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Trusts offer various benefits for estate planning

It is important for Oklahoma residents to have their affairs in order before their deaths. If they do not, their surviving family members may end up facing many difficulties as they work to close the estate. Fortunately, estate planning can be immensely useful, and individuals may want to consider trusts as a planning tool.

A living trust can have many uses. For instance, if parties have young children to whom they would like to leave assets, a trust can act as a safeguard for those assets. Minors and individuals with substance abuse problems may not have the financial responsibility to handle an influx of money, and a trust can set up terms that dictate when the funds can be obtained and how they can be used. The trustee would be in charge of handling the distribution of the funds.

Additionally, trusts remain out of the public record. Therefore, if individuals would like their families to maintain a sense of privacy during an already difficult time, they may want to use trusts to protect asset information or other knowledge. If a person uses a will, that document does become part of the public record and can be accessed by anyone who wishes to obtain it.

Determining whether a trust suits an estate can depend on personal preferences and the details of the estate itself. If Oklahoma residents are interested in learning more about this type of planning tool, they may want to gain reliable information from local legal resources. Estate planning attorneys can help guide interested parties through the planning process while also explaining the pros and cons of each option.

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