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This form is a living trust form prepared for your state. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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Interesting Questions
A living trust with right of survivorship in Oklahoma is a legal document that allows individuals to transfer their assets into a trust while specifying one or more beneficiaries who will inherit and manage those assets upon the death of the original owner.
While a standard living trust allows for the distribution of assets upon the death of the original owner, a living trust with right of survivorship designates beneficiaries who will inherit and manage the assets upon the death of the last surviving trustee or beneficiary.
Any individual who is of sound mind and over the age of 18 can create a living trust with right of survivorship in Oklahoma.
Some benefits of creating a living trust with right of survivorship in Oklahoma include avoiding probate, reducing estate taxes, maintaining privacy in asset distribution, and ensuring a smooth transition of assets to beneficiaries.
Yes, you have the ability to change or revoke a living trust with right of survivorship in Oklahoma as long as you are mentally competent. You can make amendments, add or remove beneficiaries, or dissolve the trust altogether.
To fund a living trust with right of survivorship in Oklahoma, you must transfer your assets into the trust. This typically involves changing the ownership of bank accounts, real estate, investments, and other titled assets to the name of the trust.
While not legally required, seeking the assistance of an attorney experienced in estate planning is highly recommended to ensure the living trust with right of survivorship is properly drafted and meets your specific needs.
If there are no surviving beneficiaries named in the living trust with right of survivorship in Oklahoma, the trust assets will be distributed according to the alternative provisions specified in the trust document or state law.
No, living trusts with right of survivorship are not generally public records in Oklahoma. They provide a level of privacy as they avoid the need for probate court involvement, unlike wills.
Yes, you can serve as your own trustee in a living trust with right of survivorship in Oklahoma. It allows you to maintain control over your assets and make decisions regarding their management during your lifetime.
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