A revocable living trust in Oklahoma is a valuable tool for individuals to manage their assets. It protects a person’s assets both during their lifetime and after they pass away.
A revocable living trust is a legal arrangement in which one person, called a trustee, holds legal title to property for the benefit of another person, the beneficiary. The individual creating the trust often acts as the trustee and maintains control over their assets while alive.
Avoiding probate
Assets held in a revocable living trust bypass the probate process. Since the trustee defines asset distribution, probate is not necessary.
Protecting privacy
Unlike public probate proceedings, the administration of a living trust is private. Personal and financial matters remain confidential. Many individuals and business owners establish living trusts to protect their privacy. In Oklahoma, probate proceedings are public. Documents filed in court, including wills, become part of the public record.
Planning for disability
Most individuals know that long-term illnesses or injuries can devastate a family. A living trust allows individuals to predict asset management needs in the event of incapacity, ensuring continuous care and support.
Maintaining flexibility
Living trusts offer flexibility in managing assets during one’s lifetime and distributing them to beneficiaries according to the trust document.
Providing immediate access to assets
Beneficiaries have immediate and continuous access to trust assets upon the individual’s death, without the need for court intervention.
A revocable living trust offers people the opportunity to manage their assets effectively and plan for incapacity. Individuals can make informed decisions about their estate planning needs.