Have you ever stopped and wondered what will happen to your home and property if you pass away?
Will your spouse and children be provided for?
Will your estate be encumbered by large taxes?
The failure to draft a proper estate plan can have calamitous effects on even the best families. Did you know that Martin Luther King’s family fought over his possessions for 48 years! I have seen first-hand the pain and damage that can result from the failure to plan. I don’t want to see that happen to your family!
A revocable living trust can solve these problems by ensuring that your assets are distributed to your intended beneficiaries.
Why a Trust Is Better Than a Will
It has several major advantages over a Will. First, a Revocable Living Trust avoids probate. Anyone who doesn't have a trust and passes away in Hawaii with a combined estate valued at over $100,000 will have to go through Probate.
Probate is the legal process were the court ensures that your debts are paid and your assets are distributed. It is a very expensive and time consuming process. Moreover, probate is a public process that can expose your family to disgruntled heirs and lawsuits.
A Revocable Living Trust avoids probate because it transfers your assets from your name and into the trust. Legally, the trust owns your assets at the time of your death so there is nothing for the court to control. However, you still maintain complete control over all of your assets as the trustee of your trust during your lifetime. Best of all, in most cases the costs to set up a revocable trust are largely tax deductible.
“This is the Court of Chancery, which has its decaying houses and its blighted lands in every shire, which has its worn-out lunatic in every madhouse and its dead in every churchyard, which has its ruined suitor with his slipshod heels and threadbare dress borrowing and begging through the round of every man’s acquaintance, which gives to monied might the means abundantly of wearying out the right, which so exhausts finances, patience, courage, hope, so overthrows the brain and breaks the heart, that there is not an honourable man among its practitioners who would not give—who does not often give—the warning, ‘Suffer any wrong that can be done you rather than come here!’”
~ Charles Dickens, Bleakhouse 1852