Estate planning is important no matter what your age to make
sure your goals are carried out after you die.
Proper planning with an attorney can also reduce taxes and help you
prepare for important health care decisions in advance.
Will
A will is a document that states your wishes about what
should happen after you die. The most
important decisions are who receives your property and who will take care of
your children. If you do not have a will
when you die, the state of Hawaii will make those decisions for you even if
they are different than your preferences.
A will can make sure that you make your own decisions for your property
and your children.
It is critical to hire a lawyer to draft your will and other
estate planning documents. Estate
planning laws are different in every state and unless your estate planning
documents are drafted with special consideration to Hawaii specific laws, your
plans for what happens after you die may not be carried out.
Family arrangements vary widely and you should carefully
consider if your situation needs special planning. A prior divorce, step-children and civil
unions will all have impacts on your estate plan. It is also important to make a will if you
want to leave property to friends or distant relatives since they may not otherwise
receive anything.
Trust
A trust can give someone the benefit of your property
without actually receiving the property immediately. You may give your property to a trustee when
you die and the trustee will take care of the property while giving the benefit
to someone you name. For example, you
may specify that your house should go into a trust, a trustee make important
decisions about the house and maintain it while a favorite niece lives in the
house. This is just one scenario and
there are many different kinds of trusts to accomplish your desires.
Tax Planning
Another reason to plan ahead when you die is that your
property may be subject to an estate tax.
Both the federal government and Hawaii impose a tax on your estate when
you die. Proper estate planning can
reduce or avoid taxes on your estate.
Living Will and Durable Power of Attorney
An Advance Health Care Directive combines a power of
attorney for health care and a living will into one document. This document allows you to specify who will
make your health care decisions if you are not able to make them yourself. If you have specific instructions for your
health care such as what happens when you are in an extended coma or if you
want to donate your organs when you die, the Health Care Directive can also
state those.
There are many powerful estate planning techniques available
to accomplish your goals for your family and property after you die. Proper estate planning with an attorney can
give you peace of mind knowing that your wishes will be carried out.
Click here to see the many statutes that govern Hawaii estate
planning law. Hawaii Uniform Probate code
No comments:
Post a Comment