Living trusts are widely utilized by people that take the time to gain an understanding of the advantages they provide. In this post, we will look at the benefits of living trusts in Oklahoma.
Efficient Administration and Spendthrift Protections
There are two features that stand out in a big way, and one of them is the streamlined estate administration.
If you use a will instead of a living trust, you would name an executor to administer the estate. They would be required to admit the will to probate. Unfortunately, the inheritors would not receive their bequests until the estate was probated by the court.
Complicated cases can be hung up in probate for years. Even if nothing is out of the ordinary, it will usually take at least eight or nine months. In addition, probate expenses can add up, reducing the estate’s value. Furthermore, interested parties can access the records, resulting in a loss of privacy.
The administration of a living trust is not subject to probate. Asset ownership is consolidated, so the trustee enters a turnkey situation.
In addition to the avoidance of probate, the other major benefit is the ability to include spendthrift protections. The trust would protect the principal from the beneficiary’s creditors after your passing. You can also include provisions for incremental distributions to prevent reckless spending.
Ongoing Flexibility
With a revocable trust, you can dissolve the trust if you ever change your mind. You would act as the trustee during your lifetime, allowing you to maintain control on that level as well.
If circumstances evolve and you want to change the terms of the trust, this can be easily done. You can usually use an amendment, but for major changes, you would utilize a trust restatement.
After the trust has been created, you can convey additional property into the trust at any time. You can also take assets out of the trust if you chose. Without question, the flexibility is one of the major benefits of living trusts in Oklahoma.
Incapacity Planning
A significant percentage of elders become unable to handle their own affairs eventually. This is obviously a disconcerting image, but it is simply an unpleasant fact of life. You should prepare for this possibility in advance.
When you have a living trust, you can name a disability trustee to manage the trust on your behalf if it becomes necessary. This can be the same individual or professional fiduciary that will administer the trust after your passing, or you can name a different disability trustee.
You Can Tie Up Loose Ends
There is a way to account for assets that were never conveyed into the trust while you are living. When you are devising your estate plan, you could include a pour-over will. This document will facilitate the transfer of these assets into the trust after your passing.
The Affordability Factor
A lot of people do not consider the possibility of using a trust because they think they will incur very high legal fees. In fact, this is a total misconception, and people that get quotes from us are usually a bit surprised in a good way.
When you invest some money in a properly constructed estate plan, you avoid mistakes that could potentially cost your family money. All things considered, legal counsel is an investment that pays for itself.
Schedule a Consultation!
If you would like to work with an Oklahoma City estate planning lawyer to put a plan in place, we are here to help. You can send us a message to request a consultation appointment, we can be reached by phone at 405-843-6100.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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