What is a trust
What is a trust?
A trust is a document that allows a third party (called the trustee) to hold assets in a "box" called the trust on behalf of any beneficiaries.
What are the benefits of preparing a trust?
- Avoidance of Probate. A trust will help you avoid probate, which is a long court process in which the court controls the distribution of assets to the heirs.
- Privacy. Because the content of a trust is private, it will not become a matter of public record, as it will be in the case of probate.
- Being able to control your assets. You can take control of how and to whom your assets will be distributed by preparing a trust during your lifetime.
If you haven't prepared a trust yet, it may be a good idea to consider preparing one!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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