1. What is “probate?”
a. Simply put, probate is a legal process in which ownership of property is transferred from
the deceased individual’s estate to the rightful heirs.
2. What is a Revocable Living Trust?
a. A living trust is an estate planning device that allows you to avoid the delay and cost of
probate proceedings. Probate proceedings can cost thousands of dollars and take years
to complete depending on the complexity and size of the estate.
3. Is there a minimum value of an estate for a revocable living trust?
a. No, a revocable living trust is one of the best and most common estate plan of any size
of estate.
4. Can I change or revoke a revocable living trust?
a. Yes, a Revocable Living Trust can be amended/changed or even completely revoked at
any time.
5. Is amending a trust expensive?
a. The cost of amending a trust is normally much less than the initial cost of establishing
the trust.
6. If I own property in another state, can I include that property in my Revocable Living trust?
a. Yes, and the trust should eliminate the need to probate the property in another state.
7. Will my heirs need to hire an attorney to administer my Revocable Living Trust after my death?
a. Not usually. If done correctly, a trust can be administered according to your
specification without involving the courts or attorneys.
8. Can I prepare a trust on my own or using online forms?
a. Technically, a layperson can create their own trust using a variety of forms or books.
However, it is always recommended to seek the advice of a professional who can
address your specific situation and estate. A professional can discuss a variety of tools
to properly plan for your estate considering both your heirs and potential tax liability.
Forms can be problematic because they may not address specific issues with state to
state laws, which vary. Also, a novice may fill out a form incorrectly or misunderstand
the question which could lead to assets being distributed incorrectly or heirs being
subject to inheritance taxes that could have otherwise been avoided.
9. Can a revocable trust save estate taxes?
a. Yes! A revocable living trust can save thousands in inheritance or estate taxes. In
addition, you can avoid the probate process, which will cost your estate thousands of
dollars.
Contact us today to schedule an appointment:
Baysinger Henson Reimer & Cresswell PLLC
8414A North 123rd East Avenue
Owasso, OK 74055
Phone: 918-376-7208
Fax: 918-274-0460
