Is a Revocable Living Trust or a Will the better option?
Do I need an attorney?
A Revocable Living Trust in almost all situations in the state of Oklahoma is the best option. A Revocable Living Trust actually has a pour over will inside of the Trust package. A pour over will is also known as a Last Will and Testament. However, when you have a Revocable Living Trust with a Pour Over will, even if you have to go to Probate, you are able to use the Pour Over will to “pour” your assets back into your trust. It is important if you want to avoid probate completely to put all of your assets, banks accounts, and properties into the name of your trust.
If you just have a Will, there is a large chance that you are still going to have to go through probate when you pass away. Probate is a very expensive and long process for families. It depends on all the assets, banks accounts and properties within an estate, but for the most part if it is not in the name of a trust, you will need to probate it. Although, every situation is very different, so it is essential that you contact an Estate Planning Attorney or a Probate Attorney if your loved one has already passed.
Overall, a trust is a better option. Due to the fact that, within a trust there are several documents that makes it more specific and direct as to who you want to in charge of your assets when you pass. A probate is major hardship on families, it is important to do whatever you can to avoid going through probate in the future. Further, it is essential for you to sit down or have a conversation with a probate or estate planning attorney to sit down to meet your specific needs.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118