When you hire a Tulsa Trust Attorney, it is important that you hire an attorney with the skill, knowledge and experience necessary to help you chose the right trust agreement for your situation.
There are numerous types of Oklahoma trust agreements to choose from; however, each type of trust has certain advantages and disadvantages that are inherent to that specific type of trust agreement. Some are created for special purposes – for example, a Medicaid asset protection trust must be set up with Medicaid clawback rules in mind.
An attorney with little to no experience in estate planning and drafting trusts may not have the knowledge you need to ensure that the type of trust you choose will accomplish your financial and estate planning goals. Find a trust attorney in Tulsa with the experience you need. Contact the Tulsa Trust Attorney at (918) 876-4500 to schedule a free consultation to discuss estate planning and trusts.
What is a Trust and How Can I Use a Trust to My Benefit?
A trust is a legal relationship created by you in which you name one or more persons (the trustee or trustees) to hold your property “in trust” subject to the terms and conditions set forth in the trust agreement. The trustee has certain duties enumerated in the trust agreement that binds the trustee to use and protect the property for the benefit of the beneficiaries named in the trust agreement.
There are several types of trusts that you may choose from, depending on the purposes and intentions you have for creating a trust. You may create a trust for the financial benefit of your family members as well as create a trust for a charitable purpose. Some people ask about a Medicaid trust to protect hard-earned assets. A Tulsa Trust Attorney can help you determine the best type of trust for your needs and desires. In some cases, a Medicaid asset protection trust can protect your heirs estate from Medicaid clawback.
Unlike a will, a trust provides individuals with a means to control the distribution of their property, and income derived from that property, during their lives as well as after their deaths. A will only takes effect upon a person’s death while a trust can be used while the person is still living. A trust is much more flexible than a will; therefore, an individual can utilize a trust to resolve complex issues that a will is not able to do. Remember, a trust is a written contract, so you can tailor it to your specific needs and include provisions that you would not be able to include in a will. By doing so, you are able to provide for multiple contingencies and situations.
For example, if you have several children but one of your children is disabled, you and your wife may worry about how your disabled child will be cared for should something happen to the two of you. By using a trust agreement, you can place that child’s share of your estate in trust to be used for the benefit and upkeep of your disabled child. The trust can be written to remain in effect until you, your spouse and your disabled child are all deceased. At that time, any remaining funds or property can be evenly distributed among your remaining children.
Oklahoma Will & Trust is a Different Type of Tulsa Trust Law Firm
Tulsa Trust Attorney Jason M. Lile has chosen to limit his practice solely to helping individuals with probate and estate planning services. This includes drafting wills and trusts to ensure that your legacy is protected and your final wishes are followed at the time of your passing. You can contact Mr. Lile for a free consultation by calling (918) 876-4500.
By limiting his practice, Mr. Lile has increased his knowledge and skill in the area of Oklahoma trust agreements. He will not simply give you a questionnaire to complete about your family and fill in the blanks of a form trust agreement. Mr. Lile spends the time it takes to get to know you, your family and your wishes before he discusses all of your legal options for trust agreements. Then, based on your expectations, Mr. Lile will provide you several legal options for trust agreements that meet your desire to protect your legacy and ensure that your wishes (and not the state or other individual’s wishes) are carried out.
Contact a Tulsa Trust Attorney to Protect Your Rights and Your Property
When you need the services of a Tulsa Trust Attorney with the skill to handle all types of trust agreements, call Oklahoma Will & Trust. Attorney Jason M. Lile is a skilled Tulsa Trust Attorney who understands the intricacies of Oklahoma trust agreements.
Contact an experienced Tulsa Trust Attorney today for a free consultation about the best approach to protecting your legacy. Call (918) 876-4500 to schedule your free consultation. We are conveniently located at 500 W. 7th St., Suite 104 in Tulsa, OK.