A revocable trust is one of the most effective ways to manage and protect your assets during your lifetime and after death. In Oklahoma, a revocable trust—sometimes called a “living trust”—offers flexibility, privacy, and the ability to avoid probate. Whether you’re planning for the future or helping a loved one, understanding how revocable trusts work is a valuable step.
Definition of a Revocable Trust
A revocable trust is a legal document that allows you (the “grantor” or “trustor”) to place your assets into a trust while maintaining control over them during your lifetime. You can revoke or modify the trust at any time, as long as you are mentally competent. This is one of several types of trusts available in Oklahoma.
You typically serve as both the trustee (the person who manages the trust) and the beneficiary (the person who benefits from the trust) while you’re alive. Upon your death or incapacity, a successor trustee—whom you name in the trust—takes over and manages or distributes the assets according to your instructions.
Key Benefits of a Revocable Trust in Oklahoma
One of the most significant advantages is that it allows your estate to avoid probate. Probate is the court-supervised process of distributing your assets after death, which can be time-consuming and public. With a revocable trust, you can ensure your assets will go directly to your beneficiaries without court involvement.
Unlike a will, which becomes a public record once it is filed in probate court, a revocable trust remains private. The terms of the trust and the identity of your beneficiaries are not public, preserving confidentiality.
Because you retain the right to amend or revoke the trust, you can update your plan as your life circumstances change, such as after marriage, divorce, or the birth of a child. You also control how you manage and distribute your assets during your life and after your death.
What Can You Place in a Revocable Trust?
In Oklahoma, you can transfer most types of property into a revocable trust, including:
- Real estate (homes, rental property, farmland)
- Bank accounts and investment accounts
- Business interests
- Personal property (vehicles, jewelry, collectibles)
To fully fund the trust, you must change the legal title of each asset to the name of the trust. Failing to properly transfer ownership may cause those assets to go through probate, defeating one of the trust’s primary purposes.
Do You Still Need a Will If You Have a Trust?
Even if you create a trust, you should also have a pour-over will. This type of will places any assets you didn’t transfer into your trust during your lifetime into the trust upon your death. A pour-over will ensures you don’t accidentally leave assets out of your estate plan.
Tulsa Estate Planning Attorneys
Creating a revocable trust requires careful planning, proper funding, and precise legal drafting. 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 a bankruptcy attorney by calling 918.379.4864, or you can ask an online question by following this link.
