Is A Revocable Trust Better Than A Will?
Whenever my office prepares a revocable trust, we also prepare a will. We hope never to have to use the will, as we advise our clients will keep all their assets titled in the name of their trust. Sometimes, however, that does not happen. If the trustor fails to title all of their assets in the name of their trust, we are compelled to resort to the will and probate to get the items retitled into the name of the trust. Generally speaking, a trust is better than a will because it avoids probate. That being said, there are times when we will choose to have a probate, even if it is not required. For example, if the deceased person appears to have incurred a great number of medical debts, we may complete a probate to assure that all the medical bills are either paid or become non-collectible.
Can A Nursing Home Take Money From My Revocable Trust?
Your revocable trust has no protection from the expenses of a nursing home. If you are wanting to protect your assets from the ravages of nursing home care, you should use an irrevocable trust and do so well in advance. Our office does a lot of asset protection work as well as a lot of Medicaid qualification assistance.
How Do I Change A Living Revocable Trust?
The way you make changes to a trust depends on the specific language contained in the trust document that describes how the trust may be amended. If your attorney created a trust that does not have guidance on that subject, then you would generally want to do the amendments with the same procedure that you used in creating the trust. For example, if your original trust had two witnesses and a notary, it would be wise to have two witnesses and a notary for your amendments.
We often create trusts that can be amended by a simple letter which would be placed in front of the trust. For instance, if you desire your cousin Edward to receive your blue Mustang, you could write a letter stating this desire, sign your name, and date it. The most recent amendment will be binding in the case that there are multiple amendments to the trust.
Can You Sell A House That Is In A Revocable Trust?
All assets in a revocable trust remain in the control of the trustors, as long as they are alive and of sound mind. These assets can be sold, after the trustors pass away, by the designated successor trustees. This great level of control also comes with the cost that assets over which the trustors retain complete control are on the hook for the trustors’ creditors.
For more information on Trusts In Oklahoma, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 754-4166 today.
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