Can a Living Revocable Trust Help Me Avoid Probate?
Greetings, I’m Oklahoma attorney Meg Prestidge and today I’m continuing our discussion on how can I avoid probate? A common question that I get asked generally as I’ve expressed to you in other videos after you’re calling me because you’ve watched a sibling or a friend, a colleague, somebody going through what you deem to be a very contentious, long, drawn out, expensive probate. So you want to try to avoid that and want to know if there’s some ways that you can do that. And there are.
So I’ve talked about a joint tenancy warranty deed, a life estate, and what is known as a transfer on death deed. You might hear it described as a TOD. So another way that you can, might, and I always say might, avoid probate is the creation of what is known as a living revocable trust. Those are really great instruments. I really like living revocable trust because you can change your beneficiaries. You can amend provisions within that trust until you’re passing. Once you’re passing, the last changes that you made are become basically irrevocable and your successor trustee would continue honoring the terms of that living revocable trust.
Benefits of a Living Revocable Trust
A living revocable trust offers several benefits when it comes to avoiding probate. First, it allows you to have control over your assets while you are alive. You can make changes to the trust, including adding or removing beneficiaries, as you see fit. This flexibility is a major advantage for many individuals.
Second, a living revocable trust helps to streamline the distribution of assets after your passing. With a properly established trust, your assets can pass to your beneficiaries without the need for probate court involvement. This can save time, money, and potential conflicts among family members.
Consultation and Further Information
If you would like to learn more about living revocable trusts and how they can help you avoid probate, I encourage you to visit our website at www.oklahomawillsandtrust.com. You can also contact me directly to schedule a free consultation. During our discussion, I will be happy to answer all your questions and provide personalized guidance based on your unique situation.
Thank you for checking out our video and again, my name is Meg Prestidge. I’m an Oklahoma probate lawyer. You can reach me at oklahomawillandtrust.com for your free consultation. Take the first step towards protecting your assets and avoiding probate today!