What is a Revocable Trust:
Living trusts or inter vivos trust is a trust made while the grantor is still alive. A living trust will allow you to transfer all or a part of your assets to the trust rather then transferring your assets when you die. The grantor usually is the sole trustee but in some States it is required that there is a co-trustee. As the grantor and the Trustee of a living trust the grantor retains control of the trust instrument and can make any changes they like. The ability of the Grantor to make changes to the Trust is one major difference between it and the Irrevocable Trust.
Establishing your Living Trust: It is set up when the grantor and the co-trustee if one exists sign the trust agreement. If you name yourself as the Trustee you will be managing the entirety of the Trust assets. Given that all the assets in the Trust are your own you will be managing your assets through the Trust instrument. One of the most important things to remember about a Trust that until the trust is funded the trust has no assets and is doing you little or no good as a means of Estate Planning. You fund your Oklahoma Trust by transferring all or some of your assets in to the name of the Trust. This mean that if you want to hold your home in the trust you need to transfer the title of the home to the trust.
Benefits of a Living Revocable Trust:
1. A major benefit of a revocable trust is that upon the grantors death the named Trustee maintains absolute control over the assets of the trust and this ownership and control is uninterrupted by probate or will contests;
2. A revocable trust unlike a will which is a public document gives the Grantor absolute privacy over what assets exist in the trust upon death. This is unlike a will that requires a probate and does not afford any privacy.
3. Avoids or reduces will contests that may occur in probating your will. This is because will contests are far easier to bring then is an action against the trust. The unhappy person who feels they didn’t receive a proper share in a will can simply file an objection to the will whereas to contest a Trust a wholly separate case must be filed.
4. Helps to eliminate ancillary probate actions that exist if the Grantor holds property in different jurisdictions.
5. The grantor of the Trust can determine what jurisdictional law apply to the trust administration.
6. Avoids the high cost and uncertainty of probate.