Plan Your Estate with Cheryl Takabayashi in Honolulu, HI

''Wills and Trusts are legal documents, that specify a deceased person’s wishes for management and distribution of their estate upon their death.'

One of the biggest misconceptions is that a Will avoids probate. While a Will does specify one’s wishes upon their death, once a person passes away, their Estate will go through a process called probate prior to allowing assets from the deceased’s estate to be distributed to beneficiaries. If one dies without a Will, this is called dying “intestate” and often times will also result in a probate and the Estate is distributed pursuant to laws established by the State of Hawaii. 



It's important to speak with a knowledgeable attorney to determine your needs. Sometimes a Will is sufficient, while other times you may need more extensive planning involving a Trust.

Although there are many types of trusts used in planning one's Estate, the most common is the "revocable living trust" ("Trust"). The person who sets up the Trust is usually called a "settlor". The person who manages the Trust is called the "trustee". When setting up the Trust, the settlor and the trustee are usually the same people until death or disability of either the settlor or the trustee.

The Benefits of a Trust include:

1. Specifying beneficiaries of one's Trust Estate;
2. Appointing a "trustee" to manage one's Estate upon death or disability of the settlor;
3. Avoiding probate of the Estate provided that assets are properly transferred into the Trust;
4. Preserving confidentiality of your Estate; and
5. Allowing the settlor to have more control over the disposition and management of assets.