved mineral rights and I live in California and my mother had not lived in OK for over 60 years. I wanted a firm that would do this correctly and be reasonable in cost. Jennifer Wright was a pleasure to work with. She and her staff were professional, knowledgeable, friendly and helpful. They made the experience of probate painless, explained things as we went along, and were clear in their expectation of what they would need from me to move the process forward. I am so glad I found them and appreciate deeply all they accomplished on my behalf.