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Estate planning: Trusts could help protect assets

Though Oklahoma residents may spend their lives working for success and accumulating assets, they likely understand that they cannot take their wealth with them when they die. As a result, individuals typically choose to leave funds and other assets to their loved ones or charities. Of course, when it comes to estate planning and bequeathing assets to family and friends, simply leaving them large sums of money could prove problematic.

Though a sudden influx of money can act as a blessing, individuals could also find themselves at risk of losing those funds. If parties face lawsuits, get divorce or face other circumstances, the money they inherited could wind up divided or awarded to another person. As a result, a loved one may end up worse off than before.

Fortunately, when creating estate plans, parties can find ways to preserve and protect assets for their family and other beneficiaries. Rather than directly bequeathing assets, individuals could utilize trusts. These trusts can have terms that dictate exactly how and when funds should be used, and they can also keep the assets from becoming part of a lawsuit or divorce case, due to remaining separate from the beneficiaries' estates.

It is not uncommon for Oklahoma residents to lack knowledge on the uses and benefits of trusts. Fortunately, there are many ways in which interested parties can obtain information and assistance when it comes to potentially utilizing this estate planning tool. Individuals who believe that trusts could act as a beneficial part of their estate plans may wish to gain reliable information from local legal resources.

Source: wtop.com, "Estate planning: How to keep your money in your family", Sarah Beth Hensley, March 28, 2018

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