Understanding the Difference Between Wills and Trusts in Oklahoma
One of the most important decisions you’ll face when planning your estate is choosing between a will and a trust.
Each option plays a vital role in how your assets are handled, how your loved ones are protected, and how much time and cost your family may face after your passing. Understanding the key differences is essential to making an informed choice.
What Is a Will?
A will, or last will and testament, is a legal document that outlines how your assets should be distributed after your death. It also allows you to:
- Name an executor to manage your estate
- Appoint guardians for minor children
- Express your wishes regarding personal property and debts
In Oklahoma, a will must go through probate — the court-supervised process of validating the will, settling debts, and distributing assets.
Oklahoma Probate and Wills
Probate in Oklahoma can take from several months to over a year, depending on the complexity of the estate. During this time, your will becomes public record, and the court oversees every major decision your executor makes.
We can help you prepare a will for your estate today.
What Is a Trust?
A trust is a legal arrangement where one party (the trustee) holds and manages assets on behalf of another (the beneficiary). A revocable living trust is the most common type used in estate planning.
Unlike a will, a properly funded trust does not go through probate — meaning your assets can be transferred to your beneficiaries quickly, privately, and often with less cost.
Benefits of a Trust in Oklahoma
- Avoids probate and court delays
- Keeps your estate private
- Can manage incapacity planning (not just death)
- Provides more control over when and how assets are distributed
Explore our trust and estate planning services to see how we can help protect your legacy.
However, setting up a trust in Oklahoma requires careful planning. You must transfer ownership of assets (like real estate, accounts, and investments) into the trust during your lifetime. Assets not included in the trust may still be subject to probate.
Which Is Right for You?
Choosing between a will and a trust depends on your personal circumstances, financial goals, and family dynamics. Consider the following:
- Do you want to avoid probate? A trust is likely the better choice.
- Do you have young children? You’ll need a will to name a guardian.
- Do you own property in multiple states? A trust can help avoid probate in each state.
- Do you want privacy? Trusts do not become public records, unlike wills.
Every family is unique. That’s why it’s critical to work with an experienced estate planning attorney who can guide you through Oklahoma’s laws and create a customized plan tailored to your needs.
Prepare Your Will or Trust Today!
Making the right choice between a will and a trust can have a lasting impact on your family’s future. At Kevin L. Miller, PC, we make estate planning straightforward, personalized, and legally sound.
Whether you’re just starting your estate plan or updating an existing one, our dedicated attorneys are here to help you protect what matters most.
Let us help you begin your plan today. Email us at kevin@kevinmillerpc.com or call 405.943.6650 ext. 324 to get started.