Revocable Trusts and Wills

[bubbaturbo]

The guy that did our trust was all about avoiding probate. And keeping the county out of it where it will become public record. I thought an IRA would pay according to who was named as beneficiary. Not sure why that would involve a trust.

 

[KOPBET]

... I thought an IRA would pay according to who was named as beneficiary. Not sure why that would involve a trust.

Correct. You wouldn't (or shouldn't) put an IRA account in a Trust. However a Trust can be named as a beneficiary.

 

[harley128]

Probate should ALWAYS be done if one owns property. Oklahoma has what's called a Summary Administration. I call it "probate lite". It's for small estates and I don't remember the number but it's much quicker, easier and cheaper. A lot of people can do them but sadly don't.

ETA: You can't put certain things into a trust such as IRAs. Doing a probate just makes things so much easier for events after death if there are family members left.

Summary probate is for total assets less than $200k, and if the person has been dead 5 yrs or more, or resides in another jurisdiction. At least that's what I read

Requirements for an Oklahoma Summary Probate
A family can use this special probate procedure if:

• The value of the estate is less than or equal to Two Hundred Thousand Dollars ($200,000.00);
• The decedent has been deceased for more than five (5) years; or
• The decedent resided in another jurisdiction at the time of death.

 

[mr ed]

I think your talking about an irrevocable trust where the trustee sets the rules and those down the line can't change the original trust?[/QUOTE
In ours it's in the wills if anybody contests the will or trust they get nothing.

You have to probate each county for real estate in each county.
Got stuff in 5 counties around tulsa. Rogers, Wagner, Creek ,Osage and Tulsa.

 

[dennishoddy]

This may explain it more.


An irrevocable trust is a contract whereby and wherein the trust maker can assert certain controls that will omit the ability to make changes in the future. An irrevocable trust will also require the trust maker to give up some control over the use of the assets in the trust. Such a trust can be a significant asset when you are planning for future challenges such as potential disabilities, potential nursing home residence, the possibility of a disabled beneficiary, the potential harm that could come from a divorce involving your children, grandchildren, or other beneficiaries. These irrevocable trusts can even be used in certain instances to reduce inheritance taxes.

At the option of the trust maker, irrevocable trusts may include (or not include) a wide variety of powers and protections and there is no single version suitable for every person and every situation. If you are concerned about the potential of you or your heirs or losing assets to creditors or predators, the irrevocable trust can represent a substantial firewall of protection between your assets and those risks.

Certain irrevocable trusts allow you to continue to receive the income created by the trust for so long as you desire and yet that trust can still protect the principle (the underlying assets that are creating that income). In such a trust, you might place income-generating assets such as rental properties or mineral rights. If you need to or want to live off the income you will need to make this desire known to us when we are preparing your trust in order to assure that your income stream stays in place as you have planned.

Contrary to popular opinion, it is not necessary that you give up all control and all benefit in order to have value from your irrevocable trust. If you would like more information on the irrevocable trust, consider joining us for an estate planning workshop wherein I go in more detail concerning the uses of an irrevocable trust.

The Benefits And Limitations To An Irrevocable Trust In Oklahoma

One of the primary benefits of an irrevocable trust is the potential to have asset protection for those things that you own. Many of my clients are concerned that they could lose their assets to lawsuits, medical bills, or nursing home expenses. An irrevocable trust can be useful in assuring that you can still provide benefits and support to your family even if you are otherwise devastated from an unforeseen lawsuit or an unexpected health setback.

Everything has a price and one of the prices involved with an irrevocable trust is that the trust maker must give up a certain portion of his or her control. For example, if a trust maker maintains absolute control and has the ability to take the funds out of the trust and use them for himself for any purpose (say a trip to Jamaica) then those funds will be equally available to his creditors and predators. Therefore, the trust maker must impose some limitation upon himself in order to achieve any asset protection.

 

[murphranch]

Whatever you do, don’t try to game the system yourself because you can create huge, completely unnecessary tax burdens on your descendants if you don’t know what you’re doing (and estates are one of those areas where a lot of what most people know just ain’t so).

If you’re looking at anything more complex as a holographic will (basically, a hand-written, signed, un-witnessed will), it would behoove you to have an estate planning attorney do the work.

Very true. I’ve known a few farmers and ranchers who had nothing on paper when the died and it ended costing the their heirs lots of money and in a few instances land was sold to cover costs.


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[Aries]

Very true. I’ve known a few farmers and ranchers who had nothing on paper when the died and it ended costing the their heirs lots of money and in a few instances land was sold to cover costs.


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I heard someone say once, if you hate your family and want to get back at them, die without a will. THAT'LL show 'em!!

 

[bulbboy]

My wife used to be an estate planning attorney when in private practice. She has told me tons of horror stories when people didn't use an attorney. Her estate planning averaged around $1500 depending on the needs. PLEASE hire someone

 

[The Scribe]

We used an attorney that offices in the Perimeter Center Office Park on 39th and N Tulsa Ave. She was awesome to deal with. I think it was about $750 and it includes a living will, all powers of attorney, inventory for the trust, all the form letters to send to your banks/insurance companies/and anyone else who would need to be advised. Was probably about 50 or so page document. You meet with her and give her a list of what you need and info on your situation and how you want your assets dealt with and she writes it accordingly.

As others have said, it’s definitely not something you want to DYI. Spend the money and have it done correctly otherwise it could be devastating to your loved ones.

 

[harley128]

We used an attorney that offices in the Perimeter Center Office Park on 39th and N Tulsa Ave. She was awesome to deal with. I think it was about $750 and it includes a living will, all powers of attorney, inventory for the trust, all the form letters to send to your banks/insurance companies/and anyone else who would need to be advised. Was probably about 50 or so page document. You meet with her and give her a list of what you need and info on your situation and how you want your assets dealt with and she writes it accordingly.

As others have said, it’s definitely not something you want to DYI. Spend the money and have it done correctly otherwise it could be devastating to your loved ones.

From what I'm seeing, that was a bargain price !! Thanks