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Wills & Trust

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Nicholas Farha Attorney

Wills & Trusts

Making preparations for your estate to preserve your legacy, protect your assets, and provide for your loved ones can be a stressful and confusing process. Wills and trusts are two standard tools created to ensure your assets are distributed according to your wishes. These estate planning tools help protect your family, minimize disputes, and provide clear instructions for handling your estate. While wills outline your final wishes, trusts offer added flexibility and privacy. Understanding the differences and benefits of each can help you make informed decisions about your estate. Working with an experienced attorney can help you go through the process and make sure your preparations address your unique needs.
At Farha Law, PLLC, founding attorney Nicholas G. Farha provides practical and effective legal strategies to protect your assets and help you plan for the future. Without an estate plan, if something happens to you, the courts determine what happens to your estate and property via Oklahoma’s intestate succession law. An estate plan utilizing tools like a will and trust puts control over your assets back in your hands.
Estate planning doesn’t have to be frightening. The legal team at Farha Law, PLLC, can help you craft an estate plan that addresses your goals and concerns. Contact our Oklahoma office today and set up a confidential consultation.

What Is a Will?

A will is one of the most common estate planning tools. A valid will is a legal document outlining property and estate distribution after an individual dies. Without a will, an individual’s estate passes to relatives as outlined by Oklahoma’s intestate succession law.
One of the benefits of having a will is that it gives you more control over your assets and property. You dictate the terms, meaning you can specify how your estate gets divided and where your property goes after your death. Other benefits of drafting a legal will include:
  • Asset protection
  • Helps avoid family conflicts
  • Let you establish a plan for dependents
  • Potential tax benefits
  • Charitable contributions
A will does more than outline how you want your property distributed. You can also use this document to name guardians for your children or other dependents, ensuring that if you pass away, your loved ones are cared for by the individuals you’ve chosen.
A will can also help prevent family conflict and infighting regarding asset distribution. Coping with the loss of a loved one is never easy. However, a loved one’s passing and subsequent property division can sometimes cause confusion, strife, and animosity between family members. Having a will can help reduce conflict and clearly outline your wishes, potentially reducing stress and conflict between family members.

Understanding Trusts as Estate Planning Tools

In addition to a will, trusts are other estate planning tools that can help you protect your assets and provide specific legal and tax benefits. A trust is a legal entity allowing individuals to control how their assets get distributed after death. Forming a trust means establishing a fiduciary relationship between a grantor and a trustee. The grantor gives the trustee the legal right to hold property or assets for the benefit of a third party, the trust’s beneficiary. While a trust sounds similar to a will, it is a specific type of estate planning tool that offers different benefits depending on an individual’s type of trust.
Several types of trusts exist. However, two of the most common trusts in estate planning are revocable and irrevocable.
Revocable Trusts
A revocable trust, also called a living trust, allows the grantor to maintain control of the assets in the trust during their lifetime. It is a flexible tool that allows a person to change and manage the assets in the trust at any time. It also gives the grantor the power to dissolve the trust at any time. Upon death, the trust becomes irrevocable. The benefits of a revocable trust include flexibility, allowing individuals to manage and control their assets, and helping family members avoid the lengthy process of probate after death. However, one of the drawbacks to a revocable trust is that because the grantor maintains control over its assets, they are not protected from creditors or legal judgments. The assets in a revocable trust are also subject to state and federal taxes.
Irrevocable Trusts
Irrevocable trusts offer a unique set of benefits and drawbacks. With an irrevocable trust, when the grantor transfers assets into the trust, they lose the power to manage and control those assets. Only the established third-party trustee has access to the assets held in trust. Unlike a revocable trust, an irrevocable trust is much less flexible because the grantor cannot change the terms, and the trust cannot get dissolved without significant legal intervention. However, assets in an irrevocable trust are not subject to estate tax after the grantor’s passing, easing tax liability. Assets in an irrevocable trust are also shielded from creditors.
Other Types of Trusts
Other trust structures may benefit individuals with special needs or older adults who want to protect their assets while remaining eligible to qualify for Medicaid benefits. The type of trust that suits your needs depends on your goals and financial situation. An experienced Oklahoma estate planning attorney can review your situation and discuss your objectives to help find a trust configuration that works for you.

How Can an Estate Planning Attorney Protect Your Future?

Everyone can benefit from a comprehensive estate plan, whether you are a young adult just getting started in life or entering your golden years. An estate plan protects you and your assets should the unthinkable happen, and injury or illness incapacitates you for a time. It can also put your family in a less stressful position when you eventually pass.
An estate planning attorney works with you to evaluate your needs and address your concerns, finding legal solutions that meet your estate planning goals. At Farha Law, PLLC, our legal team focuses on helping you make the most of your future, helping to prevent legal challenges, ease tax burdens, and set your family up for success. You control the outcome, not the Oklahoma court system.
Estate planning doesn’t have to be doom and gloom or depressing. Our compassionate team makes planning straightforward. Let’s discuss your situation and create a plan that works for you and your family so you can feel confident that your wishes get heard and respected no matter what. We can also review whether you may benefit from utilizing other estate planning tools like power of attorney or advance directives. A comprehensive plan that includes diverse estate planning tools is the best way to secure your future and the future of those you care about.

Schedule a Confidential Evaluation with an Oklahoma Estate Planning Attorney Today

Thinking about what happens when you pass away may not be comfortable, but it is a conversation that needs to happen if you want to protect yourself and your family. At Farha Law, PLLC, we want to make discussing the future easy and stress-free. Attorney Nick Farha takes the time to listen to you and carefully evaluate your situation. You can feel confident that you are getting personalized legal advice and guidance that addresses your unique needs.

Contact our Oklahoma office today and request a confidential evaluation. We can discuss your situation and answer any questions you have about estate planning and preparing for the future.

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