Protecting Legacy's Across Honolulu County
Who will receive your assets when you pass away? Who will look out for you and ensure your wishes are respected if you become incapacitated? What will protect your Honolulu property and planned inheritances from predatory creditors or litigants? It is never too early to start thinking about the future. Our estate planning services are designed to achieve these objectives and give you peace of mind throughout your lifetime.
When Should You Start Estate Planning?
As you grow older, you will almost certainly experience changes in circumstances. Your Hawaii estate plan should reflect these changes and evolve. Certain “significant life events” should prompt a careful assessment of your plan. Some events, such as a divorce, will potentially trigger automatic changes under Hawaii law.
Significant Life Events That Warrant a Review of Your Estate Plan Include
- A marriage or divorce
- The birth or adoption of a child or grandchild
- Your child or grandchild becoming a legal adult
- A move to a new state
- A significant change in final circumstances, such as a large inheritance, a substantial raise at work, or a considerable return on investment
- A new serious injury illness impacting you, your spouse, or a dependent
- A change in laws that impact your taxes, investments, or estate planning documents
- The death of or a change in circumstances involving your beneficiary, dependent, guardian, personal representative, and/or trustee
Contact an Estate Planning Attorney in Hawaii
Our Honolulu estate planning firm encourages our clients to evaluate their plan every few years, even when no significant life events occur.
Contact Abrell Law today to schedule a FREE consultation with an estate planning attorney in Hawaii!
HOW CAN A HAWAII ESTATE PLANNING ATTORNEY HELP?
Estate planning attorneys are instrumental in helping individuals navigate the complex processes involved in estate planning. They possess a deep understanding of Hawaii inheritance law and provide guidance and support throughout the estate planning process. Their legal expertise and experience enable them to craft robust and comprehensive estate plans that align with your specific needs, and circumstances. These plans protect your assets, family, and your legacy.
Services offered by Estate Planning Attorneys in Honolulu can include:
- Drafting of Wills and Trusts: The attorney ensures your assets are distributed according to your wishes after you've passed on.
- Estate Administration: Managing the process of probate and trust administration.
- Estate Tax Planning: Offering advice on tax laws and helping to minimize the tax burden on your estate.
- Guardianship Planning: Helping to establish guardianship for minor children or dependents in the event of your incapacitation or death.
- Business Succession Planning: Helping business owners plan for the future transfer of leadership in their business.
- Retirement Planning: Providing guidance on how to best manage retirement accounts and pensions in your estate plan.
WHAT ARE THE ADVANTAGES OF ESTATE PLANNING IN HAWAII?
Estate planning in Hawaii offers numerous benefits that can significantly impact not only your life but the lives of your loved ones. Understanding these advantages can help illustrate the importance of early and comprehensive estate planning. Here are the top three advantages of estate planning in Hawaii:
- Asset Protection: A well-crafted estate plan can safeguard your assets from potential creditors and litigants. This means that your estate, including your Honolulu property, remains secure and ready to be passed on to your chosen heirs.
- Peace of Mind: Knowing that your wishes will be followed and your loved ones taken care of, no matter what happens, brings peace of mind. An estate planning attorney in Honolulu can help ensure that all your plans are legally enforceable.
- Efficient and Effective Transfer of Wealth: With a solid understanding of Hawaii inheritance law, your estate planning attorney can help devise strategies that ensure a smooth and tax-efficient transfer of your assets to the next generation. This includes avoiding the probate process where possible, which can be lengthy and costly.
You likely have concerns about what will happen once you are no longer around or are no longer able to make your own decisions. Estate planning aims to protect your interests both throughout your lifetime and once you pass away. Our Oahu estate planning attorney at Abrell Law is extensively familiar with a wide variety of estate planning solutions. After evaluating your unique needs, we will walk you through how we can help and what each planning tool can accomplish.
Our Estate Planning Services in Honolulu Include:
- Powers of Attorney. By selecting and authorizing a power of attorney, you name someone to act on your behalf within a scope you define. A medical power of attorney can help enforce your advance directive and advocate for you should you become hospitalized or medically incapacitated. A financial power of attorney can manage your financial affairs in these scenarios. We can help with drafting and finalizing powers of attorney documents and will work to ensure all language is clear and enforceable.
- Wills. Your last will allows you to name beneficiaries to your assets, a guardian for your minor children, and a personal representative to manage your estate once you pass away. Wills must be carefully finalized to be enforceable in Hawaii, and their contents are subject to the court-supervised probate process. Our Honolulu elder law attorney can help you prepare a will that either stands alone or works in concert with a trust.
- Trusts. When you create a trust, you appoint a trustee to manage the contents for chosen beneficiaries. Revocable living trusts can be modified throughout your lifetime and function similarly to wills, allowing you to distribute assets after you pass away. Assets placed in these trusts are not typically subject to probate. Irrevocable trusts cannot be modified but can be leveraged to achieve asset protection. Our Honolulu estate planning team can review your needs and advise what types of trusts suit your situation. We can also help with matters of trust administration.
- Asset Protection Planning. Assets may become vulnerable to threats throughout your lifetime and after you are gone. Creditors, litigants, divorce, probate, and estate taxes can trigger undesirable outcomes if preventative steps are not adequately shielding assets. If you want to minimize the impact of state and federal estate taxes, our Honolulu firm can help you leverage Family Limited Partnerships (FLPs) and strategic lifetime gift-giving. If you are concerned about other possible threats, including creditor lawsuits and probate, we can help implement the trusts.
- Advance Directives. In an advance directive, you specify what medical care you wish to receive or not receive if you cannot communicate. Your advance directive can address a wide spectrum of scenarios, and many choose to provide instructions for resuscitation, antibiotics, intubation, organ donation, and end-of-life care. Your medical power of attorney will often be responsible for advocating on your behalf and will use your advance directive as a guide when communicating with your healthcare provider. Our Honolulu estate planning lawyer can help you draft and finalize this important document.
When you need someone to help you through the process of Hawaii estate planning, you can count on Abrell Law in Honolulu. Our lawyers are dedicated to helping you prepare for you and your family's future.
Do you have concerns about what will happen to your assets when you are no longer around? Call Abrell Law today at (808) 215-4223 or contact us online to schedule a meeting to discuss all things estate planning in Honolulu!
Whether a young adult or an older professional, you should take proactive steps to protect yourself, your loved ones, and your legacy. At Abrell Law in Honolulu, we are committed to helping our clients explore and implement powerful planning tools. Our attorney is committed to providing the estate planning services you need throughout your lifetime.
- Our Honolulu estate planning attorney has over a decade of legal experience and will work directly with you to develop a comprehensive and customized estate plan.
Contact Abrell Law today to schedule a meeting with our Oahu estate planning lawyer!
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Over Two Decades in Hawaii
With over 20 years living in Hawaii, serving the local community and fostering meaningful relationships is one of Justin's top priorities.
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