Deciding between a will and a trust is an important decision you’ll make during the estate planning process. Although their purposes differ from each other, they each provide unique benefits. Your decision depends on your personal goals, the complexity of your assets, and your family’s specific needs.
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What Does a Will Do in Tulsa?
A will is a legal document that states how you want your property distributed after your death. You can name beneficiaries, appoint a guardian for minor children, and choose a personal representative (also called an executor) to manage your estate.
In Oklahoma, your will must go through probate, a court-supervised process that validates the will and oversees estate distribution. Probate can take several months to over a year, depending on the complexity of the estate and whether anyone contests the will.
A will is typically sufficient if you:
- Have a modest estate
- Don’t own out-of-state property
- Want to name a guardian for minor children
- Are not concerned about avoiding probate
However, a will only becomes effective after your death and does not provide any management for your assets if you become incapacitated.
What Does a Trust Do in Oklahoma?
A trust, specifically a revocable living trust, allows you to transfer ownership of your property into a separate legal entity during your lifetime. You serve as the trustee and manage the trust while you’re alive and well. You also name a successor trustee to take over if you become incapacitated or after your death.
Unlike a will, a properly funded trust avoids probate, meaning your beneficiaries can receive their inheritance without court involvement. A trust also provides privacy, as it does not become part of the public record.
You might consider creating a trust if you:
- Want to avoid probate in Oklahoma (and in other states if you own out-of-state property)
- Have a larger or more complex estate
- Desire privacy and faster distribution of assets
- Want to provide long-term management for children, special needs beneficiaries, or financially inexperienced heirs
- Plan for potential incapacity and want someone to manage your assets without court intervention
Can You Have Both a Will and a Trust?
It’s possible to have both a will and a trust, and many estate planning attorneys actually suggest you do so. A common estate plan includes a revocable living trust to manage and distribute most of your assets and a “pour-over” will to ensure that any assets not placed into the trust during your lifetime still pass according to your wishes. A will also names guardians for minor children, which a trust cannot do.
Get Help Creating a Will or Trust in Oklahoma
Deciding whether to get a will or a trust is an important decision, and ultimately depends on your personal goals and desires. Whether you’re administering an estate or planning your own, here at Tulsa County Lawyers Group, we provide guidance that brings peace of mind. Get a free consultation from an estate planning attorney by calling 918.379.4864, or you can ask an online question by following this link.
