Protect Privacy and Loved Ones With a Trust
Avoid any DelaysThe probate system forces every heir, and even spouses, to wait for their inheritance until the legal system completes its paperwork. Delays occur if there are challenges to the will, items left in limbo, or paperwork errors. A trust eliminates the need for the wait because the property is transferred to the beneficiary immediately.
Choose the Beneficiary
Save Some MoneyA revocable trust avoids court and filing fees and reduces future lawyer fees. If the trust is established for someone with a disability, it will not be factored into their income like a direct inheritance from a will. An inheritance could cause people to become ineligible for government programs, but that is not a concern with a trust. Beneficiaries also do not have to pay taxes on what they receive from the trust because the person that establishes it will have already paid income tax.
Maintain Family PrivacyNot everyone wants the details of their private lives made public, but that does occur during the probate process. Anyone that wishes to can view a will when it goes to probate. Trusts are personal documents, and the details are kept private.
A trust does not eliminate the need for a will, a living will, and other legal documents. However, it is a powerful tool that can provide protection for loved ones and peace of mind for everyone involved. It is important to work with an estate planning attorney in Honolulu to make certain the documents are prepared and filed correctly to prevent challenges or other issues.https://www.estateplanninghnl.com