• How to Prepare for Estate Planning

How to Prepare for Estate Planning - Hawaii Estate And Trust Fiduciary Serv Back to the top

How to Prepare for with respect to Estate Planning

Keeping a record of your assets

As this is the new year, it is a good time to think about your estate planning if you have not done so already.

The first thing that you may do is to prepare a list of your assets and update this list every year. In the list, you can list out all of your real estate, bank accounts, financial accounts, etc. including information relevant to these assets such as the address at which your real estate is situated, and account numbers of any bank/financial accounts that you own, etc. After you prepare this list, you may share it with your family members to alert them as to the assets you own.

Many of my clients die without leaving a record of their assets which leaves their heirs to figure out what assets they owned during their lifetime. In many cases, heirs will have to give up on succeeding to certain assets of the deceased, as they are not able to locate such assets. Creating a list of assets and sharing them with your family members during your lifetime can make it easier for your heirs to locate your assets and succeed to them upon your death.

Preparing a trust, etc.

Once you prepare a list of your assets, you can hire an attorney to draft any of the following documents for you:

  • A Trust;
  • A Transfer on Death Deed (for real estate only); or
  • A Will

You can also proceed with designating a beneficiary on your bank/financial accounts on a Payable-on-Death form, which will help you avoid probate. As it is often easy to procrastinate on preparing estate planning documents,.


It is good to plan your estate planning at the beginning of the year and actually follow through with it while you can.

Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

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