Cortes Law Firm's Podcast

As an Estate Planning Attorney, I know that each individual and family is unique. That is why we take time at the beginning of each relationship to sit down and visit with you regarding your goals and dreams. In this podcast, attorney Stephen Cortes covers estate planning, probate, and trust administration. Serious topics with a little fun thrown in...

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Cortes Law Firm's Podcast

080: Oklahoma Revocable Trust

November 13, 2023 • Stephen Cortes

https://corteslawfirm.com/oklahoma-revocable-living-trust/

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Cortes Law Firm

5801 Broadway Extension Hwy Suite 110

Oklahoma City, OK, 73118

405-213-0856

0:00

Oklahoma Revocable living trust is the same as a revocable trust almost anywhere else. Now, there are certain situations where you have assets that are over, say,$11.5 million, I think is the number right now per individual where we may have to or you may have to go out and look at getting a revocable trust, maybe in a specific state that is more friendly to people who have assets over$11 million or $11.5 million. But for 99% of the United States, and Oklahoma, revocable trust is going to be very similar to just a regular revocable trust in any other state. And what's nice about it is in most jurisdictions an Oklahoma over a workable trust will be recognized as a as an entity. And you can actually change what's called the situs or basically the residence of the trust to another state. If, for example, the person who created it has moved to another state, now I will say that if you have moved to another state and you are going to probably make that state your lifetime residence, then after a few years, it might be a good idea to visit with an estate planning attorney in that jurisdiction and see if the revocable trust is going to do exactly what you want in that jurisdiction. In general, a revocable living trust made in one state is going to be good in another state. So if you have an Oklahoma revocable trust, it's going to be good and function correctly in another state. But you have options. And like I say, always you need to be reevaluating your estate plan on an annual basis. And if you've moved to another state or you moved to another jurisdiction, then you might revisit whether or not that revocable trust needs to be restated for specific laws that are in whatever jurisdiction you're in. Just make sure you keep your trust up to date and you should be OK.