Trusts Lawyer In Tulsa
Trust-based Estate Planning is used when you have estate planning goals or personal needs that cannot be accomplished with only a will.
Call (918) 884-7791 for your complimentary phone consultation.
How Does a Trust Benefit Your Estate Plan?
The most common use of trusts in estate planning often focuses on transferring real estate, possession, and money assets to the trust for the purpose of transitioning the ownership to the client's family and friends. The trust-based estate plan is the most thorough and comprehensive estate planning solution with many benefits.
Trusts can be used to:
Help a family avoid probate
Keep the handling of family legacy money completely private
Provide the ability to manage monies for child beneficiaries
Help minimize, defer, and plan for estate taxes or death taxes
Conduct and manage a wide variety of business interests
Earn interest income on the assets in the trust
Protect a person's assets from collectors, divorces, and financial judgments
Help keep a person's disability benefits
Help an elderly person qualify for Medicaid
Help a younger person maintain an individual education plan
But Aren’t Will-Based Estate Plans Just As Good?
One of the most important things to understand about a Will-based Estate Plan is that it puts all of your family business right out in the open. If you are looking for an estate plan that is private from the public eye, trust-based estate plans may be what you need. Will-based estate plans become public court records. Estate plans are filed with the local probate court, which means that it becomes a public court record, and therefore, anyone can see it. Trust-based estate plans remain private.
With a Will the public record will reveal all of the following details:
What you owned
Who you owed
Who will inherit your estate
Each heir's name
Each heir's address
Name / address of the executor
What Else Can Trusts Do For Me?
What if you become incapacitated? Who will make decisions for you? Do you want a Judge making that decision for you? With a Revocable Living Trust the person named as your disability trustee will take over making decisions for you. Avoid the wrong person being named your Guardian or Conservator. All this protection without losing an ounce of control until something happens.
The revocable living trust will include a detailed list of instructions regarding the following elements:
What happens while you are alive and healthy?
What happens if you become mentally incapacitated?
What happens following your death?
If this is the kind of protection and privacy you are looking for then do not wait another minute.