Oklahoma Revocable Trusts
A revocable trust, as the name implies, is a trust instrument that allows you to make changes or revoke certain provisions. This flexibility is beneficial when your circumstances or wishes change. In Oklahoma, like elsewhere, a revocable trust can be adjusted to reflect new desires or needs, providing a dynamic tool for managing your estate.
Comparing Revocable Trusts And Irrevocable Trusts
A revocable trust offers flexibility and control, but it does have some noteworthy limitations. Because you can change it, the assets within the trust remain under your control. This means that the assets are not protected from creditors, and you may not qualify for needs-based Medicaid coverage or other similar resources.
On the other hand, an irrevocable trust, once established, cannot be easily changed. This type of trust can protect your assets from creditors and can help you qualify for needs-based Medicaid coverage, depending on how it is structured.
The main disadvantage of an irrevocable trust is its rigidity. If you change your mind or if circumstances change, altering the trust requires an order from the court, making it a less flexible option compared to a revocable trust.
Deciding Which Trust Is Right For You
An estate planning attorney can help you evaluate your particular situation to determine which type of trust would be most beneficial for you. They will consider the advantages and disadvantages of both revocable and irrevocable trusts.
Revocable trusts offer more flexibility, avoid probate, and do not require an original document for updates. However, they do not provide tax advantages or asset protection. Irrevocable trusts do offer asset protection and potential qualification for needs-based benefits but do not allow for easy updates or changes once established.
For more information on Revocable vs. Irrevocable 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 planning lawyer with extensive experience with trusts. Dan has guided countless clients through the complexities of establishing and managing revocable and irrevocable trusts. His deep understanding of Oklahoma's laws and his dedication to personalized client service make him exceptionally qualified to help you make informed decisions about your estate planning needs.
Ready to get started? Contact Legal Advantage Group today to schedule a consultation and secure your family's future.
