Oklahoma Revocable Living Trust: Questions & Answers

The Oklahoma revocable living trust is a great tool for a person to use to take care of their family both before and after the person has passed away.  Below is some additional information about  Oklahoma trusts.

What is an Oklahoma living trust?
The living trust is also known as a “revocable trust,” a “revocable living trust,” and an “inter vivos trust.”  What is a trust?  Simply put,

A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. With the revocable living trust, you can be the trustee of your own trust, you keep complete control over all property held in trust but get the benefits of the law treating the trust as a separate legal entity.

For more information about the Oklahoma living trust, check out this Blog Post.

What are some of the advantages of having your assets owned by a living trust when you pass away?
*Elimination of the Probate Process
*Immediate and continuous access to assets and cash flow
*Protecting your assets and providing continuous cash flow in the event you become mentally or physically disabled or incapacitated prior to your death 
*Reduces the burden on the children and other family members to search and gather assets after death.

What are five things you can do with an Oklahoma trust that you cannot do with a will?
(1) Your family can avoid probate.
(2) Protect your privacy.
(3) Plan for a special needs child.
(4) Facilitate your care during a disability.
(5) Allow your family to have immediate access to your assets at death.

For more information about the things you can do with an Oklahoma trust that you cannot do with a last will and testament, check out this post.

Why is privacy a highly underrated feature of an Oklahoma living trust?
How is privacy part of the trust process? To understand this, you must understand what happens if a person dies with no living trust. If a person passes away owning real property, investment accounts, or mineral interest, usually that person’s heirs must file in a probate proceeding to access the property.

Oklahoma probate is a public process. You file a lawsuit in the County Court in which the deceased person lived, and all of the documents filed in the lawsuit are publicly available. Not only are the documents publicly available, but with current technology, most of the documents can be accessed from any Internet-enabled computer. That means anyone can view the documents that are part of the probate case, including the last will and testament, which often contains personal details and other private family matters.

You avoid probate by ensuring that all of your property is held by a living trust. If the property is held by the trust, there is no need to have a probate proceeding when someone passes away because the owner remains the same: the living trust. Your heirs have immediate and continuous access to all the property and no reason to make all of the details of the family public in an Oklahoma probate case. The process of administering a living trust is private nothing needs to be filed publicly like with probate.  To read more about the sneaky goodness of the privacy provided by an Oklahoma living trust, check out this Post.

 

 

Posted by Shawn Roberts

On this blog, I write about and try to answer practical Oklahoma legal questions. My focus and most experience is in estate planning and business issues including Oklahoma non-compete law. I make a living as an attorney in the law firm I founded, Shawn J. Roberts, P.C. in Oklahoma City. I live in Edmond with my wife Amy and my two children, Sam (19) and David (11). We live precisely in the path of where the "wind comes sweeping down the plains."