Oklahoma City Trust Attorneys

The Power & Utility of Trusts

Trusts are probably the most powerful estate planning tool you have available. While simple in form – your trust is just a type of contract – they have almost limitless use and flexibility. Your trust is used to take care of affairs if you were to die OR if you became incapacitated/incompetent due to an illness or injury.

Trusts allow you to avoid:

• Probate
• Guardianship
• Family squabbles
• And many other problems

This tool need not be expensive or complex – it works great for large, medium, and even small size estates.

Contact our Oklahoma City trust lawyers to create your trust today. 

Why Do I Need a Trust?

Trusts are one of the oldest and the most powerful legal tools that we have at our disposal to solve a large number of problems in your estate. For some estates, a trust is the single most important legal tool in the entire estate plan.

Some people mistakenly believe that trusts are only for “rich people” or that they are far too expensive to include in their plan. They form these opinions without really understanding the benefits or the relative costs of this legal tool.

Frequently, the benefits of your trust – in saving time, hassle, and money – far outweigh the modest cost of including this tool in your plan. Only an experienced estate planning attorney can determine if a trust is the right choice to include in your complete estate plan.

What Exactly Is a Trust?

A trust is just a contract – it’s as simple as that. It’s a legal agreement where one person entrusts some items to a second person, who in turn, promises to use those items for a third person.

The first person – the owner of some property such as a house, car, bank accounts, etc. - is the one who sets up the trust. This person is called the settlor (because they “settle” the trust or set it up). The settlor transfers this property to a trusted person – called, sensibly enough, the trustee.

The trustee agrees to use the property he/she/it holds for use of a third party – called the beneficiary. The trustee is not allowed to use the property (the “trust assets”) for anyone other than the beneficiary.

Here Is the Most Important Part:

Even if the settlor were to get sick or die, the trustee can continue on using the trust assets for the benefit of the beneficiary. What’s more, if the trustee were to get sick or die, then the trust (usually) names a back-up trustee (called a “successor trustee”).

Call (405) 896-3615 today for a free case evaluation* with our skilled Oklahoma City trust lawyers. 

Creating a Living Trust in Oklahoma  

A living trust, also known as a revocable trust, is a dynamic estate planning tool that allows individuals to retain control of their assets during their lifetime while seamlessly facilitating the transfer of those assets upon their passing. In the state of Oklahoma, creating a living trust involves several key steps:

• Consultation and Assessment: Our Oklahoma City trust attorneys initiate the process by engaging in a comprehensive consultation to understand your financial situation, familial dynamics, and ultimate goals. This enables us to tailor a living trust that aligns precisely with your objectives.
• Drafting the Trust Document: Our legal team meticulously drafts the living trust document once we thoroughly understand your unique circumstances. This document outlines the terms and conditions of the trust, including the appointment of a trustee and the distribution of assets.
• Funding the Trust: A critical aspect of establishing a living trust is transferring ownership of your assets into the trust. Our attorneys will guide you through this process, ensuring that your real estate, financial accounts, and other assets are appropriately titled in the name of the trust.
• Appointing a Successor Trustee: Planning for unforeseen circumstances is integral to the effectiveness of a living trust. We assist you in selecting a successor trustee who will step in to manage the trust and distribute assets according to your wishes in the event of your incapacity or passing.
• Ensuring Compliance: Our legal team ensures that the living trust complies with all relevant Oklahoma laws and regulations, providing the peace of mind that your estate plan is legally sound.
• Regular Review and Updates: Life is dynamic, and so should your estate plan. Our attorneys recommend periodic reviews of your living trust to account for changes in your financial situation, family structure, or legislative updates. We stand ready to make any necessary adjustments to ensure your trust remains a robust and effective tool. 

Trusts in Estate Planning

Trusts are very old, having come to us in the present form from all the way back in the time of Henry VIII in England. So how do trusts benefit us today, particularly in estate planning? Well, they help in much the same way that they did in Medieval England. Trusts are a very effective and reliable way to pass your land (and most every other asset) along to your family.

One reason that trusts work so well as an estate planning tool is that they are tremendously flexible – more so than many other legal instruments (such as wills or powers of attorney, which do still have important roles). One important example of that flexibility is that a trust may have more than one settlor. And more than one trustee. And more than one beneficiary, too!

We take advantage of these characteristics when using trusts in estate planning. Here’s how: it’s perfectly allowable for the same person to set up their own trust (as settlor), select his or herself as the trustee, and be the sole beneficiary of that trust.

If one person serves in all three roles – as Settlor, Trustee, and Beneficiary – that person remains in full and complete control of all assets they own inside their new trust. That person will place most everything into the trust in order to protect those assets.