Do You Need a Will or a Trust?
By Travis Vernier, Esq. – Bennett Vernier, PLLC
A Guide to Estate Planning in Oklahoma
Estate planning is about protecting your loved ones, ensuring your wishes are followed, and avoiding unnecessary legal complications. Whether you need a will, trust, or both depends on your personal circumstances, financial situation, and goals for the future. Without an estate plan, Oklahoma law determines who inherits your assets, which may not align with your wishes.
At Bennett Vernier, PLLC, we provide personalized estate planning solutions to help you secure your legacy. Our experienced attorneys can guide you in choosing the right tools to protect your assets and simplify the process for your family.
📞 Schedule a free consultation today—call (405) 456-0404.
What is a Will?
A will is a legal document that outlines how your assets will be distributed after your passing. It allows you to:
Designate who inherits your property.
Appoint a personal representative to handle your estate.
Name a guardian for minor children.
Specify funeral or burial preferences.
A will must go through probate, a court-supervised process that ensures debts are paid and assets are distributed correctly. Probate can be time-consuming and costly, but a properly drafted will can streamline the process and provide clarity for your loved ones.
📌 A will does not avoid probate, but it ensures your wishes are legally recognized.
What is a Trust?
A trust is a legal arrangement that allows assets to be managed and distributed without court intervention. Unlike a will, a trust takes effect immediately and can provide financial protection during your lifetime.
Benefits of a Trust:
✔ Avoids probate, allowing assets to transfer quickly and privately.
✔ Protects against incapacity, ensuring assets are managed if you become unable to do so.
✔ Offers long-term control, allowing you to set conditions for asset distribution.
✔ Minimizes estate taxes in some cases.
A revocable living trust is the most common type, allowing you to manage your assets during your lifetime and seamlessly transfer them to beneficiaries after death. However, a trust requires proper funding—meaning assets must be retitled into the trust’s name to be effective.
📌 A trust is ideal for those who want to avoid probate, maintain privacy, and provide structured inheritance plans.
What Happens If You Die Without a Will or Trust?
Dying without an estate plan means Oklahoma’s intestacy laws dictate who receives your assets. Here’s how your estate would be distributed:
If you have a spouse and children, your spouse receives half, and your children split the remaining half.
If you are single with children, your children inherit everything.
If you have no spouse or children, your estate goes to your parents, siblings, or extended family.
If no relatives are found, your assets may be transferred to the state of Oklahoma.
This process can cause delays, disputes, and added legal costs. By creating an estate plan, you ensure your assets go to the people you choose rather than relying on state law.
📌 Don’t let the state decide your legacy—plan ahead and protect your family.
Additional Estate Planning Tools
Aside from wills and trusts, Oklahoma offers other estate planning tools to simplify asset transfers and avoid probate.
✔ Transfer-on-Death Deed – Allows real estate to pass directly to a beneficiary upon death.
✔ Payable-on-Death (POD) Accounts – Ensures bank accounts go directly to a named beneficiary.
✔ Joint Tenancy with Right of Survivorship – Property automatically transfers to the surviving owner.
✔ Beneficiary Designations – Retirement accounts and life insurance policies transfer directly to named beneficiaries.
A well-structured estate plan often combines these tools with a will or trust for maximum efficiency.
📌 Not sure which tools you need? Our attorneys can customize a plan for you.
Frequently Asked Questions
Can I Change My Will or Trust?
Yes! Wills and revocable trusts can be modified or revoked at any time as long as you are of sound mind. You should update your estate plan when major life events occur, such as:
Marriage or divorce
Birth of a child or grandchild
Significant financial changes
Buying or selling property
Keeping your estate plan updated ensures it continues to reflect your wishes.
Is a Handwritten Will Valid in Oklahoma?
Oklahoma recognizes handwritten (holographic) wills, but they must be entirely written, dated, and signed in your own handwriting. However, handwritten wills often:
🚫 Fail to meet legal standards
🚫 Lack necessary provisions
🚫 Lead to legal disputes and delays
For peace of mind, it’s best to have a professionally drafted will to ensure your intentions are legally enforceable.
What is a Living Will?
A living will is part of an Advance Directive for Healthcare, which allows you to:
Specify whether you want life-sustaining treatment if terminally ill.
Appoint a healthcare proxy to make medical decisions for you.
Outline preferences for artificial nutrition and hydration.
This document ensures your medical wishes are followed and removes the burden from your loved ones.
Which is Right for You: Will or Trust?
Choosing between a will and a trust depends on your specific needs and goals. A will is best for simple estates, while a trust provides greater flexibility, privacy, and probate avoidance.
If you have minor children, multiple properties, a blended family, or want to control inheritance over time, a trust may be the better option.
📌 Not sure what’s right for you? Let’s discuss your best options.
Start Your Estate Planning Today
Estate planning is about more than just passing down wealth—it’s about protecting your family, avoiding legal complications, and ensuring your wishes are honored.
At Bennett Vernier, PLLC, we create customized estate plans that fit your needs, offering:
✔ Wills and trusts
✔ Power of attorney documents
✔ Asset protection strategies
✔ Probate avoidance plans
📞 Call (405) 456-0404 today for a free consultation and take control of your future.
