Tulsa Trust Lawyer
Trusts are useful estate planning devices that can serve different purposes depending on your individual needs and goals. These legal instruments provide many benefits to individuals and families and can be arranged in various ways to specify in what manner and at what time the assets they contain will be passed on to your heirs and beneficiaries. In Oklahoma, the assets you convey into a trust can be transferred outside of probate, saving your family the time, expense, and stress of the probate process.
Request an initial consultation with our Tulsa attorney for Durable Power of Attorney
at Leslie & Associates to discuss your legal needs. You can reach us via email
or at (918) 707-8652.
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How Do Trusts Work?
Trusts are fiduciary arrangements that involve three types of parties:
- The trustor(s), also called the grantor(s), creates the trust by conveying assets and property into the trust which is a separate legal entity; the trust will hold title to these assets instead of the person(s) creating the trust.
- The trustee(s) who manage the property or assets held within the trust for the benefit of:
- The trust beneficiaries, to whom the assets of the trust will pass according to the instructions detailed within the trust by the trustor(s).
Unlike wills that only go into effect upon your death, trusts take effect upon their creation. They may be used in addition to wills, depending on your needs.
While trusts are commonly associated with the very wealthy, they are valuable to people with all sizes of estates. Their benefits include the ability to bypass probate which allows your heirs and beneficiaries to receive assets and property much sooner, the reduction or elimination of various types of taxes, potential protection of assets and property from creditors (depending on the type of trust created), and they may allow for better management of assets during their existence.
Our Tulsa Trust Lawyer Can Help
At Leslie & Associates, our Tulsa trust attorney can help you understand how trusts work and help you make informed decisions about whether a trust is right for you and, if so, what type of trust will work best given the particulars of your estate planning goals and needs. Attorney Mick Leslie has been providing legal advice and guidance in this area of law since 1994. He brings a wealth of experience and knowledge to the drafting and implementation of various types of trusts as well as helping you update, amend, or terminate a trust instrument.
Types of Trusts
Many types of trusts are available, each with its own purpose and arrangement. These can include:
- Revocable living trusts. These are created during your lifetime in which you may act as the trustee to manage the trust assets as you see fit. Upon your passing, your successor trustee(s) will transfer these assets according to trust instructions. These trusts can be changed or revoked at will.
- Irrevocable trusts. These are trusts into which you place assets that can never be changed or revoked. Your legal ownership of the assets placed there will forever be held by the trust. Because you are no longer the owner, these assets can be protected from creditors.
- Testamentary trust. This is a trust that is connected to a Will; it is created when you pass with instructions in the Will that detail how it is to be established. Your Will still must go through the probate process.
- “Special needs” trust. This type of trust provides income to disabled family members that allows them to remain eligible for governmental disability benefits, such as through Social Security. The trustee pays out income to the beneficiary through the assets held within the trust.
- Charitable trusts. These allow you to support your favorite charities through a trust arrangement.
Other types of trust are available. To understand what type of trust is suitable to your needs and goals, it is best to discuss the matter with Attorney Leslie who can guide and advise you about the trust instruments that will best work for you.
Reach out to us at (918) 707-8652 to learn more about how we can help today.