When it comes to estate planning in Oklahoma, many people enjoy the benefits of a revocable living trust as part of their plan. Unlike a simple will, a revocable living trust offers greater flexibility and allows you to maintain control of your assets during your lifetime—while also making it easier for your loved ones after you pass. If you’re thinking about how to manage and pass on your property, it’s important to understand the key benefits of using a revocable living trust.
What Is a Revocable Living Trust?
A revocable living trust is a legal arrangement where you transfer ownership of your assets to a trust during your lifetime. You typically serve as your own trustee and continue to manage your property just as you did before. The term “revocable” means you can change, update, or even cancel the trust at any time while you’re still alive and mentally competent.
You also name a successor trustee to step in and manage the trust if you become incapacitated or after your death.
What Are the Main Benefits?
Creating a revocable living trust provides several advantages over relying on a will alone:
1. Avoiding Probate
One of the most common reasons Oklahomans choose a revocable living trust is to avoid probate. Assets held in a trust do not go through probate court, meaning they can be distributed to beneficiaries more quickly and privately than through a will.
2. Privacy Protection
Wills become public record when they are filed with the court. Trusts, on the other hand, remain private. This keeps your financial affairs and beneficiaries out of public view.
3. Continuity During Incapacity
If you become incapacitated, your named successor trustee can step in and manage the trust without the need for court intervention or guardianship proceedings. This makes managing your affairs much easier in the event of a medical crisis.
4. Flexibility
Because it’s revocable, you can amend the trust if your circumstances change—such as getting married, having children, or acquiring new property. You maintain full control during your lifetime.
5. Ease of Asset Distribution
A revocable living trust can include detailed instructions for how your property should be managed and distributed. This helps prevent confusion and disputes among beneficiaries and can reduce the administrative burden on your family.
6. Multi-State Property Management
If you own property in multiple states, using a revocable living trust can help your heirs avoid separate probate proceedings in each state—saving time and legal expense.
Is a Revocable Living Trust Right for You?
Not every estate requires a trust, but many people in Oklahoma can benefit from the added control and protection a revocable living trust offers. It is especially useful if you:
- Want to avoid probate
- Own property in more than one state
- Desire privacy regarding your estate
- Are concerned about future incapacity
- Have a complex family situation or specific wishes for asset distribution
Wagoner Estate Planning Attorneys
We help clients create personalized estate plans that protect their families and their futures. We’ll help you determine whether a revocable living trust is the right tool for your goals. Call our team of estate planning attorneys at Wagoner Attorneys at 918-283-7394 for a free consultation. Or you can follow this link to ask a free online legal question.
