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Wealth Preservation Trust Act

Oklahoma’s Family Wealth Preservation Trust Act allows for the creation of a trust, which can be either revocable or irrevocable, the assets of which are exempt from creditors up to $1,000,000.

Additionally, the growth from the assets of a Family Wealth Preservation Trust is also protected.

There are certain requirements which must be met, however. For example, a majority of the assets held in a Family Wealth Preservation Trust must be invested in Oklahoma assets such as real estate located in Oklahoma, mineral interests located in Oklahoma, deposit accounts held at an Oklahoma-based bank, or stock held in an Oklahoma-based entity such as a corporation or limited liability company.

Another requirement of the Wealth Preservation Trust Act is that the trustee be an Oklahoma-based bank or trust company. Legacy Bank’s Trust Division has the ability to assist Oklahoma residents and non-residents by acting as trustee of their Wealth Preservation Trust.