Understanding Irrevocable Trusts in Oklahoma: A Comprehensive Guide Estate planning is a critical process for individuals and families in Oklahoma, ensuring that your assets are protected, your wishes are honored, and your loved ones are provided for. Among the various tools available, the irrevocable trust stands out as a powerful, albeit complex, instrument. Unlike its revocable counterpart, an irrevocable trust, once established, generally cannot be altered, amended, or revoked by the grantor (the person who creates it). This permanency is precisely what gives it its significant advantages, particularly in areas like asset protection, estate tax planning, and long-term care strategies. For Oklahomans navigating the intricacies of wealth preservation and legacy planning, understanding the nuances of an irrevocable trust is paramount. This article delves into what an irrevocable trust entails under Oklahoma law, its primary benefits, potential drawbacks, and the critica...