Frequently handled by Tulsa divorce attorney Jeffrey Hensley, Esq., living trusts are a very popular option when it comes to estate planning, but most people really don’t understand what they are or why they are so important. Learning more about what a living trust is, and why they should be a part of your overall estate plan, can help you whether you are in the early stages of your working career, preparing for retirement, or at any other stage of life.
What is a Living Trust?
A living trust is a legal document that allows you to make decisions now to prepare for the future. Unlike a will which becomes effective upon your death, a living trust can become effective even while you are still alive. This makes them very valuable should you become disabled or incapacitated at some point in the future. You can choose from a revocable living trust, which will allow you to make changes as needed as long as you are alive, or an irrevocable living trust which is going to be more “set in stone” with some specific exceptions.
Why Choose a Living Trust?
Using a living trust in your estate plan will provide you with many advantages over just a will, or worse, nothing at all. The following are some of the most important benefits that you’ll enjoy when using a living trust:
- Avoid probate – Trusts are legal entities and don’t “die” with you. This means your loved ones can receive the assets you want them to have without having to go through the costly and time-consuming probate process noted Tulsa divorce attorney Jeffrey Hensley, Esq.
- Avoid taxes – A properly drafted trust can also help you to minimize or altogether avoid many types of taxes that your estate would otherwise have to pay.
- Flexible over time – You can place assets into the trust, remove them, change the beneficiaries, and much more whenever you want. As your situation changes, you can make adjustments to the trust to make sure it always matches your interests.
- Maintain control after death – You can decide exactly what happens to your assets after you’re gone. This goes well beyond simply leaving your assets to a loved one. You can direct how and when everything will be used as noted by Tulsa divorce attorney Jeffrey Hensley, Esq., l
Oklahoma Trusts Are Easy to Establish
For those who haven’t started estate planning yet, talking about trusts can be quite intimidating. While a trust is a more “advanced” estate plan option, it is still pretty simple to have written up and created. Contact Tulsa Divorce Attorney of Hensley Legal Services to discuss whether a trust is the right option for you, and if so, get one setup for you right away. We’ll be there for you to create your trust, and to manage it for years to come.