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Be Prepared For
Estate Planning Contact Us
Why Should You
Engage in Estate Planning?
Pulling together a comprehensive plan at any age has many advantages. Some of the more common include:
- Planning for when you pass
- Identifying what medical care you want in end-of-life situations when you can’t speak for yourself
- Preparing for incapacity, which can strike anyone at any time
- Reducing the costs of probate
- Minimizing estate taxes
- Protecting minor children, as well as adult children with disabilities
Everyone’s situation is unique. An estate plan which works for a family member or neighbor might not be right for you. At Holcomb Law, our Honolulu estate planning attorney gets to know your goals first, then drafts a plan that furthers those goals.
Estate planning is something many people put off, wrongly believing they don't need an estate plan until they are elderly. In reality, anyone can benefit from an estate plan. At Holcomb Law, LLC, our comprehensive estate planning solutions help clients prepare for unforeseen circumstances and provide comfort knowing that their wishes will be heard after passing or incapacity.
If you are thinking about a will or other estate planning documents, contact us. The last thing anyone should do is use “fill in the blank” templates found online. Instead, our experienced Honolulu estate planning lawyer will gladly meet to review what you want out of your estate plan and will craft an individualized plan just for you.
What Are Essential
Pieces of an Estate Plan?
When we meet, we will discuss whether any of the following are right for you:
- Will. Most of our clients use a will to spell out who will inherit their property when they pass. There are many considerations involved. You will also appoint a personal representative who will guide your estate through the complicated probate process.
- Revocable living trust. Many clients use a living trust to pass assets at death. Because it is revocable, you can change your mind while living. You name a trustee to manage assets held in the trust.
- Other trusts. Some clients benefit from other trusts, especially those that have tax advantages. Most tax-advantaged trusts are irrevocable, meaning you can’t change your mind once you put the assets in the trust. There are as many possible trusts as there are islands in Hawaii, so meet with an attorney to choose which one is best for you.
- Advance health care directive. Many people fear getting old and being unable to make their wishes known. With an advance health care directive, you appoint someone to make these health decisions for you.
- Durable power of attorney. You can appoint someone to manage your finances when you are incapacitated or otherwise unable to. This document provides protection, so you know your bills will get paid and taxes filed even if you struggle with dementia or impairment after an accident.
There might be other documents in addition to the ones above, but this list is a good start.
There are plenty of Hawaii Estate Planning attorneys out there trying to get your business. What makes Holcomb Law stand out from the rest?
When Should You
One reason it’s never too early to create an estate plan is that you can revise it at any time. We strongly recommend everyone revisit their estate plan on a regular basis and make sensible changes. Some reasons for a modification include:
- You just moved to Hawaii. Any pre-existing estate plan needs to conform to Hawaii law.
- You got married or divorced. You will probably want to change your will, trusts, and other documents.
- You had a child, or a child predeceased you. Many people need to change their wills or draft a new power of attorney in this situation.
- You bought or inherited substantial assets. This can affect an estate plan, especially when people are trying to leave assets equally to children. You might need to consider the effect of estate taxes.
- Your executor or agent has died or moved away. Appointing someone local makes sense. It is hard, if not impossible, for someone to serve in these roles from the mainland.
Contact Holcomb Law. Our Honolulu estate planning attorney will help you determine whether it’s time to take a fresh look at an estate plan and how best to change it. Trying to make a modification yourself only increases the odds that you’ll forget something.
One misconception is that estate planning is so routine anyone can do it by using some templates they find online. There are many risks with that approach:
- You might not know what assets you own. A big part of meeting with an attorney is reviewing all assets you own. Many people forget digital assets, intellectual property, jointly owned assets, and business interests.
- You create an ineffective document. You must create a will and other documents according to certain rules. If you don’t follow them, your document is ineffective.
- You forget non-probate assets. Not all assets pass through a will or trust. Instead, you designate a beneficiary on the plan. This is true of life insurance, retirement accounts, and other investment vehicles. Don’t forget these assets when trying to divide your estate.
- You choose the wrong personal representative. This person has an important role to play once you’re gone. You’ll want someone with the right temperament and skills, and an attorney can help you identify a suitable candidate.
We have seen judges toss wills out of court and turn an estate plan upside down—all because people didn’t use an experienced attorney when putting a plan together.
By working with us, you can minimize family disputes once you are gone, which helps provide all family members with peace of mind.
Our Honolulu Estate Planning Lawyer is a Phone Call Away
Holcomb Law has provided estate planning solutions to many clients, and we strive to empower you to make important choices now. If you have questions or concerns, we are available. Putting in place only a couple of estate planning documents is a smart choice. We’ll discuss how to fill in the gaps later.
To begin the process, please call us today to schedule a consultation with our legal team. Our consultations are confidential.
We Offer Free Consultations
Reach out to Holcomb Law today so
we can get to work defending you.