Welcome to the first article in the Series on the Oklahoma Revocable Living Trust.  I often get asked questions about a revocable living trust and have found that there are many misconceptions surrounding the topic.  This is why I have decided to educate the readers on the matter.  Throughout the series, I aim to address common confusion and provide valuable insights.  When utilized correctly, a revocable living trust can be an effective estate planning tool.

By establishing a revocable living trust, you can not only avoid probate but also maintain privacy, appoint a trustee to carry out your wishes and designate a guardian to make decisions in case of incapacity.  If you or a loved one are seeking assistance in creating a living trust, our dedicated estate planning attorneys are here to help.  Please contact us online or by telephone to connect with an Oklahoma estate planning law firm and consult with a knowledgeable wills and trusts lawyer.

In our upcoming posts, we will cover several important topics related to the creation, execution, purpose, advantages, and ancillary issues surrounding a living trust.  Some of the key areas we will explore are:

  • What is an Oklahoma Revocable Living Trust and how to create one?
  • What are the major advantages of an Oklahoma Revocable Living Trust?
  • What is the difference between revocable and irrevocable living trust in Oklahoma?
  • Does Oklahoma revocable living trust help me avoid federal estate taxes?

Each post in this series will delve into the details of creating and executing a living trust, as well as its purpose, benefits, and related considerations.  The next post will explain what a revocable living trust is and how to create one.  Essentially, a revocable living trust is a flexible estate planning tool created by a trust creator (the settlor) with instructions on the disposal of the trust assets upon their death.  To create a trust, you need to identify the assets you wish to include, appoint a trustee and beneficiaries, provide specific instructions, and execute the trust document before a notary.

In the subsequent post, we will discuss the major advantages associated with the revocable living trust.  These include probate avoidance, protection of privacy for the trust creator and the beneficiaries, flexibility, and immediate access to assets upon the creator’s death.  Unlike the probate proceedings which can be costly and time-consuming, a trust allows for the efficient transfer of the estate assets without going through the probate process.

In the next post, we will discuss the difference between revocable and irrevocable trust.  When people talk about a living trust, they usually mean a revocable trust.  This type of trust can be revoked or altered at any time during the lifetime of the trust creator.  On the other hand, an irrevocable trust is exactly what it sounds like, and cannot be revoked after it is created.  Each type of trust has its advantages, which we will discuss briefly in the post.

Moving on to the next post, we will discuss the various tax implications of creating a revocable trust.  Oklahoma does not have an estate or inheritance tax, and therefore your estate will not owe any money to the state.  However, if your estate exceeds a certain dollar amount, it will trigger federal estate tax, resulting in your estate owing money to the federal government.

Another reason for this series is to provide you with the information needed to find and select an estate planning attorney for your needs.  Whether you require assistance with a revocable living trust or a more comprehensive estate plan, we are here to help.  We will give your case the attention it deserves, and help you create a plan that ensures your wishes are carried out.  As an Oklahoma City estate planning attorney, I am here to provide the support you need.  Contact my office online or by telephone to schedule a consultation.  We proudly serve Oklahoma County, Logan County, Cleveland County, and Grady County.