It is possible to set up a trust without an attorney. In Oklahoma, a trust can be established by a written document or an oral statement. However, if the trust property includes real estate, it must be established by the use of a written document.
When a trust is established, a transfer of property usually takes place from an individual (or individuals) to a trust. The person setting up the trust is often called a grantor or trustor. The grantor might choose to appoint other people, institutions, or entities to manage the trust.
Those who manage the trust are called trustees. A grantor too might choose to stay on as the trustee.
Trusts are often created for some designated beneficiaries. These can be institutions, individuals, or other entities. The trustees manage the assets of the trust for these beneficiaries.
A trust can be established during the lifetime of a grantor or through their will. The choice can entirely depend on how the grantor intends to handle the property managed by the trust.
In Oklahoma, trusts can have many potential uses. These include better management for income and estate taxes, avoiding probate, or managing assets for a beneficiary who is unable to handle the business themselves (example, a minor).
The possibility of reducing taxes and minimizing probate makes trusts a very useful tool. This is why, creation of a trust is often recommended for those who have an estate worth more than $200,000.
People who are skilled and well-versed with the requirements can set up a trust by themselves. There are also several software choices available to help set up a trust.
As such, it might not be necessary to involve a lawyer or attorney in the formation of a trust. Yet, if the trust has any significant property, it might be beneficial to have an attorney handle it and avoid any legal troubles.
Besides, an attorney might have better insight into current laws and procedures. This can have better results than trusts created by individuals or even through software.
Some people also choose to create the trust themselves and then have an attorney look over the details. This is called limited scope representation.
Depending on your needs or requirement of expertise, it might be possible to set up a trust without an attorney. Though it’s usually recommended to have a capable attorney where the trust is expected to handle significant property.