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Should a Trust Be Part of Your Estate Plan?

Trusts are a powerful legal tool that are central to estate planning. Don’t think Trusts are only for the ultrawealthy, avoiding the costs of probate and keeping your estate private are important for any size estate. 

At Green Country Law Group, our lawyers can review your estate and plans for distribution of property to determine the options for your estate plan. Extensive experience, combined with real world experience in business, tax and a number of industries, allow us to provide honest and realistic guidance for clients from every background. A good estate plan is ensuring your family is taken care of, and we can help you put one into place. 

What is a Trust?

A Trust is a legal entity that holds property for those you want to inherit your property and are known as beneficiaries. A Trust is managed by its Trustee, who is much like the President of a company.  You are the Grantors, so think of yourselves as the Board of Directors.  YOU determine who the Trustee is, and during your life it is typically you.  The property in a revocable Trust remains in your full control, you can change the Trust, take property out, sell or mortgage your property, it does not impact your ability to do what you would with your estate.  A Revocable Trust is primarily used to avoid probate, but other types of Trusts can do much, much more. 

There are many kinds of Trusts, including: 

  • Revocable Trusts
  • Irrevocable Trusts
  • Testamentary Trusts
  • Life Insurance Trusts
  • Qualified Terminal Interest Trusts (QTIP)
  • Special Needs Trusts

Some Trusts provide tax advantages. Most also offer the advantage of keeping assets out of probate. 

How Does a Trust Work?

Each type of Trust functions a little differently, depending on how it is structured. Generally speaking, a Trust holds legal title to property – such as real estate, farm implements, livestock, investments, and more – that are distributed according to the terms of the Trust.  Those terms are what you decide, and with all but irrevocable Trusts, you can change or revise those terms. 

The Trustee is responsible for managing the Trust.  A Trustee must follow the terms of the Trust, with the fiduciary duty in regard to how they manage the Trust.    

Creating a Trust in Oklahoma

When you establish a Trust, you will need to: 

  • Name the Trust
  • Determine Trustees and successor Trustees
  • Decide who will receive those assets, when and how

Our knowledgeable attorneys will guide you through all the “what-if” planning to try to cover as many probabilities as we can, as well as address some possibilities that might come to light in the process. 

Is a Trust Right for You?

Our attorneys will be happy to review your situation and help you to make an informed decision about the best estate planning tools for your objectives. 

Get started today by calling 918-456-6113 or contacting us online.