Contact an experienced estate planning lawyer
The most common types of trusts used in estate planning are revocable trusts. These trusts are a good option for estate planning that have you control over how your assets are distributed after death. They can be complicated, however, so that’s why it’s important to talk to an experienced estate planning lawyer. Hongo Law Office, LLLC can help.
Attorney Yuka Hongo helps clients in Japan and Hawaii make sense of estate planning. She offers experience, knowledge of U.S. estate law, bilingual skills and an understanding of both Japanese and American culture. She can explain revocable trusts and how they can meet your needs in a comprehensive estate plan.
Trusts help you prepare for the future
A revocable trust allows you to arrange for the distribution of your assets after you die. It can be changed or even canceled at any time while a person is still living. When you set up a revocable trust as a grantor, you can also serve as trustee to manage it. You would also name a successor trustee to manage it after you die, and name beneficiaries.
Things change over time and you may want to make changes to your estate plan, as well. A revocable trust allows you to do that. You can add assets to it or remove them. You can add new beneficiaries – for example, when grandchildren are born. If at any point you feel the trust no longer suits your needs, you can terminate it.
One of the main advantages of a revocable trust is that it allows your family to avoid probate after you are gone. This can help your family avoid courts costs, attorney’s fees and even disagreements. You can add instructions to make it clear how you want your assets distributed and name the beneficiaries who will receive those assets.
There are some things to consider. There are costs for setting up and maintaining the trust. You will need to arrange to have assets transferred into it. You are still responsible for income taxes for earnings from assets in the trust, but your family members will be responsible for estate taxes after you are gone.
A trust can put you in control of your assets
Setting up and maintaining a revocable trust can be complicated. It can also be an effective option for protecting your assets while preparing for the future. Attorney Hongo is ready to meet with you to discuss your situation, review your goals, explain your options and create an appropriate estate plan.
Many people don’t like to think about what will happen when they die. Having an estate plan that includes trusts can give you a sense of comfort, security and peace of mind. You should decide what will happen to your assets when you are gone, not a state court. We can help you determine if a revocable trust is right for you.
Learn more about using revocable trusts as part of an overall estate plan. Contact us to schedule a consultation at our Honolulu office. Attorney Hongo also meets with clients in Japan during her annual visits, which are typically twice a year.