In Hawaii, estate planning practices protect assets and lower the odds of property seizure. The plans outline how the assets are distributed to family members and any stipulations that apply. An Estate Planning Attorney in Honolulu HI helps estate owners review their options and make more suitable choices for asset protection.
Why Owners Start Irrevocable Trusts
Irrevocable trusts are a great way to manage a large estate and protect it from the probate court. Assets transferred into the trust are no longer owned by the estate owner on paper. However, the estate owner maintains full control over the trust and uses the assets as they wish. A successor takes over the trust when the original owner dies.
Using Trust Funds for Monetary Assets
Trust funds are a more secure way of securing monetary assets and giving them to heirs. Estate owners set up provisions for the trust funds that explain how the heir uses the funds. Some trust funds offer financial support for the heir or payments for the college of their choice.
Creating a Will for the Estate Owner
A will explains how the estate owner’s assets are divided among their family members. Any special assignments or stipulations explain how the assets are used. For example, if an heir is underage, the estate owner provides provisions for paying the property taxes and securing the asset for the heir until they are an adult.
How Healthcare Directives Work
A healthcare directive outlines what doctors do when the estate owner is facing life-threatening circumstances. The use of life support and extraordinary measures are explained in the directive. Estate owners choose a health care proxy for managing their medical care if the estate owner becomes debilitated.
In Hawaii, estate planning lowers the risk of asset seizure when a creditor places a lien against the estate. The plans divide the estate among family members and direct the executor on how to settle existing debts when the owner dies. Trust funds and irrevocable trusts are useful elements defined under estate laws. Estate owners who want to discuss the plans with an Estate Planning Attorney in Honolulu HI contact Goodsill Anderson Quinn & Stifel or visit the website right now.