When creating your estate plan, you need to consider what assets you should put in a trust to better protect them. And before you do this, it’s strongly recommended that you work with a trust attorney in Oklahoma, since they will have more experience regarding what assets can and can’t go into a trust. Keep reading to find out what assets should go in a trust and how this can benefit your estate plan.

Real Estate

The best way to protect real estate from going through Oklahoma’s probate court is by putting it in a trust. You can do this with your primary home as well as any secondary homes or vacation properties.

Putting real estate into a trust also allows you to clearly designate beneficiaries so that there is no confusion regarding who gets the property later on.

Bank Accounts and Other Financial Accounts

When you put financial accounts in a living trust, you maintain a degree of control while still protecting these accounts. They won’t have to go through probate, you can make beneficiary designations clear, and the successor trustee can access these accounts in an emergency.

Here are some examples of the types of financial accounts you can add to your trust:

• Checking and savings accounts
• Money market accounts
• Brokerage accounts
• Taxable investment accounts
• Stocks and bonds
• Business Interests

A type of asset that is easily overlooked but should take priority is business interests. You can put business interests in your trust so that business succession is smooth and there is less risk of disputes.

The types of business interests you can add to your trust include things like LLC memberships, partnerships, and corporate shares. Just make sure you review transfer restrictions, operating agreements, and partnership agreements before you add any business interests to a trust.

Personal Property

Many Oklahoma residents use their trust as a way of protecting valuable personal property. This often includes property with a high dollar value or family heirlooms that you wish to protect and give to specific beneficiaries.

Here are some examples of the types of personal property you can put in a trust:

• Jewelry
• Artwork
• Valuable collections
• Furniture
• Antiques

Assets That Require Special Consideration

It’s possible to put other types of assets in an Oklahoma trust, depending on the specific circumstances. For example, you may want to put retirement accounts, life insurance, or jointly owned property into your trust to protect them from probate. However, this may not always be possible.

You should consider working with a trust lawyer in OK if there is any confusion regarding what assets you can and can’t add to a trust. An attorney will have more experience with Oklahoma law, ensuring your estate plan is thorough and legally binding.

Get the Help of an Experienced Oklahoma Trust Lawyer

If you are in the process of creating your estate plan in Oklahoma, you may want to consider establishing a living trust. By doing this, you can maintain greater control over your assets, outline beneficiaries, and protect assets from probate.

At Outhier & Caruthers, PLLC, our trust attorneys in Oklahoma can help you better understand the estate planning process, including what assets you can put in a trust. Contact us today at 580-234-6600 to discuss your situation with an attorney.