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What A Revocable Trust Allows

Why should you consider a living trust (also called an inter vivos trust, a revocable trust or a Loving trust©)? It allows you to remain in control of your assets during your lifetime. You can also detail how the remaining assets should be distributed after your death.

At Postic & Bates, our lawyers create all types of living trusts for people throughout Oklahoma. Our attorneys are often able to send a draft of a trust and other estate planning documents within a week. This gives you a chance to review the documents and get comfortable with them before coming in to sign them.

We provide a separate document explaining all the legal terms. And our lawyers are always available to answer your questions.

What Are Other Advantages Of A Living Trust?

You can avoid the need for probate, which in Oklahoma will take four months to a year. Uncontested probate on even a small estate can cost between $4,000 and $6,000. With a trust, if someone dies today, his or her successor trustee can be in power tomorrow. All the successor trustee needs is proof of the trust maker's death. The assets of the estate can usually be distributed in 30 to 60 days.

Living trusts also allow families to do estate planning privately. Probate records are public records. This means anyone can visit a county website and see what you owned, as well as the names and addresses of beneficiaries and other information you might expect to remain private. A living trust stays a private document.

Trusts are usually set up to be revocable, so that you can make changes any time there is a birth in the family, a marriage or divorce, or major purchase or sale. It's a good idea to review your trust once a year.

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 children's inheritances from creditors, predators and themselves. Special-purpose trusts — such as a special-needs trust — are good tools to provide for a disabled child or elderly parent without affecting Medicaid or Supplemental Security Income eligibility.

We Offer Free Initial Consultations

To arrange a free consultation, please send us a brief description of your concerns and we'll reach out. You can also call our Oklahoma City office at 405-814-6524 or toll free 800-575-6838.

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