There are circumstances where creating a trust may be better than a will. Estate planning is a key step in protecting your assets and ensuring your wishes are honored after your death. In Oklahoma, two of the most common tools for this purpose are wills and trusts. This article explains the key differences between wills and trusts in Oklahoma and when choosing a trust may be the better option for your estate plan.
Wills vs. Trusts: The Basics
A will is a legal document that outlines how to distribute your property after your death. It can also name guardians for minor children and specify final wishes. However, a will must go through probate, which is the court-supervised process of validating the document and distributing your estate.
A trust, by contrast, allows you to transfer ownership of your assets into a legal entity managed by a trustee. You can serve as the trustee during your lifetime and name a successor to manage the trust after your death. Trusts can be revocable (you can change or cancel them) or irrevocable (once established, they generally cannot be changed).
When Is a Trust Better Than a Will?
There are several situations where a trust may be better than a will, such as:
1. You Want to Avoid Probate
One of the biggest advantages of a trust is that it avoids probate. This means your family can access your assets faster, with fewer court filings and lower legal costs. If you own real estate or have significant assets, a trust can streamline the transfer process.
2. You Own Property in Multiple States
If you own property outside Oklahoma, your estate could be subject to multiple probate proceedings (known as ancillary probate). A trust avoids this by allowing all assets to be distributed under one plan, no matter where they’re located.
3. You Want Privacy
Unlike wills, which become public records during probate, trusts remain private. If you prefer to keep your financial affairs and beneficiaries confidential, a trust may be the better choice.
4. You Have Minor Children or Beneficiaries Who Need Oversight
Trusts allow you to control how and when assets are distributed, which can be helpful if your heirs are young or financially inexperienced. You can stagger distributions or set conditions—something a will cannot do on its own.
5. You’re Concerned About Incapacity
A living trust can also help manage your affairs if you become mentally or physically incapacitated. A successor trustee can step in without the need for court intervention, ensuring continuity in managing your assets.
When a Will May Be Enough
A will alone may be sufficient if:
- Your estate is small and simple
- You do not own property outside Oklahoma
- You are not concerned about court delays or privacy
- You do not need to manage asset distribution over time
Even if a trust is not necessary, having a valid will is still essential for naming guardians for minor children and appointing an executor to manage your estate.
Wagoner Estate Planning Attorneys
Every estate is different, and what works for one person may not be right for another. Call our team of probate attorneys at Kania Law – Wagoner Attorneys at 918-283-7394 for a free consultation. Or you can follow this link to ask a free online legal question.
