One of the biggest mistakes people make when creating their wills is thinking that their property will transfer quickly to their beneficiaries. The bottom line is that whether or not you have a will, your assets will go through probate when you pass away. A revocable living trust is a beneficial tool that allows your assets to transition to your beneficiaries. When you have this type of trust in place, you can reduce some of the hassles that come with probate. If you live in Oklahoma, here are some essential factors to consider when it comes to trusts.
Benefits of revocable living trusts
Probate can be expensive and time-consuming for your beneficiaries. The process can last a few months or even a few years. Make sure your property is transferred at the lowest cost to secure your estate plan. This is one reason that trusts are important.
Revocable living trusts are created to protect your assets while you’re alive. The trust will also provide a way to transfer your assets to your beneficiary when you pass away. One of the main advantages of having a removable living trust is to avoid probate.
When you place your assets in your trust, you can assign beneficiaries to the trust and decide the conditions of the trust without having to go through a lengthy legal process. A trust will also give you more privacy concerning your estate and protect your assets if you become incapacitated.
However, you should know that you won’t be able to avoid probate completely. Some assets will still need to go through probate, so proper funding of your trust is crucial. You’ll want to learn all you can about trusts before setting one up.