estate planning attorney in Honolulu

One of the biggest advantages of setting up a trust is that it helps beneficiaries avoid probate. Some important facts

Important Facts About Living Trusts

When it’s time to plan for a family’s future, a revocable or living trust can help a person manage their assets while outlining how those assets will provide for the family after death. Living trusts open up many options during the process of estate planning Honolulu, and in this guide, clients will learn several important facts about them.

There are Significant Differences Between Wills and Living Trusts

Both living trusts and wills contain inheritance instructions that spell out who gets what and when they get it. Trusts are preferred among those concerned about privacy and the avoidance of probate, and they don’t become part of the public record unless a beneficiary or trustee requests that documents be court-approved. While trusts are valuable in some situations, for those with modest estates, a will is sufficient as it’s less expensive and complex than a living trust.

A Living Trust Helps Beneficiaries Stay Out of Probate

One of the biggest advantages of setting up a trust is that it helps beneficiaries avoid probate. Some important facts are that:

Probate is a time-consuming, expensive, and stressful process that only makes a family’s grieving process more difficult

Having a will may not be sufficient to keep a family out of probate

Taking steps to keep an estate out of probate can ease a family’s stress and preserve assets to the extent possible.

Living Trusts Are an Effective Way to Manage Assets

If there are substantial assets in an estate or the holder wants to ensure that the assets are well-managed in later years, a revocable trust attorney in Honolulu can be an enormous help. This is because a living trust will:

Take ownership of assets transferred into the trust

Choose a trustee to manage those assets while the holder or their beneficiaries receive the benefits

What this means is that the holder doesn’t have to deal with the stress of asset management, but the family can still be provided for in the event of the holder’s death or disability. A revocable or living trust is a safe and secure way for asset holders to provide for their families even after they’re gone.

Call Today to Get Started

To learn about estate planning options in Honolulu, clients can set up a preliminary consultation with one of the firm’s estate planning lawyers. Call today to schedule a meeting or use the website’s contact form to get started with the estate planning process.