Tulsa Wills, Trusts and Probate LawyerWhy Do You Need Estate Planning?

Estate Planning Protects Your Loved Ones

Video Transcribed:  My name is Jason Lile. I am a Tulsa probate lawyer. And I wanted to talk to you a little bit about estate planning. Now you may know a little bit about it. I would like to educate you a little bit more about it and start by saying everybody needs some. Why do you need estate planning? Well, there are five primary documents that I draft for my clients that help them with their estate planning. The first one is a trust.

Specifically, the most common type of trust I draft is a revocable lifetime trust. It is just what it sounds like. It is a fictitious legal box in which you put your things and are the sole trustee. In other words, you’re in control of it. It’s revocable. You can get rid of it at any time. And the important part about it being revocable is that the IRS doesn’t care about it. It doesn’t have any tax implications per se.

You put yourself or your things in a fictitious legal box like that because if you become incapacitated or die, especially if you die, you do not have to go through probate court. You assign the successor trustee or the person in charge of your things in the trust. It’s private. It automatically gives them the power to do that without probate. And otherwise, it just functions just like it will.

So this is the first in a series of videos. And I’m going to talk about the five documents you need when you do estate planning. It would be beneficial for you to have a revocable lifetime trust.

And you can also do them with a spouse where you tell me where you want your things to go, who you wish your success or trustees to be, and who you want your backer success or trustee to be, and it will function just like a will. So that when the time comes that you pass away, your successor trustee can take care of your things privately without probate and as efficiently as possible.

If you ever need a Tulsa Estate Planning Attorney, a Tulsa Will Drafting Attorney, or a Tulsa Trust Attorney, you can contact me at oklahomawillandtrust.com.

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