Planning for the future means taking steps today to protect your family, your assets, and your wishes. At Schaffer Herring PLLC, we help clients across Tulsa and surrounding communities create wills and trusts that form the foundation of a well-crafted estate plan. Whether you’re looking to name a guardian for your children, avoid probate, or provide for loved ones in a tax-efficient way, our Tulsa wills and trusts attorneys can guide you through every option and help tailor a plan that fits your life.
What Is the Difference Between a Will and a Trust?
A will is a legal document that outlines how your assets should be distributed after your death. It can also name guardians for minor children and appoint a personal representative (executor) to carry out your wishes. However, wills go through the probate process, which can be time-consuming and public.
A trust is a legal arrangement that holds assets for the benefit of others. A revocable living trust, for example, allows you to manage your property during your lifetime and then pass it to beneficiaries without the need for probate. Trusts can also provide privacy, allow for long-term management of assets, and help minimize taxes.
Both tools have unique advantages, and many clients use them together as part of a comprehensive estate plan.
Why You May Need Both
Using a will and a trust together helps ensure your plan covers all situations:
- A pour-over will can direct any assets not already titled in your trust to be transferred into it after death.
- A will allows you to name guardians for minor children, something a trust cannot do.
- A trust can hold assets for young or vulnerable beneficiaries and protect them from mismanagement or creditors.
How Wills and Trusts Fit Into a Larger Estate Plan
Wills and trusts are just the starting point. For most clients, a complete estate plan also includes:
- Durable Powers of Attorney for financial and healthcare decisions if you become incapacitated
- Advance Directives and Living Wills to make your wishes known about medical treatment
- Proper Beneficiary Designations and Asset Titling to avoid conflicts or unintended outcomes
- Business Succession Planning if you own a closely held business
- Special Needs Planning for family members receiving government benefits
- Tax and Wealth Transfer Strategies for high-net-worth estates
We take a coordinated approach to ensure every part of your estate plan works together and reflects your goals.
What Happens If You Die Without a Will or Trust in Oklahoma?
If you pass away without a valid estate plan, Oklahoma’s intestacy laws determine who inherits your assets. This process may not reflect your wishes and can create stress or conflict for surviving family members. In some cases, it may even result in court-appointed guardians for minor children.
By creating a will or trust, you keep control over your legacy and protect the people you care about most.
Get Help From a Tulsa Estate Planning Attorney
At Schaffer Herring PLLC, we help individuals and families across Tulsa, Jenks, Bixby, Broken Arrow, and surrounding areas put the right legal documents in place to secure their future. Whether you’re just getting started or need to update an existing plan, we can help.
Schedule a consultation today to learn how wills and trusts can be customized to meet your specific needs.
It’s never too early—or too late—to put a plan in place. Contact Schaffer Herring PLLC today to speak with a Tulsa estate planning attorney who will help you protect what matters most.
Contact the attorneys at Schaffer Herring PLLC today to schedule your consultation.
