When it comes to estate planning, many Oklahomans ask whether a revocable living trust is the right tool to protect their property and provide for their loved ones. While wills are more widely understood, a revocable living trust offers significant advantages—especially if you want to avoid probate and keep your affairs private.

What Is a Revocable Living Trust?

A revocable living trust is a legal document that allows you to transfer ownership of your assets into a trust during your lifetime. You, as the grantor (also called the settlor), maintain full control over the trust and can:

• Change or revoke the trust at any time
• Manage the assets as the trustee
• Name a successor trustee to step in upon your death or incapacity
• Direct how assets should be managed and distributed after you pass away

The term “revocable” means you can modify or cancel the trust at any point while you’re alive and competent.

How Does a Living Trust Work in Oklahoma?

Here’s a simple breakdown of how it works:

1. You create the trust document, naming yourself as trustee and designating a successor trustee.
2. You transfer ownership of your property—such as your home, bank accounts, and investments—into the trust.
3. You continue to manage the trust assets just like before, without any disruption to your daily life.
4. If you become incapacitated, your successor trustee can step in and manage the assets without court involvement.
5. When you pass away, your successor trustee distributes the assets to your chosen beneficiaries according to your instructions—without probate.

While a trust is useful, most people still need a “pour-over will”, which acts as a backup to transfer any remaining assets into the trust if you forgot to retitle something. Also, only a will can name a guardian for minor children.

What Property Can You Put in a Trust?

You can place most types of assets in a revocable living trust, including:

• Real estate (home, rental property, land)
• Bank accounts and CDs
• Investment and brokerage accounts
• Business interests
• Personal property (vehicles, valuables, family heirlooms)

Retirement accounts (like IRAs and 401(k)s) generally stay in your name, but you can name the trust as a beneficiary if appropriate.

Is a Revocable Living Trust Right for You?

You may benefit from a trust if:

• You want to avoid court and legal hurdles for your family
• You own real estate in more than one state
• You are concerned about incapacity or long-term care
• You want to keep your financial affairs private
• You have a blended family or special instructions for asset distribution

For others, especially those with simple estates, a will may be sufficient. The best approach depends on your goals, assets, and family dynamics.

Oklahoma Estate Planning Attorneys

We help individuals and families create customized revocable living trusts that offer protection, flexibility, and peace of mind. Whether you’re just starting your estate plan or updating an old one, we’re here to guide you every step of the way. 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.