Tulsa Trust Attorney

A living trust (also called an inter vivos trust or a revocable trust) is a useful estate planning document. It allows you to fully control your assets during your lifetime and fully provide for how you want those assets to be distributed after your death.

One advantage of a living trust is that by incorporating the same language you use in your will, you can avoid the need for your heirs to go through the probate process. Probate in Oklahoma can take 12-24 months and even a small estate can be expensive. With a trust, if someone dies today their successor trustee can be in power the next day. All the successor trustee needs is proof of the trust creator's death. The assets of the estate can usually be distributed much more quickly by avoiding probate.

Additionally, Living trusts allow families to do estate planning in a private manner. Probate records are open to the public. Anyone can go to a Web site for a county and see what you owned, as well as the names and the addresses of the beneficiaries and other information you might expect to remain private. With a living trust, you have a private document.

Trusts are usually set up as a revocable document, so you can change it at any time if there are marital/family changes, or assets purchased and sold. It is a good idea to review your trust once per year. Also, you can set up special purpose trusts, such as a special needs trust, to care for a disabled child or elderly parent. Your trust can contain a provision that a share going to a beneficiary be held and administered by the successor trustee. This is sometimes called a spendthrift provision, and it can be used to protect a child's inheritance from creditors and the child.

As a C.P.A., Ms. Schmook can assist you with the trust that best suits your situation, and fully explain the tax implications.