As many Oklahoma residents know, an estate plan is a vital part of any person's preparation for death. Furthermore, since the inevitable end of our lives can happen at a time when we least expect it to, it is best to prepare your estate now rather than waiting until it is too late. Generally, individuals create their estate plans and irrevocable trusts for the benefit of their family members and heirs; however, it may also be beneficial to consider your pets needs too.
Some Oklahoma residents mindful of estate planning sway back and forth on the idea of starting a trust. In general, a trust is either living or testamentary, with the latter type taking effect only after the trustor's death. Living trusts can be further divided into those that are irrevocable and those that are revocable.
Trusts can be an effective tool to use in planning an estate. A trust can be used to manage assets upon the death of a person for the benefit of children or others, protect the privacy of the person who established the trust, protect assets from additional tax burdens and manage a person's own assets while they are still living in case they become disabled.