When it comes to protecting our hard-earned assets, many of us may feel like there are limited options available. However, trusts have become increasingly popular for their ability to safeguard assets and provide peace of mind to individuals and families. In this blog post, we’ll discuss how you can use a trust to protect your assets in Oklahoma, the difference between revocable and irrevocable assets, and how an attorney can help you navigate this legal process.

What is a Trust and How it Works

A trust is a legal arrangement between a trustee (the person or entity managing the trust) and one or more beneficiaries (the person or entity receiving the benefits from the trust). It allows you to transfer your assets into the trust, meaning they are owned by the trust, not by you. This not only protects your assets but also provides greater control over how your assets are managed and distributed.

Revocable vs. Irrevocable Trusts

The two main types of trusts are revocable and irrevocable. A revocable trust can be altered or revoked at any time, while an irrevocable trust remains unaffected by any changes or alterations after creation. While a revocable trust provides more flexibility, an irrevocable trust provides greater protection. We recommend seeking legal counsel to determine which type of trust is best for your situation.

How an Attorney Can Help

Creating a trust is a legal process that involves complex state laws and regulations. Having an attorney on your side will ensure that everything is done correctly and provide greater protection for your assets. At The Terrell Law Firm, we have experience in trust drafting and creation services, providing you with the guidance and support necessary to ensure that your assets remain protected.

Protecting your assets is essential, and a trust is an excellent way to keep your assets safe and secure. Whether you choose a revocable or irrevocable trust, having an attorney to help guide you through the process will give you the peace of mind you need. At The Terrell Law Firm, we are committed to assisting the Oklahoma public with trust drafting and creation services. Contact us today to learn more about how we can help you protect your assets and secure your future.