If you are looking for Probate information please see Probate.
A trust of some kind can be a better choice than a simple will as an asset transfer vehicle when you are planning your estate. The trustee spearheads the trust administration process, and you designate the trustee when you are drawing up your trust declaration.
We are conveniently located in both Tulsa and Oklahoma City to assist with your Trust Administration needs.
Revocable Living Trust Administration
The most commonly used type of trust is the revocable living trust. A lot of people don’t consider the possibility of creating a trust because they think they would lose control of the assets. This is not the case at all when you have a living trust.
You would be the trustee while you are alive and well, so you would have access to the assets every step of the way. There is total flexibility; you can transfer property to the trust at any time, alter the terms, or revoke the trust entirely, so there are no risks.
After your passing, the trustee that you named to succeed you would distribute the assets to the beneficiaries according to your stated wishes. These distributions would take place in a timely manner because trust administration is not subject to probate.
This is a legal process that would be necessary if you use a will to state your final wishes. It is time consuming and costly, and there is a loss of privacy because it is a public proceeding.
Successor Trustee Considerations
When you are choosing a successor trustee, you should take a number of factors into consideration.
First, the trustee should have a certain level of financial acumen, and they should be a good communicator because they will be the point of contact for the beneficiaries.
Secondly, if you are considering a family member or friend, you should weigh potential conflicts of interest. Geography is another factor to take into account, and the anticipated longevity of the individual that you choose is another consideration.
If you don’t know anyone personally that would be a suitable trustee, there is another option. Banks, trust companies, and other professionals provide trustee services for a fee. A professional fiduciary can be relied upon to manage the trust objectively and effectively.
Other Types of Trusts
In addition to the revocable living trust, there are also irrevocable trusts. While you cannot act as the trustee or change the terms under most circumstances, these trusts provide targeted solutions.
For example, high net worth individuals that are exposed to the federal estate tax can use irrevocable trusts to mitigate the damage. You can convey assets into an irrevocable Medicaid trust to qualify for coverage to pay for a stay in a nursing home.
These are a couple of examples, and there are a number of other irrevocable trusts in the estate planning toolkit. When you work with our firm, we will make recommendations based on your unique circumstances so you can make fully informed decisions.
Additional Important Trust Administration Info: 3 Tips to Help You Plan Your Estate
Contact an Oklahoma City Trust Administration Lawyer Today!
Our doors are open if you are ready to create a plan that will bring your legacy goals to fruition. You can reach our Oklahoma City estate planning office at 405-843-6100, and the number for our Tulsa location is 918-615-2700.
If you would prefer to send us a message, fill out our contact form and we will get back in touch with you ASAP.
