In Oklahoma, there are different types of trust funds that can suit different and unique purposes. Lidia Law Firm, P.C., is here to help you as you determine which type of trust suits your needs and which will benefit your personal situation the most.
First, it’s important to understand what a trust is. In essence, it’s a financial relationship in which one person transfers a property – such as a sum of money – to another. Generally speaking, the trustor is the one who provides the property to the trustee, who then manages it for a third party, known as the beneficiary.
With that in mind, trusts can be made to benefit a number of people. Those who are disabled, who can’t physically care for themselves anymore, or even minors who aren’t capable of making legal decisions for themselves yet. A few examples of trusts include:
- Insurance
- Special needs
- Minors
- Living
- Educational
When you set a trust up, you’re able to provide the beneficiary with property without them having to manage it on their own. It’s the trustee that’s legally responsible for the property. As such, as the trustee, it would be your fiduciary duty to manage the trust on behalf of the beneficiary.
A last important note is that trusts are either revocable or irrevocable. It’s assumed unless stated otherwise in most locations to be the latter. Only judicial proceedings can break an irrevocable trust.
If you would like to start a trust, consider visiting our web page on estate planning for more information. The process will certainly be less daunting if you have an experienced attorney at your back.