Most people in Oklahoma understand the importance of a will to protect their estate when they pass away. A will is an important document that every person in Oklahoma should have. But there are other estate planning documents that may be needed, including a revocable living trust.
A revocable living trust has many advantages and can be a valuable estate planning document. A revocable living trust is similar to a will but can do more for families. Avoiding probate court is one of the main advantages. Even if a person has a will, obtaining a lawyer and going through probate is often necessary in order to distribute the assets. A will also becomes public information, unlike a revocable living trust which will remain private. Because it is private, only those who are involved with the estate will know the details. In addition, asset distribution is much quicker and cheaper than having to wait for probate to complete. Finally, a revocable living trust has the advantage of being customizable based on a family’s needs, including caring for special needs children and other unique situations.
Creating an estate plan that encompasses all of a family’s desires is something that an attorney who specializes in estate plans is an expert in. An attorney understands the law and is able to create an estate plan that makes sure their client’s wishes will be followed. They are experts in estate law and helping families avoid probate and other unnecessary expenses. A family works hard to create their wealth and protecting it and gifting it to family and charities when they’re gone requires smart planning.
There are many estate planning tools a person can take advantage of when creating their will and trust. These estate planning documents exist to help a family feel secure about their future and protect their assets.
Source: tcpalm.com, “The advantages of a revocable living trust,” Robert D. Schwartz, Jan. 17, 2017