Estate Planning in Hawaii Helps You Control the Ultimate Disposition of Your Assets

There is nothing more true than the saying of “you can’t take it with you.” What is also true is that you can ensure that your assets get into the hands of those you designate. This is accomplished by setting up a will or trust that acts as a map of your wishes as to who gets what, how and when. Taking the step of having your Estate Planning in Hawaii done with the assistance of a lawyer such as someone like Law offices of Cheryl Takabayashi makes your documents almost unbreakable, even in a court of law.

The most simple of legal documents for estate planning is known as the will. This is where you state that you are of sound mind and body and that these are your final wishes. A thoroughly written will that is properly executed and witnessed is almost unbreakable. Provided that there are no questions that arise from your state of mind when you wrote the will, which can be challenged in court, your designated heirs will receive everything that you wish them to. An executor is named to oversee the distribution of your assets.

For more complicated estates where you want to retain control of the assets, you can create what is known as a revocable trust. You put assets such as stocks or bonds into the trust and can do with them as you please while you are still living. The designated heir gets what is left in the trust upon your passing. It can also be “revoked” at any time, dissolving the trust and turning it back to your control. A third party is designated to be the trustee to keep an eye on the trust’s assets.

If you decide that you want to put funds into an untouchable account, or other financial assets, you can create an irrevocable trust. Here, the items that you place into the trust can not be touched by you or anyone until the person who is the designated heir reaches the age of majority that you specify. So, if you want a grandchild to have money for school, you can put the money into that trust to be broken when that grandchild reaches 18 years of age. Ultimately, it is up to you as to how you want to distribute your assets. Click here for more information.