Yes, trusts can avoid probate in Oklahoma. By transferring assets into a trust, you can bypass the probate process, which can be lengthy and costly. Assets held in a trust are not considered part of your personal estate and are not subject to probate upon your death.
The cost of creating a trust in Oklahoma varies, but a basic Revocable Living Trust generally ranges from $1,000 to $3,000. The cost may be higher for more complex trusts or if you require the assistance of an attorney. Online legal services can offer more affordable alternatives for creating trusts.
The overall cost of estate planning in Oklahoma can run up to $4,950.
A Revocable Living Trust is the most common type of trust and allows you to maintain control over your assets while avoiding probate. Other types of trusts, such as Charitable Trusts or Special Needs Trusts, may be appropriate depending on your specific estate planning goals.
To fund a trust in Oklahoma, transfer ownership of your assets into the trust. This involves re-titling real estate, changing account holders for bank accounts, and transferring ownership of personal property, vehicles, business interests, stocks, and bonds.
Adding a house to a trust in Oklahoma can be a little more complex. The state has rules and regulations about it.
In Oklahoma, any individual who is at least 18 years old and mentally competent can serve as a trustee. Additionally, Oklahoma law allows for corporations, such as banks or trust companies, to serve as a trustee if they are authorized to exercise trust powers in the state. Trustees must be capable of managing and taking care of property, and they can't have a criminal record that includes serious crimes, such as felonies or offenses that involve dishonest or immoral behavior.
In Oklahoma, to change your living trust, you will need to draft an amendment to the original trust document. Clearly state the changes you intend to make in this amendment, such as adding or deleting beneficiaries, modifying the trustee, or changing distribution instructions. This amendment must include the date, your name, the name of the trust, and the date the trust was created. Similar to the original trust document, your amendment should be signed in the presence of a notary public. If you want to make extensive changes to your living trust, it might be easier to create a restatement of the trust. This allows you to rewrite the entire trust while maintaining the original date and title of the trust, which can be beneficial for avoiding the process of retitling assets. In the restatement, you would include all the changes you want to make, and these new provisions will replace the old ones completely.
