Protect Your Assets and Ensure a Secure Future for Your Loved Ones with a Living Trust in Tulsa, Oklahoma

Categories: Estate Planning, Oklahoma Estate Planning Laws

When Bob and his wife Emily retired, they wanted to ensure that their hard-earned assets were protected and their wishes were followed if they could no longer make decisions. They heard about living trusts and sought the help of an experienced Tulsa, Oklahoma, living trust lawyer.

A living trust is a legal document allowing you to transfer ownership of your assets to a trustee during your lifetime, who will manage and distribute your assets according to your wishes upon death or incapacity. In Oklahoma, a living trust can help you avoid probate, a court process that can be lengthy and expensive. It can also help you maintain privacy and control over the distribution of your assets.

What to Consider When Creating a Living Trust:

• Your assets and liabilities
• Your current and future beneficiaries
• Your wishes for the distribution of your assets
• Any special needs or considerations for your beneficiaries
• Your choice of a trustworthy and competent trustee

Step-by-Step Process for Creating a Living Trust:

1. Consult an experienced Tulsa living trust lawyer to discuss your goals and options.
2. Inventory your assets and liabilities.
3. Determine who your beneficiaries are and your wishes for the distribution of your help.
4. Choose a trustworthy and competent trustee.
5. Have your living trust adequately drafted and signed by you and your witnesses.
6. Fund your trust by transferring ownership of your assets to the trustee.
7. Keep your faith up-to-date by regularly reviewing and updating it as necessary.

Statistics on Living Trusts in Oklahoma:

• According to the Oklahoma Bar Association, over 50% of Oklahomans do not have a will or trust.
• The average cost of probate in Oklahoma is $8,000 to $10,000.
• A living trust can help you save time and money by avoiding probate.

“Frequently Asked Questions about Wills and Trusts:

What is the difference between a will and a trust?

1. A will is a legal document specifying how you want your assets to be distributed upon death. A trust is a legal document that transfers ownership of your assets to a trustee during your lifetime, who will manage and distribute your assets according to your wishes upon your death or incapacity.

Do I need a will or a trust?

1. It depends on your goals, assets, and beneficiaries. An experienced Tulsa living trust lawyer can help determine which option is best for you.

Can I change my will or trust?

1. Yes, you can change your will or trust anytime if you have the capacity. It is essential to regularly review and update your will or trust to ensure that it reflects your current wishes.

The importance of taking action soon must be emphasized. Protect your assets and ensure a secure future for your loved ones before it’s too late. Choose an experienced Tulsa living trust lawyer to help create a properly written living trust that meets your unique needs and goals.