Although it may be tough for you to think about, it’s vital that you make sure that your loved ones are well cared-for when you are no longer here. While you have many options for making sure that happens according to your wishes, establishing a trust is one method that can help give you the peace of mind that your family will have what they need even in your absence. If you’re still wondering whether a trust will be of benefit to you in your estate planning efforts, here are a few situations in which it can help you create a solid plan for distributing your assets:
1. Those who have young children under the age of 18 can benefit from establishing a trust. Doing so will help you create a strategy for leaving money and property in the hands of your child and give you the power to decide when they will be entitled to receive it. If your children or others in your family have special needs, you’ll be able to control the distribution of your assets to those family members so that each of them gets exactly what you’d like them to have.
2. If you own property, it’s important for you to know that your property will be subject to estate taxes if the value of it is over the tax threshold. If you consult with an estate planning attorney to properly develop your Wills and Trusts in Honolulu HI, you’ll be able to get sound advice on adequate tax planning provisions so that your loved ones won’t have to be concerned about it. It’s important for families to realize that the best solution will based on their own unique situation.
However, those who have young children or own property can definitely benefit from considering creating a trust.While establishing a trust means putting in more effort at first, you can rest assured that it will be worth it in the end. If you would like to discuss your options for creating a living will or trust, contact Cheryl Takabayashi to speak with an attorney who understands the estate planning process and can help you decide which route is best for you.
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