Exploring Living Trusts In Oklahoma
A living trust is a document that allows you to manage your assets during your lifetime and distribute them after your death without going through probate. In Oklahoma, a living trust becomes effective as soon as it is signed. Typically, the person creating the trust acts as the initial trustee, managing the assets just as they did before the trust was established. If they become incapacitated, a successor trustee can take over the management of the trust.
With a living trust, you can treat your property just as you would before the trust existed. If assets are titled in the name of the trust and you are the trustee, you can still sell, give away, or otherwise manage these assets. The key difference is that when you become incapacitated or pass away, the trust remains in effect, and there is no need for probate. A judge does not need to sign an order to manage or distribute the assets.
Almost any asset can be placed in a living trust. People commonly put the following assets in living trusts:
- Residences and vacation homes
- Cars
- Bank accounts
- Investment accounts
Life insurance and retirement accounts with named beneficiaries do not need to be placed in the trust. Know that it is important to ensure that the beneficiaries named for these accounts are correct. In some cases, the named beneficiary can be the trustee.
Living Trusts Versus Wills
A will only takes effect after your death, distributing your assets according to your wishes through the probate process. In contrast, a living trust is effective during your lifetime and continues to be effective after your death, allowing for the management and distribution of your assets without going through probate.
Creating A Living Trust
To create a living trust in Oklahoma, you will do well to contact a licensed Oklahoma attorney who specializes in trusts. They can guide you through the process, answer your questions, and ensure that you fully understand how the trust works before you proceed. This step is vital for making informed decisions and setting up the trust correctly.
For more information on Living Trusts, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 449-5777 today.
Attorney Dan Loeliger of Legal Advantage Group in Oklahoma is a seasoned estate planner specializing in living trusts. With a wealth of experience, Dan has guided clients in establishing and managing their own trusts, ensuring smooth transitions and avoiding probate. His deep knowledge of Oklahoma's trust laws and commitment to personalized client service make him uniquely qualified to guide you through this process.
Trust Dan Loeliger to provide the clarity and support you need to protect your assets and secure your legacy. Reach out today to start planning for your future.
