Hawaii Living Trust Attorney
A revocable living trust is a powerful estate planning document. By placing assets in a trust, those assets are owned by the trust and not by you. As the trustee, you have the ability to manage the trust for your benefit. Since the trust is revocable, you can change it or revoke it at any time.
I am Hilo lawyer Peter K. Kubota. I have more than 20 years of experience drafting trusts and other estate planning documents for families in Hawaii. Contact me online or call 808-935-2422 to schedule an appointment at my office in Hilo on the Big Island of Hawaii.
Managing Your Assets
A revocable living trust is like a corporation where you own all of the shares as long as you are alive and competent, you have 100% control of that trust. One of the advantages of a trust is that it lives on after you die. Unlike a will, trusts do not have to go through the Hawaii probate process. Management of the trust will automatically pass to the person you name as a successor trustee.
A trust does more than determine who should receive your assets after you die. It can also be used to manage your assets while you are alive. If you should become incapacitated, the person you name as your successor trustee can step into your shoes and manage your property on your behalf, in your best interest.
A revocable living trust serves as the foundation of your estate plan. There are additional types of trusts you can create for special purposes. Here are some examples:
- A special needs trust, which can provide assets to a beneficiary without making him or her ineligible for government benefits such as Medicaid
- An irrevocable life insurance trust, which can be used to minimize estate taxes
- A charitable remainder trust, which is a tax-efficient way to provide assets to a charity upon death, while being able to live off of the income from your trust for the rest of your life
Estate planning and charitable giving: Hawaii is a giving state. One advantage of giving in a trust or will is that it costs you nothing now. Yet you can have the satisfaction of contributing to your favorite charity from now and for the rest of your life.
To Schedule a Consultation
To schedule your initial consultation with a trusted Hilo trusts and estates attorney who will protect your interests, contact me online or call my firm at 808-935-2422.