Setting up a trust is one way to determe what will lawfully happen to your property after passing. There are many advantages associated with crafting a trust although it is a longer document compared to other documents. To avoid your loved ones going through a time consuming and financially draining process of probate, a trust can be setup to make things smoother and a lot simpler. Confusion can arise amongst family members and not only can trusts help clear that up but it can help you financially. Excessive taxes can be avoided by building a trust along with maximum retention for your heirs.
Our highly experienced Oklahoma estate planning lawyers provide customized assistance for your custom needs. Each and every client at Atkins and Markoff is treated in a unique manner as we offer personalized service. Our attorneys will help you understand exactly what estate planning documents entail and how they will affect your unique situation. There are two basic types of trusts that can be created.
1. Living Trusts
Living trusts are articulated when you are still alive. A sub category under living trusts is of revocable and irrevocable trusts. These trusts can help you bypass various expenses related to estate taxes and other complications associated with long-term property management. Living trusts are inclusive of the following;
- A report of the property transferred into the trust
- A document of the trust purposes
- Proper identification of the trust’s beneficiaries
- Proper identification of the trustee and successor trustee
Our attorneys can help you in successfully developing those documents and explain to you how exactly your trust will operate. Each step of the process is thoroughly explained and made sure that our client understands all its implications. Our mission is to deliver on your goals and we do everything required to get there.
2. Testamentary Trusts
Testamentary trusts are made as part of a will. Their function is to make sure that before any of the estate property is distributed, it becomes part of the trust itself. However there are certain requirements that to be met before it can be made. They happen to be the same as the ones mentioned in the living trust that the beneficiaries and all the parties should be lawfully identified. Testamentary trusts do not go into effect till the person who crafts the will passes. Our experienced lawyers can help you understand the details of this trust and how it can benefit you.
Trust Modification & Termination
Unlike some other documents, trusts are not permanent. They can be changed over time depending on certain things. If a new property is acquired or if a beneficiary passes unexpectedly then changes have to be made to alter the trusts accordingly. Our lawyers can aid you in the process of make amendments without complications. We also provide assistance for people who want to completely diminish a trust. No matter what your preference might be, we aim to satisfy you in your legal journey.
COMPREHENSIVE ASSISTANCE THROUGHOUT YOUR LEGAL JOURNEY
As outlined above, trusts are extremely important for estate planning. Providing detailed and personalized assistance for all your estate planning needs is exactly what we are here for. Our attorneys have dealt with numerous clients through the years and they have enough experience to tackle any sort of situation resulting in the best outcome for our clients. Through personalized service and unique care, we are able to make our client the top priority through each process. If you are looking for a trust to best fit your needs, contact Atkins and Markoff today and get a free case evaluation.