Oklahoma residents who are going to become a grantor for a beneficiary will have a number of things to consider. The type of trust they want is one of the first things that should undergo consideration.
Taking a look at revocable trusts first, the American Bar Association defines them as a type of trust that can be changed while the grantor is alive. In a trust, there is the grantor, the beneficiary, and the trustee. The trustee is the one who handles the property in accordance with the trust, while the beneficiary is the one who actually uses the property in question. The grantor is the one who sets the trust up and provides the funds. “Property” in this situation can be anything being given to the beneficiary, but usually involves money.
Generally speaking, as shown by FindLaw, there are both revocable and irrevocable trusts. As the name implies, irrevocable trusts cannot be changed or revoked once they are put into place. This can cause issues or regret if the grantor’s circumstances are changed by outer influences like divorce, death, marriage, or other big life changes. In fact, revocable trusts can be revoked simply because the grantor has a change of mind, which allows for a lot of flexibility on the part of said grantor.
Revocable trusts can create some peace of mind among potential grantors who suspect circumstances may change, or simply like to be prepared for all possible scenarios. However, their options should be weighed carefully before a choice is made.