When planning your estate in Oklahoma, one of the most effective ways to avoid probate is by creating a revocable living trust. Unlike a traditional will, which must go through court after your death, a revocable trust allows your assets to transfer directly to your chosen beneficiaries, saving time, money, and stress for your loved ones.

What Is a Revocable Living Trust?

A revocable living trust is a legal document that allows you to place your assets, such as your home, bank accounts, and investments, into a trust while you’re still alive. You maintain full control over the assets and can modify or revoke the trust at any time.

You typically name yourself as the trustee (the person managing the trust) and designate a successor trustee who takes over when you pass away or become incapacitated.

How It Helps You Avoid Probate

Assets held in a revocable living trust are not subject to probate. That’s because those assets technically belong to the trust instead of you, so they don’t need to go through the court.

Any assets passed through a will go through the probate court, which can be a costly, time-consuming, and public process. A trust streamlines the process and allows for a private and efficient transfer of property.

Assets You Can Place in the Trust

You can fund your revocable trust with a wide range of assets, including:

• Real estate (home, rental property, farmland)
• Bank and investment accounts
• Business interests
• Personal property (vehicles, collections, jewelry)

However, simply creating the trust isn’t enough. You must transfer ownership of the assets into the trust for it to be effective. For example, you should retitle the deed to your home in the name of the trust.

Even after transferring the property to the trust, you continue to use and manage it just as you did before. That’s because revocable trusts allow you to act as both the grantor (the person who creates the trust) and the trustee. You can buy and sell assets, change the trust terms, or even revoke the trust entirely.

Talk to an Oklahoma Estate Planning Attorney

A revocable living trust is a powerful tool, but it’s only effective if it’s drafted properly and funded correctly. If you’re considering creating a trust to avoid probate, our estate planning team at OKC Attorneys can help. Call us today at 405-367-8710 or ask a question online.