You may be among those who are under the impression that trusts are only useful for people who are wealthy. In fact, the utilization of a simple trust such as a revocable living trust could be the better choice for you even if you don’t consider yourself to be rich by any stretch of the imagination. In my opinion, the choice of a trust has more to do with what you want to see happen at different times in your life, and after, rather than how much money you have.
Revocable living trusts allow for a smooth and efficient transfer of assets outside of the sometimes costly and time-consuming process of probate. You can act as both the beneficiary (it’s yours to spend!) and the trustee (you get to manage the assets, just as you did before) until you pass away or become incapacitated.
And, you are not bound by the terms of the trust once you originally create it. You as the grantor can alter the terms as you see fit – revoke, modify, amend or even dissolve the trust – any time you wish. You need not relinquish control of your plan or your assets.
Of course, you will want to select your beneficiaries and a successor trustee to take over the administration of the resources after you pass away or become incapacitated. This trustee could be a trust company or the trust department of a bank if you want to make sure that the assets are handled by a professional fiduciary.
If you are interested in discussing the possibility of creating a trust with an expert simply take a moment to arrange for a consultation with a licensed and experienced Oklahoma City estate planning lawyer. Your attorney will evaluate your unique situation, become apprised of your wishes, and advise you accordingly.
Author, President and Founding Attorney
Parman & Easterday