Revocable trusts are a specific type of trust commonly used for estate planning or asset protection. While revocable trusts can help people to accomplish many financial goals, other types of trusts serve different purposes. Be sure you create the correct type of trust that provides all the benefits you will need. This usually means getting legal guidance to ensure you have chosen the right kind of trust and have followed all requirements for proper trust creation.
Parman & Easterday can provide comprehensive guidance on trusts and other estate planning and asset protection matters. Our Oklahoma City, Tulsa and Overland Park estate planning offices understand the ins-and-outs of Oklahoma and Kansas trust law. We can provide you with the legal guidance and representation you need. We will advise you on whether revocable or irrevocable trusts are the best option and assist you in creating trusts that meet your needs and provide you with the legal protections you have been looking for.
What Can Revocable Trusts Do For You?
Trusts differentiate ownership from possession and use. Once a trust is created and property transferred into it, the trust (not you) owns the property. The trust property is managed by the trustee for the benefit of beneficiaries who are named by the trust creator. Trusts may be either revocable or irrevocable, and there are special kinds of trusts for those needing spendthrift or special needs protection. Choosing the right kind of trust will depend on what the trust is intended to accomplish.
When determining if a revocable trust is the right choice for you, it is important to know the purpose for which the trust is being created and the types of protections being sought. Revocable trusts can do the following:
- Allow you to maintain control over and access to assets. While the trust owns the assets, you can instruct the trustee to pay over trust property, change the trust, or revoke the trust any time you want. This is a major difference from irrevocable trusts. Because you retain control over property, you do not receive all the benefits associated with an irrevocable trust, such as asset protection and exempting trust assets from counting against you when determining if you qualify for government benefits.
- Avoid probate. Property can transfer outside of the probate process. This is a significant benefit for your heirs, who do not need to go through probate and wait so long to receive inheritances. Because probate is avoided, information about your assets and beneficiaries is kept private and your property is managed immediately and effectively rather than having to wait until an executor is appointed to manage the estate.
- Protect assets if a disability occurs. You can set up your trust so you retain control until disability, when another trustee will take over. This gives you more control until you become disabled, and ensures there is no interruption in effective asset management should you become disabled at some point. This is usually a better alternative than only creating a general power of attorney, which may or may not be accepted in all instances.
These are just a few examples of how trusts can help you take more control over your assets. An experienced estate planning lawyer can assist you in creating a trust, transferring assets, and making informed choices on trust administration.
Getting Help With Revocable Trusts From Our Attorneys
Parman & Easterday is an experienced estate planning law firm with offices in Oklahoma City, Tulsa and Overland Park, Kansas. Our attorneys help clients create trusts that ensure they have control over their assets and can take advantage of the protections the legal system provides through this special form of property ownership. To learn more about revocable trusts and other types of trusts, join us for a free seminar, call us at (405) 703-9987 or (913) 385-9400 or contact us online to speak with a firm representative who can provide you further guidance on what revocable trusts can do for you.