How to Set Up a Living Trust in Oklahoma

Setting up a living trust is a smart way to protect your assets and ensure they are distributed according to your wishes after you pass away. In Oklahoma, the process for creating a living trust is straightforward and can be done with the help of an attorney or on your own. Here’s a step-by-step guide to help you get started.

Step 1: Determine Your Goals

Before you begin creating a living trust, it’s important to determine your goals. Decide what assets you want to include in the trust, who you want to name as your beneficiaries, and how you want those assets distributed. You should also consider who you want to name as the trustee, the person responsible for managing the assets in the trust.

Step 2: Choose the Type of Trust

There are two types of living trusts in Oklahoma: revocable and irrevocable. A revocable trust can be changed or revoked at any time, while an irrevocable trust cannot. Consider your goals and needs when choosing the type of trust that’s right for you.

Step 3: Create the Trust Document

The next step is to create the trust document. This document outlines the terms of the trust, including the assets included, beneficiaries, and trustee. You can create the document yourself or work with an attorney to ensure it meets all legal requirements.

Step 4: Fund the Trust

The trust is not effective until it is funded with assets. This means transferring ownership of assets to the trust. Funding the trust may include transferring real estate, bank accounts, and other assets into the trust. You will need to work with an attorney or financial advisor to ensure the transfer is done correctly.

Step 5: Name a Successor Trustee

It’s important to name a successor trustee in case the original trustee is unable to fulfill their duties. The successor trustee will take over management of the trust and ensure assets are distributed according to your wishes.

Step 6: Review and Update the Trust

It’s important to review and update the trust periodically to ensure it still meets your goals and needs. You should also review the trust after major life events, such as the birth of a child or the purchase of new assets.

Step 7: Seek Legal Advice

Creating a living trust can be complex, so it’s important to seek legal advice to ensure everything is done correctly. An attorney can help you understand the legal requirements and ensure your trust meets all necessary criteria.

People Also Ask:

Q: Do I need an attorney to create a living trust in Oklahoma?
A: While it’s possible to create a living trust on your own, it’s recommended to work with an attorney to ensure everything is done correctly and meets legal requirements.

Q: What assets can be included in a living trust?
A: Almost any type of asset can be included in a living trust, including real estate, bank accounts, investments, and personal property.

Q: How is a living trust different from a will?
A: A living trust allows you to transfer assets to beneficiaries while you are still alive, while a will only goes into effect after you pass away.

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