Denver, CO asked in Estate Planning for Oklahoma

Q: Any way to distribute estate assets via trust or will incrementally over time as opposed to a lump sum distribution?

I have two children who aren't very financially savvy so I'm reluctant to drop a fairly large sum of cash on them at one time. I would like to set up an investment account and pay some out over a 10 year period with a full liquidation and distribution at the end of the 10 years.

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2 Lawyer Answers
Matt Fleischer
Matt Fleischer
  • Oklahoma City, OK
  • Licensed in Oklahoma

A: Absolutely. This is one of the major benefits of a trust. It allows you to control your assets even after death. You can set it up to pay out however you’d like.

Nina Whitehurst agrees with this answer

Maurice Mandel II
Maurice Mandel II
  • Newport Beach, CA

A: An "inter-vivos Trust" also known as a "living" trust is created during the lifetime of the Trustor (think donor). It is managed by the Trustee (could also be the donor) for the benefit of the Beneficiaries (heirs-also include the Donor). You create the Trust with your attorney and you can have the terms of the trust say whatever you want with respect to the timing or length of the distributions. You need to have a "Successor Trustee" who will administer the Trust in the event of your death. Then you have to "fund" the Trust by transferring the title to property into the name of the trust. You establish bank accounts or investment accounts in the name of the trust. Now, you don't own the property any more, it is owned by the Trust. A Trust is considered a "person" under the law, same as a corporation or LLC. This can be very useful in a number of situations, including the one you describe in your question.

You also need documents that say what happens if you are incapacitated from making decisions on your own behalf often called a "Power of Attorney" or "Living will."

See a local Estate Planning attorney to have the trust and all the documents you need, drawn up.

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