Trusts operate as legal documents that get established that is called a grantor. Your trust will hold your property and assets for specific people. These people get called beneficiaries. A person known as the trustee controls the trust. Sometimes, the grantor can act as the trustee. Other times, the grantor can hand trustee duties to a family member, friend, or Hawaii estate planning professional.
Did You Create a Revocable Trust In The Past?
If you did make a revocable trust in the past, you might want to take some time to do a short and simple review. Sometimes, circumstances can change in the time since you last did your trust. As the grantor, you want to ensure that your trust reflects your current wishes.
If you haven’t completed the estate planning process yet, you will want to start as soon as possible. We never know when unexpected events could occur. By creating a trust in the present, we can make sure that our loved ones get looked after in the event of a tragedy.
Have Your Circumstances Changed Since The Trust Was Originally Drafted?
Changing circumstances can often happen to many people with a Hawaii trust. For example, your financial picture may have undergone drastic changes. Or you might want to add or take off a beneficiary from the original draft of your estate. By drafting a revocable trust, you can quickly make changes as the grantor whenever the need arises.
Review Your Trust Every Few Years
Lives change in the blink of an eye. So do family dynamics and financial circumstances. Ensure that your Hawaii trust reflects your current life circumstances by doing a trust review every few years. Doing this can go a long way towards preventing nasty court battles after you’re gone.
Ensure That Your Trust Gets Distributed According To Your Intent
Every few years, you should take the time to review your revocable trust and make any desired changes. If you don’t take the time to perform trust reviews while you’re alive and of sound mind, an unwanted beneficiary could receive money or property from your estate. While revocable trusts remain harder to contest in court than wills, it’s not impossible to challenge them. By stating your intent now, you can make it much more likely that all approved beneficiaries will get their rightful share of your assets and property.
If you would like to learn more about Hawaii estate planning, trust reviews, or creating a new trust from scratch, you can send an email to our offices. You can also call our offices directly. Either way, a member of our staff will answer any question or concern you may have.