Trust & Estate Management

Investment Management & Financial Advisor Services

Though it can be one of the most uncomfortable aspects of financial planning to discuss, trust and estate management is vital to ensure your beneficiaries are always cared for, even after you are gone. We have sadly witnessed many cases in which loved ones are left to shoulder the burden of a drawn-out probate process because a trust and estate plan were not established prior to passing. By choosing to plan for the future and work with the financial trust advisors at our Tulsa, OK office, this difficult experience can be avoided.

If a trust is not set up during your lifetime, your loved ones will have to wait for the validity of your will to be established, the inventory and valuation of your home and possessions to be completed, and all debts to be settled before they have a chance at receiving any inheritance. The process can be grueling and emotional, and many choose to avoid it entirely by hiring an estate management company, like First State Investment Advisors.

Choosing the Right Type of Trust

If you decide to enlist the help of a financial trust advisor, one of the first decisions you will be asked to make for your trust is: revocable or irrevocable? As the names suggest, the main difference between these two options is that a revocable trust can be changed at any point in your lifetime whereas an irrevocable trust cannot.

While a revocable trust allows for flexibility, one of the key benefits of an irrevocable trust is that once the assets have been transferred, no one (including you) can take them out. For example, if your situation changes drastically and you lose control of your money due to a lawsuit or other circumstance, any assets you have signed into an irrevocable trust remain safe and protected.

Maintaining Control with Trust and Estate Management

While there are many aspects to consider in setting up a trust that is advantageous for your beneficiaries, choosing a fixed trust gives you the benefit of controlling how and when assets within the trust can be used.

In addition to discussing the decision of revocable versus irrevocable, your financial trust advisor will also help you determine whether a fixed or discretionary trust would be best for your estate planning needs. While a discretionary trust allows the trustee to determine how and when to use their inheritance after they assume ownership of the trust, a fixed trust allows you to set some ground rules.

For example, if the trustee is a child, you can set a rule stating they cannot receive access to any funds until they turn 18. You may also decide to have the funds paid out at a certain rate each year rather than allowing access to the entire sum at once. Many individuals who have more than one child also choose to include a clause that an inherited home or plot of land cannot be sold unless all trustees agree to sell. No matter what you have in mind, your financial trust advisor can help you understand every option available.

Planning for a future you are not a part of can be daunting, but at First State Investment Advisors, we work to make these difficult conversations as easy as possible for you. Contact us today to schedule a consultation and allow us to ensure that the legacy you have worked your entire life to create lives on through your loved ones.

Contact us today to prepare for your tomorrow.


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