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When navigating the complex world of asset protection and legacy planning, the guidance of Oklahoma estate planning attorneys becomes indispensable. One essential tool they often recommend is the living trust. In Oklahoma, a living trust is a distinct legal entity wherein a designated 'trustee' is given the responsibility to manage assets for the benefit of chosen heirs or beneficiaries. With the expertise of Oklahoma estate planning attorneys, individuals can fully harness the advantages of living trusts, ensuring their assets are efficiently managed and seamlessly passed on, all while reaping the numerous benefits these trusts offer.
In this article, we will explore the benefits of a living trust. If you have questions about an Oklahoma living trust after reading this article or if you would like to discuss whether a living trust is the best type of trust for your estate planning needs, schedule a free consultation with the estate planning attorneys of Ball Morse Lowe.
What Makes a Living Trust Different from Other Types of Trusts in Oklahoma?
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 as a result of your Last Will and Testament. Other types of trusts are made when assets and property are placed in a trust upon a person's death. Then there is a trustee to manage the trust for the benefit of the named beneficiary. With an Oklahoma living trust, most people name themselves as the trustee when the trust document is created.
Making it a revocable trust is often recommended, as it gives you the flexibility to manage the assets and property and make changes as you see fit or even dissolve it. An irrevocable living trust is a trust that is created while you are alive. However, its terms cannot be modified or amended. You also cannot dissolve the trust without first seeking the permission of the named beneficiary or beneficiaries. Yet, an irrevocable trust does have some tax benefits.
It could be beneficial to speak with an estate planning attorney about both options, particularly if you are concerned about how your beneficiaries may be affected by taxes.
A living trust is also referred to as an "inter vivos trust."
What Are the Benefits of an Oklahoma Living Trust?
There are manifold benefits of selecting a living trust. Many gravitate towards a revocable living trust, especially in Oklahoma, rather than solely relying on a will, with a principal aim to help heirs navigate around the often complex probate court. Oklahoma's estate planning attorneys frequently underscore the protracted and potentially expensive nature of the probate process, particularly when matters get intricate or disputed. This procedure demands several steps prior to the distribution of assets to the beneficiaries. Yet, with a meticulously constructed living trust, assets seamlessly bypass probate, making this a compelling choice for many in Oklahoma.
Further advantages, as emphasized by estate planning attorneys in Oklahoma, include:
- The inherent difficulty in contesting a living trust, making it a sturdier choice than wills, which can often lead to prolonged probate proceedings.
- In circumstances of incapacitation, a previously appointed co-trustee or a named successor trustee will continue managing your assets, ensuring undisturbed care.
- Living trusts, as Oklahoma's estate planning attorneys often point out, offer precision in stipulating the manner and timeline of inheritance for beneficiaries.
- A gamut of assets, ranging from real estate, bank savings, stocks, and mutual funds to intangible properties, life insurance, retirement accounts, and beyond, can be nestled within a living trust.
Enjoy the Benefits of an Oklahoma Living Trust
The decision to adopt an Oklahoma living trust hinges solely on your personal circumstances. However, the seasoned estate planning team at Ball Morse Lowe stands poised to clarify any queries and meticulously draft your trust document. While the insights provided here are valuable, it's vital to understand that they're not one-size-fits-all legal recommendations. Don't delay—schedule your complimentary consultation with us to delve deeper into the intricacies of an Oklahoma living trust. click here.
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