Oklahoma City Trust Attorney

Oklahoma City Trust Attorney

Oklahoma City Trust Attorney

Oklahoma City Trust Attorney

A trust is a relationship where property is held by one party for the benefit of another party. A trust is created by the owner, also called a "settlor,” "trustor," or "grantor" who transfers property to a trustee. The trustee holds that property for the trust's beneficiaries.

There are two basic types of trusts: living trusts and testamentary trusts. Living trusts, also known as inter-vivos trusts, are set up during the settlor’s lifetime. Testamentary trusts are set up in a will, and established following the settlor’s death when his/her will goes into effect.

The most popular living trust is a simple asset protection trust, also known as a “spendthrift trust,” which can include provisions for the timing and manner of asset distribution. Many asset protection trusts provide for distribution of assets to the beneficiary when he/she reaches a certain age or graduates from college. In addition, asset protection trusts can provide that assets can only be distributed when they are used for a specific purpose.

If you believe you may benefit from a trust, call the Rockett Law Office to see how we can help you create a trust that accomplishes your goals.