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Complex Will with Credit Shelter Marital Trust for Large Estates - Oklahoma

Complex Will with Credit Shelter Marital Trust for Large Estates - Oklahoma 2025

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This document is a Last Will and Testament outlining the distribution of the testator's estate upon their death. It includes provisions for appointing an executor, bequeathing assets to the spouse and children, establishing a family trust, and addressing tax obligations. The will specifies how personal property, real estate, and other assets should be managed and distributed among beneficiaries, including instructions for handling minor children’s shares. It also details the powers of the executor and trustee in managing the estate.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

When should we use a trust instead of using a will?

Generally, if your estate is worth more than the federal estate tax exemption amount (currently $12.92 million as of 2023), a trust may be worth consideration as it could help avoid significant estate taxes.

Is a will more powerful than a trust?

Flexibility and control: Trusts provide more flexibility and control than wills. A will declares who you want to receive specific assets, and you have limited control over when the beneficiary receives them due to the probate process.

What happens to a credit shelter trust when the surviving spouse dies?

When the surviving spouse dies, any remaining principal can be distributed to children or remain in trust for their benefit, as you direct. Even though the surviving spouse has access to income (and principal, if needed), the assets in the credit shelter trust are not considered part of the survivors taxable estate.

What are the disadvantages of a credit shelter trust?

One of the disadvantages of a credit shelter trust is that it does not give the surviving spouse immediate access or full control over the trust assets. Instead, the spouse can generally receive income from the trust and may be allowed to use the trust principal to pay for health, education, and maintenance as needed.

Can creditors go after assets in a living trust?

Sometimes trusts can give assets to the beneficiaries and protect those assets from the beneficiaries creditors. But a Living Trust does not shelter the settlor from creditors. A creditor of the settlor has the same right to go after the trust property as if the settlor still owned the assets in his or her own name.

Which takes precedence, a will or a trust?

In California, a trust often supersedes a will if a person has created both documents. A trust takes effect immediately, while the trustee is still alive, whereas a will only takes effect after the death of the executor. The trust is a separate legal entity that owns all assets that have been transferred into it.

Does a trustee override a will?

No, a trustee cannot change a will. A will is a legal document that becomes irrevocable upon the death of the person who made it, known as the testator. The trustees role is to manage and distribute the assets of a trust in ance with the terms set forth by the testator, not to alter those terms posthumously.

Complex Will with Credit Shelter Marital Trust for Large Estates - Oklahoma 2025

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