Revocable Living Trust Attorney in Norman

How Wills & Living Trusts Handle Your Property

Wills and revocable living trusts serve different functions and are often used together. How an asset passes after death depends on its ownership:

• A will: Directs how individually owned assets should be distributed after death.
• A revocable living trust: Can hold legal title to assets during the trustmaker’s lifetime and provide continuing management instructions after death. Properly titled assets may pass under the trust terms without probate, while property left solely in the individual’s name may still require probate.

Probate and trust-related matters arising in Norman are filed with and heard by the Cleveland County District Court. A coordinated will and trust can address both assets held by the trust and property that remains individually owned.

Changing a Trust & Planning for Incapacity

Under Oklahoma’s Trust Act, a trust is revocable by the trustor unless the trust instrument expressly states that it’s irrevocable. The trustor is the person who creates the trust and contributes property to it. When a trust can be revoked in full, Oklahoma law also permits the trustor to alter, amend, or modify part of it, subject to its terms and applicable law.

Revocability allows the trustmaker to revisit beneficiaries, trustees, and distribution instructions while retaining legal capacity. A change may also require reviewing related wills, asset ownership records, and beneficiary designations so the documents continue to work together.

The person named to take over can manage trust assets if the trustmaker becomes incapacitated, according to the trust’s instructions. This arrangement can avoid the need for a court-supervised guardianship proceeding over those assets. The trust should identify that person and establish when the authority begins.

Funding a Trust Through Proper Asset Ownership

Trust funding is the process of transferring asset ownership into a revocable living trust. Signing the trust agreement creates the legal arrangement, but it doesn’t automatically transfer property, accounts, or other assets. Each asset must be reviewed according to its ownership structure and role in the broader plan.

An unfunded asset remains outside the trust when it’s still held in the individual’s name. It may require probate despite the existence of a valid trust, making asset retitling an important consideration after the trust document is executed.

Account ownership and beneficiary designations also affect how property passes. Some assets may pass under trust terms, while others transfer directly to a named beneficiary outside the trust. We help clients evaluate how these arrangements relate to their wills and trusts so the documents reflect the intended management and distribution structure.