Apr 3, 2014

Posted by Shanell Calloway in Uncategorized | Comments Off on The Benefits Of Estate Planning In Hawaii

The Benefits Of Estate Planning In Hawaii

Estate Planning in Hawaii is advantageous for any property owner or individual who has a large quantity of assets. These concepts allow them to state stipulations about their properties and assets in terms of distribution and protections. They further imply how the individual wishes for family members to arrange care for them, in the event that they become incapacitated.

Documents Created Through Estate Planning
An attorney helps the individual set up a living trust through estate planning. This concept allows him or her to transfer ownership of a specific property into this trust to protect it and limit tax implications. It allows the property owner to impose limitations in terms of use and assign a trustee to oversee its use as well as maintain it. The property owner will receive any generated earnings produced by the creation of the trust. The transfer of ownership outside of the estate may also reduce taxes based on inheritance for the family member who becomes to the new owner.

Disadvantages of Living Trusts
The living trust does not allow the individual to make provisions in terms of care for children. Some creditors can file a lawsuit in an attempt to collect debts against the estate, which is not prevented by this establishment. Any community property laws that exist in the state may affect entitlement assigned in the trust. They are equally not monitored for potential fraud. It does not protect the owner from embezzlement performed by any additional parties who have access to the trust or properties.

What is Offered Through a Will?
A will provides the estate owner with unlimited authority and flexibility. It assigns ownership of all properties and assets to the family members in which he or she desires. The individual can plan out funeral arrangements and make distinctions such as who will become the guardian of their minor children, if they die.

Couples who are unmarried can assign ownership of property or set up benefits through the provisions of a will to allow for support of the surviving loved one. Once it is official, the probate court can prevent fraud and other mismanagement of the owner’s estate. Anyone who requires, Estate Planning in Hawaii should visit Cheryltakabayashi.com for further assistance.

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