Revocable Living Trusts
Estate Planning Attorney in Oklahoma City & Perry, OK
A person may wish to establish a revocable living trust to determine who will receive their property and assets after they pass away. A majority of living trusts are revocable, because the creator, or grantor, may change or revoke them at any point during their life. Revocable living trusts are often created to help a person’s loved ones avoid probate of the items in the trust. Probate may be a time-consuming and expensive process for a person’s family, and establishing a revocable trust may minimize or eliminate the probate of an individual’s estate. Items placed in a living trust may transfer to beneficiaries after the grantor passes away without going through the probate process. To establish a revocable living trust, contact anOklahoma City estate planning lawyer at The Law Offices of Bryon J. Will, P.L.L.C.
What is a revocable living trust?
A revocable living trust must list the property in the trust, name a trustee, and name who is to receive the property after the grantor passes away. Any type of property and assets that are solely owned by the grantor may be transferred into a trust, but some items, like real estate, or other titled property, must be retitled in the name of the trust. Although this is not a complicated process, if the title is not transferred correctly, the property may have to go through probate.
A revocable living trust is different from a living will. A living will may name guardians for children, name an executor, and instruct loved ones how debts and taxes should be paid. Living trusts may reduce the change of estate or probate litigation, avoid a conservatorship, keep documents private after the creator passes away, and may allow items placed in the trust to avoid the probate process. One of the many benefits of the revocable living trust is the avoidance of your property being administered through probate.
Trust Attorney in the State of Oklahoma
If you wish to safeguard your assets prior to and after your passing, it may be beneficial for you to create a revocable living trust. The lawyers at The Law Office of Bryon J. Will may also assist clients establish various other types of trusts, as well as other crucial estate planning documents. Please fill out a complimentary case evaluation form to learn more!