Hawaii Trusts Lawyers
The trusts lawyers in Hawaii at the Law Offices of Reuben S. F. Wong are experienced in the creation of trusts, wills, private foundations, and other vehicles for maximizing wealth accumulation and asset transfer while minimizing tax consequences for all concerned.
Trusts
The trust is a powerful estate planning tool because it offers the maker of the trust (the grantor) the ability to control and direct and have access to the trust assets during the grantor's lifetime, with the assurance that at the grantor's death, the trust proceeds will pass to the beneficiaries named in the trust, without the requirement of probate administration. Some trusts offer significant tax savings to the grantor and the beneficiaries of the trust. There are many different types of trusts which can be created, with different benefits to the grantor and the beneficiaries. Popular trust vehicles include:
- Revocable living trusts
- Generation-skipping trusts
- Charitable remainder trusts
- Irrevocable life insurance trusts
While trusts are a favored vehicle for estate planning, the creation and execution of trusts requires the skill of a qualified, experienced trusts and estates attorney who can prepare the trust documents correctly, in accordance with the myriad of complex state and federal tax laws which apply. An experienced Hawaii trusts attorney will also ensure that the trust is correctly funded with the appropriate assets and that title to these assets has been effectively transferred to reflect ownership by the trust.
Revocable Living Trusts
A revocable living trust allows the grantor to pass legal title to assets to a trustee, who manages the assets for the benefit of designated beneficiaries. As the name implies, the trust is revocable during the lifetime of the grantor, and may be changed or amended if the grantor's circumstances or wishes regarding successor trustees or beneficiaries change.
Powers of Attorney
A power of attorney allows a person to direct how his or her business, financial and legal affairs should be carried out in the event the person becomes incapacitated and is incapable of making such decisions personally. The person can limits to the powers granted under this document and may name a trusted friend, family member or business associate to act as his or her agent, or "attorney in fact," should the need arise.
A related instrument is the Health Care Power of Attorney, known in Hawaii as an Advance Health Care Directive. This document sets out an individual's wishes regarding medical decisions, including heroic life-saving measures and end-of-life decisions, in the event the individual is incapacitated or unable to express his or her wishes directly. The directive vests another individual with the authority to act on the individual's behalf, in accordance with the provisions of the directive.
Wills
The will remains as the traditional form of passing assets to one's heirs after death. Even if trusts have been established during the grantor's lifetime, a will can be used to ensure that all assets of the estate are distributed in accordance with the will-maker's (the testator's) wishes. A will can also be used in conjunction with a trust by providing that any portions of the estate not covered by a trust pour-over into the trust after the death of the testator. Wills are also used to designate guardianship provisions for minor children.
Probate
Probate is the court-supervised process of overseeing the administration of a deceased person's estate. The probate process is used to give effect to a will and to distribute the assets of the probate estate in accordance with the terms of the will. Probate will also ensure that any debts and taxes owed by the estate are taken care of before the estate is distributed to the beneficiaries. If an individual dies without a will (intestate), the probate process will distribute the estate to any heirs according to Hawaii's laws of intestate succession.
Depending upon the size of the estate, probate can be an expensive and time-consuming process. Through careful estate planning, probate can be minimized or even avoided altogether.
To learn more about trusts, please read the following:
- Types of trusts
- Trust funds
- Revocable and irrevocable trusts
- Estate and living trusts
- Family, income and IRA trusts
Trusts lawyers in Hawaii
Our Hawaii trusts lawyers are well-versed in wills, trusts, probate and all other aspects of estate planning, including the creation of private foundations funded with highly-appreciable stocks, which generate significant tax savings for the creator who retains control over the assets, while also serving the greater public good. Residents of Honolulu and the island of Oahu trust the estate planning lawyers at our firm to provide them with sound advice and effective implementation of all their estate planning needs.
