Oklahoma Living Trust with Provisions for Disability

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-0651BG
• Format: Word; Rich Text

Description

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.

Oklahoma Living Trust with Provisions for Disability: A Comprehensive Guide In Oklahoma, a Living Trust with Provisions for Disability is a legal tool that allows individuals to ensure their assets are managed and their wishes are followed in case of incapacity or disability. It serves as a flexible estate planning instrument that can offer several benefits to individuals and their loved ones. This detailed description will provide an overview of what an Oklahoma Living Trust with Provisions for Disability entails and discuss the different types available. What is an Oklahoma Living Trust with Provisions for Disability? An Oklahoma Living Trust with Provisions for Disability is a legal document that allows an individual, often referred to as the granter or settler, to establish a trust during their lifetime. This trust is created to manage and distribute the individual's assets, both during their lifetime and after their passing. However, what sets this trust apart is its additional provisions aimed at addressing potential disability or incapacity situations. Benefits of an Oklahoma Living Trust with Provisions for Disability: 1. Asset Management: This type of trust allows for the smooth management and distribution of assets in the event of the granter's disability or incapacity, ensuring that their financial affairs are well-handled. 2. Privacy: Unlike a will, a trust is a private document that does not go through probate. Therefore, the details of the trust, its assets, and the beneficiaries remain confidential. 3. Avoidance of Conservatorship: By establishing a Living Trust with Provisions for Disability, the granter can potentially avoid the need for a court-appointed conservator or guardian to manage their affairs when they become incapacitated. 4. Flexibility: The granter retains control over their assets while alive and can modify or revoke the trust provisions as long as they are of sound mind. Different Types of Oklahoma Living Trusts with Provisions for Disability: 1. Revocable Living Trust: This is the most common type of trust and can be modified or revoked by the granter at any time. It allows the granter to retain full control of their assets during their lifetime and provides for the seamless transfer of assets in case of disability or death. 2. Irrevocable Living Trust: Once established, an irrevocable trust cannot be changed or revoked by the granter. Although the granter gives up direct control over the trust assets, this type of trust may offer certain tax advantages and asset protection benefits. 3. Special Needs Trust: This type of trust is designed to provide financial support and care for individuals with disabilities, without risking their eligibility for government assistance programs such as Medicaid or Supplemental Security Income (SSI). It allows the granter to supplement the beneficiary's needs while preserving their access to vital benefits. In conclusion, an Oklahoma Living Trust with Provisions for Disability is a powerful estate planning tool that ensures seamless asset management and distribution in the event of incapacity or disability. By establishing this trust, individuals can have peace of mind knowing that their affairs will be handled according to their wishes while maintaining privacy and flexibility. Different types of trusts, such as revocable, irrevocable, and special needs trusts, cater to specific needs, offering a range of benefits to suit individual circumstances.