Trusts Attorneys in Tulsa, Oklahoma

Establishing a trust is a sophisticated strategy within estate planning that allows for greater flexibility and control over the management and distribution of your assets, both during your lifetime and after.  

At Boettcher & Drummond, we help people throughout Tulsa, Oklahoma, and beyond naviagate the nuanced field of trust creation and management. We're here to help ensure your estate planning requirements are addressed with unparalleled precision and attention to detail. 

Our Oklahoma trust attorneys know how to provide tailored solutions that align with your specific financial situation and estate planning goals. Whether you seek to minimize estate taxes, protect your assets for future generations, or provide for a loved one with special needs, we have the knowledge and experience to meet your objectives. 

Contact our law firm in Tulsa, Oklahoma, to schedule a free consultation regarding the establishment, management, or revision of a trust. We're proud to serve clients across the communities of Pawhuska, Claremore, Okmulgee, and Osage County with dedicated and comprehensive legal counsel. 

What Is a Trust? Why Might I Need One?

A trust is more than just a legal document; it's a fiduciary arrangement that grants a third party, or trustee, the authority to manage assets on behalf of one or more beneficiaries.

Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.  

Creating a trust can offer several advantages when compared to a simple will, including avoiding probate (which is public and can be expensive and time-consuming), reducing estate taxes, and offering greater control over your assets after your death.  

Trusts are an excellent way to ensure your estate is managed and distributed according to your exact wishes and circumstances, providing peace of mind that your loved ones are cared for and your legacy is preserved. 

Your Trust Options in Tulsa, Oklahoma

At Boettcher & Drummond, our experienced attorneys can help you select the trust(s) that best suits your unique situation.

So what are the different types of trusts? Here are a few to consider: 

• Revocable Living Trusts: Ideal for those seeking flexibility, a revocable living trust allows you to retain control over the assets within the trust during your lifetime. You can alter or revoke the trust at any time (hence the name, revocable living trusts). Upon your death, the trust becomes irrevocable, and the assets are distributed according to your wishes without going through probate. 

• Irrevocable Trusts: Unlike revocable trusts, once established, you cannot easily alter or cancel an irrevocable trust. It offers significant tax advantages and asset protection benefits, making it a powerful tool for estate planning. 

• Special Needs Trusts: This type of trust is designed to provide for a loved one with special needs without jeopardizing their eligibility for government assistance programs. It ensures that they benefit from your assets while maintaining their important benefits. 

• Charitable Trusts: If philanthropy is an essential part of your estate planning, setting up a charitable trust can be a way to provide for your favorite charity or cause. Charitable trusts can also offer tax benefits to the grantor. 

• Spendthrift Trusts: This trust prevents beneficiaries from squandering their inheritance by providing the trustee with the authority to distribute assets according to the terms you establish. It's an effective way to protect your estate from creditors or beneficiaries who may not be financially responsible. 

Each of these trusts serves a unique role in estate planning. Our team can guide you through the details of each option to help you create a personalized estate plan that meets your goals and the best interests of your beneficiaries. 

Do I Need a Trust if I Already Have a Will?

Many assume that having a will negates the need for a trust, but this is not always the case. While a will is a crucial component of any estate plan, it alone may not cover all aspects of your estate's needs.  

A trust can provide additional layers of protection and benefits, such as avoiding probate, ensuring privacy, and offering a more controlled distribution of assets.

The unique benefits that trusts offer make it essential to consider adding them to your estate plan, even if you already have an updated will in place.  

How Does Funding a Trust Work?

Funding a trust is a critical step in the trust establishment process, as this is what truly activates the trust's power to manage and protect assets according to the grantor's wishes.  

According to Oklahoma state law, funding a trust involves formally transferring the ownership or title of assets from an individual's personal ownership into the trust's ownership. This can include a wide range of assets such as real estate, bank accounts, securities, and personal property.  

For example, real estate requires a new deed to be executed, transferring the property from the individual to the trust. Financial accounts need to be retitled in the name of the trust, and tangible personal property may need an assignment of ownership to the trust. It's imperative to follow specific legal requirements for each type of asset to ensure the transfer is valid and enforceable under Oklahoma law. 

If you don't put money or assets into the trust, it can't do its job of managing and sharing your stuff, because it only works with what you've legally given it. 

Any oversight could lead to assets going through probate, contrary to the grantor's intentions.  

Therefore, working with an experienced Oklahoma estate planning attorney is crucial to ensure that all assets are correctly transferred and the trust is fully operational. 

When to Consider Creating a Trust

Deciding to create a trust is a significant decision that can have a profound impact on your estate planning strategy.

Whether your goal is to secure your family's future or streamline the transfer of your estate, understanding when to consider a trust is crucial in making informed decisions that align with your long-term goals. 

You might consider establishing a trust for several reasons, including but not limited to: 

• Providing for Minor Children or Special Needs Family Members: A trust can designate funds for education, living expenses, or specialized care. Consider a trust when you have loved ones who have specific needs that need extra care and protection.

• Safeguarding Assets: For those concerned about their estate being subject to claims from creditors, lawsuits, or divorces, a properly structured trust can offer significant protection. 

• Controlling Asset Distribution: Trusts allow you to specify conditions under which assets are distributed to beneficiaries, offering you precise control over your legacy. 

What Are the Tax Implications of Setting Up a Trust?

The tax implications of setting up a trust can vary widely based on the type of trust, the assets involved, and your individual circumstances.  

Generally, revocable trusts do not offer tax benefits during the grantor's lifetime as the grantor is considered the owner of the assets for tax purposes.  

In contrast, irrevocable trusts can remove assets from the grantor's taxable estate, potentially leading to estate tax savings.  

However, it's imperative to consult with a tax professional or an estate planning attorney to understand the specific tax ramifications and ensure that your trust strategy aligns with your overall financial and estate planning goals.