This wraps up our series of articles explaining how to set up a trust in Oklahoma. Setting up a trust is an integral component of an estate plan. We consider a living trust to be the foundation of our estate plans for our clients.
If you are interested in setting up a trust for your family in Oklahoma, you may contact us at 405-607-7799 to learn more.
In this article series, we covered the following topics:
- An overview of trusts
- The different roles of Grantor, Trustee, and Beneficiary
- Setting up your Trust so it takes affect during life and death
- Designing your Trust to achieve your specific goals
- Funding your trust so it actually takes effect
These are the steps you must take to set up a trust. You must understand how it works, so you know what role each person plays. You must identify your goals and outcomes. And you must design your trust to achieve those specific outcomes. Finally, you must transfer your assets to the trust, or the trust will not work.
After you set up your trust, you will want to keep it updated. This includes amending the successor trustee provisions as necessary, as well as updating the inventory. Many attorneys omit attaching an inventory to the trust. Similar in importance to funding the trust, maintaining an inventory of assets is also necessary for your trustees to manage your estate.
Hire Oklahoma City Trust and Estate Planning Attorney
Travis Charles Smith is an attorney in Oklahoma City that can set up your trust as well as provide a comprehensive estate plan. Whether you need a will, a power of attorney, a revocable living trust, or a Medicaid Asset Protection Trust (MAPT), we can help you.
Travis also handles business planning and real estate transactions. If you have partners or family members involved in your business, you need an operating agreement and business plan. This goes hand in hand with your estate plan, as it ensures a seamless transition and management of your business. Planning is also crucial to avoiding conflict between family members as well as family members of your business partners. Learn more by scheduling a consultation at our office.