Building a plan for the future and protecting financial assets is not simply for those with incredible wealth. Hawaiians across the state should have an estate plan that protects their assets over the long-term. To help introduce you to the topic of estate planning in Honolulu and its value, we’ll provide a comprehensive overview in this latest post.
Saving Your Family from Difficult Decisions
If anything happens to you in the coming years, your family may face many difficult decisions in determining how to allocate your assets. Building an estate plan now can help ensure your family is protected and that they have a precise understanding of your wishes. Those factors can be particularly important in cases where a person is incapacitated and unable to make decisions.
Reduce Attorney Fees and Court Expenses
Should you pass away without an estate plan, a large proportion of your assets is likely to go to paying attorney fees and court-related expenses that result from your family attempting to access your assets. With a clear estate plan in place, you can legally document your wishes and make sure that your loved ones keep your assets.
Assure Swift Transfer of Property
If you own property in Honolulu, comprehensive estate planning is of critical importance. That’s because an estate plan can help to ensure that your property is allocated according to your wishes. If you don’t have your estate plan in place, your family may have to wait for potentially a year or more to receive access to your property through the probate courts. Planning now can help you avoid Hawaii probate court.
Keep Children from Government Protection Services
Your children will face a significant trauma when you pass away. Make sure that you have a plan in place for maintaining their protection when you’re gone. That usually involves speaking with loved ones and arranging for them to take care of minor-aged children in your absence. You can work with your Honolulu estate planning attorney to discuss this process and to find a solution that is best for your family.
Another clear benefit of taking on the estate planning process now is that it can help you to simplify your retirement. You can put a plan in place that makes sure your benefits are secured and that any services required are paid and ready for your retirement years. When speaking with your Honolulu estate planning attorney, ask them to go over your retirement planning options and to plan out how each option can benefit you over the decades to come.
Help Make Plans for Potential Medical Issues
Medical problems can arise with few warning signs, and so it’s important that you are proactive and make a plan for how you wish to handle your finances if you experience a medical problem. An estate plan can help you select your power of attorney, who will help you make decisions or make them on your behalf if you struggle or cannot do so for health reasons.
Take the time to explore your estate plan options with local Honolulu estate planning professionals. The process will help prevent financial challenges and secure your family’s future over the long-term.