Witnessing my 8-year-old daughter’s remarkable progress with agility in gymnastics – her graceful twists, turns, and near-perfect back handspring – perhaps surprisingly brings to my mind recent changes brought on bylaw changes. The recent enactment of the Oklahoma Uniform Directed Trust Act has increased Oklahoma estate planning flexibility, bringing a dynamic shift to trust administration.

A New Era of Trust Administration

At the heart of this act lies the “directed trust.” This type of trust allows the settlor (the person creating the trust) to appoint a “trust director,” sometimes known as a trust protector or a trust adviser. Trust directors can be used for different purposes, including investment decisions on behalf of the trust. Oklahoma’s act is evidence of the growing popularity of dividing trust management responsibilities among various parties.

This separation of duties between the trustee and another party offers several advantages:

Specialized Expertise: By appointing a trust director with specialized knowledge, such as a tax adviser, the trust can benefit from expert guidance tailored to specific needs. This is akin to a gymnast having a specialized coach for each apparatus, ensuring optimal performance in every area.

Tailored Solutions: Directed trusts can be designed to meet various objectives, from asset protection to charitable giving. This flexibility allows individuals to create trusts that align precisely with their unique goals and circumstances.

Adaptability: The act enables the trust to evolve, accommodating changes in family dynamics, economic conditions, and legal requirements. This is like a gymnast continuously refining their routine to stay ahead of the competition.

The Benefits of a Flexible Approach

By embracing the flexibility offered by the Oklahoma Uniform Directed Trust Act, individuals can create estate plans that are:

Robust: The act provides a solid legal framework for trust administration, ensuring the trust’s objectives are fulfilled.

Responsive: Adapting to changing circumstances allows the trust to remain relevant and effective.

Efficient: Separating duties between the trustee and a directed third party can streamline decision-making and improve overall performance.

Trust Company of Oklahoma: Your Partner in Estate Planning

By leveraging the power of the Oklahoma Uniform Directed Trust Act, you can create a legacy that stands the test of time. This innovative legislation empowers individuals to create highly customized trusts that can adapt to changing circumstances, much like a gymnast adjusts their routine to the demands of the competition.

Trust Company of Oklahoma is dedicated to assisting individuals and families through the intricacies of estate planning. With a deep understanding of the act, we can craft tailored trust solutions that align with your unique objectives. Our team comprises seasoned professionals, including Chartered Financial Analysts, Certified Financial Planners, CPAs, and attorneys, ready to address every facet of your trust’s needs. However, we recognize the importance of flexibility. If you have existing relationships with other professionals, we’re more than happy to collaborate and ensure a seamless integration of services.

Whether you’re seeking to protect assets for future generations, provide financial support for loved ones, or establish a charitable legacy, our experienced team can help. We’ll work closely with you to develop a comprehensive estate plan that is both flexible and durable, ensuring that your wishes are carried out with precision and care.