One of the most popular estate planning tools in Oklahoma is the revocable trust, also known as a living trust. Estate planning is about protecting your assets, reducing legal complications, and ensuring your loved ones are taken care of when you are gone. Here’s what you need to know about a revocable trust.
What Is a Revocable Trust?
A revocable trust is a legal arrangement where you (the grantor) transfer ownership of your assets—such as real estate, bank accounts, and investments—into a trust while still maintaining control over them during your lifetime. You can serve as the trustee, managing your property as usual, and you can amend or revoke the trust at any time as long as you are alive and competent.
Why Create a Revocable Trust?
There are several reasons why people choose to create revocable trusts in Oklahoma:
1. Avoiding Probate
One of the main purposes of a revocable trust is to avoid probate. Probate is the court-supervised process of settling your estate after you pass away. In Oklahoma, probate can take months or even years and may involve significant costs. Assets in a properly funded trust pass directly to beneficiaries without court involvement, saving time and money.
2. Maintaining Privacy
Unlike a will, which becomes part of the public record during probate, a trust is private. Your assets, their value, and who inherits them remain confidential.
3. Providing Flexibility During Life
Because of the type of trust, you can change beneficiaries, add or remove assets, or dissolve the trust entirely if your circumstances change. This flexibility makes it an attractive option for individuals who want full control of their estate during their lifetime.
4. Planning for Incapacity
A revocable trust can include provisions that allow a successor trustee to step in and manage your assets if you become incapacitated. This avoids the need for a court-appointed guardian or conservator, keeping your financial affairs private and smoothly managed.
5. Simplifying Asset Distribution
With a trust, you can outline detailed instructions for distributing your assets, even specifying when and how beneficiaries receive their inheritance. This can be especially helpful for young beneficiaries or those with special financial needs.
Is a Revocable Trust Right for You?
A revocable trust is ideal if you want to:
- Keep your estate private.
- Avoid court delays and costs.
- Ensure someone you trust manages your affairs if you become incapacitated.
- Provide clear and efficient asset distribution to your beneficiaries.
However, each estate is unique, and you should discuss your goals with an estate planning attorney to determine whether a trust fits your situation.
Claremore Estate Planning Attorneys
We help Oklahomans create estate plans that protect their assets and their families. If you’re considering a revocable trust or other estate planning tools, we can help you choose the right solution. For a free consultation with an attorney at Kania Law – Claremore attorneys‘ law office, call 918-379-4872 or click here to ask a free online legal question.
