Keep Your Property Safe
It’s critical that the Tulsa, Oklahoma trust attorney you choose has the expertise, understanding, and experience required to guide you in selecting the best trust agreement for your circumstances.
There are many different kinds of trust agreements available in Oklahoma; however, each kind of trust has its own unique set of benefits and drawbacks. Certain ones are made specifically for that reason; for instance, Medicaid clawback regulations must be taken into consideration when setting up an asset protection trust.
It’s possible that an attorney who hasn’t had much experience with estate planning or trust drafting doesn’t have the necessary expertise to guarantee that the trust arrangement you select will meet your financial and estate planning objectives. Locate a Tulsa trust lawyer with the necessary experience.
Understand a Trust
A trust is a formal legal arrangement that you establish, naming one or more individuals (the trustee or trustees) to hold your assets “in trust” for you, subject to the guidelines outlined in the trust agreement. The trust agreement lays out the trustee’s responsibilities, which oblige the trustee to use and safeguard the assets for the benefit of the beneficiaries listed therein.
Depending on the goals and intentions behind the creation of the trust, you can select from a variety of trust types. You can establish a trust for charitable purposes in addition to your family members’ financial benefit. Some inquire about Medicaid trusts as a means of safeguarding hard-earned wealth. To help you choose the right kind of trust for your goals and requirements, a Tulsa trust and will attorney can assist you. A Medicaid asset protection trust may be able to shield your heirs’ estate from Medicaid clawback in certain situations.
A trust, as opposed to a will, gives people the ability to decide how their assets and income from them are distributed both during their lifetime and after they pass away. A trust can be used while the person is still alive, but a will only becomes effective upon their death. Because a trust is far more adaptable than a will, someone can use a trust to handle complicated matters that a will cannot. Recall that a trust is a written agreement, so you can customize it to meet your unique requirements and add clauses that a will cannot. You can cover a variety of scenarios and contingencies by doing this.
For instance, if you are a married couple with multiple children, and one of them has a disability, you and your spouse might be concerned about the care of your disabled child in the event of an emergency involving the two of you. You can put that child’s portion of your estate into trust to be used for your disabled child’s benefit and maintenance by using a trust agreement. It is possible to write the trust to last until the deaths of you, your spouse, and your disabled child. Any money or assets that are still available can then be divided equally among your surviving children.
Call Today for a Consultation
Contact Oklahoma Will & Trust if you require the assistance of a Tulsa trust attorney who is qualified to manage any kind of trust arrangement. A knowledgeable Oklahoma trust lawyer is familiar with the nuances of trust agreements in Oklahoma.
For a consultation regarding the best strategy for safeguarding your legacy, get in touch with a knowledgeable Oklahoma trust attorney right now. Give (918) 876-4500 a call to arrange your no-cost consultation.