I’m starting to put together a living trust here in Hawaii, and I’m kinda lost. Can anyone give me some pointers on where to start? Maybe a course or some steps to follow?
Hey! Are you looking to make a revocable or irrevocable trust? That might help narrow down some advice!
Teegan said:
Hey! Are you looking to make a revocable or irrevocable trust? That might help narrow down some advice!
I’m thinking a revocable trust. I want to leave stuff for my grandkids, not their parents, and maybe use it for their college. Does that make sense?
@Aza
Totally! With a revocable trust, you’re flexible while you’re alive. And you could set rules like using funds for college or a certain age.
Teegan said:
Hey! Are you looking to make a revocable or irrevocable trust? That might help narrow down some advice!
Yep, revocable sounds good for what you want. Just make sure to add a trustee and successor, especially since your grandkids are minors!
You might want to add a ‘no contest’ clause. That way, if anyone challenges it, they lose any claim to the trust. It’s a Hawaii thing!
Westley said:
You might want to add a ‘no contest’ clause. That way, if anyone challenges it, they lose any claim to the trust. It’s a Hawaii thing!
Ah, nice! That’s perfect because I’m trying to avoid any issues with other family members trying to claim it.
Westley said:
You might want to add a ‘no contest’ clause. That way, if anyone challenges it, they lose any claim to the trust. It’s a Hawaii thing!
Yeah, adding that clause could give you peace of mind. I think Hawaii Revised Statutes have a bit on that if you want to look up the details.
Just a heads-up, it’s a good idea to have a local attorney set this up for you. You’re skipping an heir, so having it legally tight will help.
Fox said:
Just a heads-up, it’s a good idea to have a local attorney set this up for you. You’re skipping an heir, so having it legally tight will help.
Yeah, I figured I’d need an attorney. Do you know any good resources for finding one around here?
@Aza
Check out superlawyers.com. Lots of people use it to find reliable attorneys in their area!
FYI, you can actually have the same person be the trustee and guardian if that’s easier for you.
Reagan said:
FYI, you can actually have the same person be the trustee and guardian if that’s easier for you.
Good to know! I thought I might need separate people. Thanks!
Don’t forget to make a ‘pour-over’ will. It’s basically a will that puts anything not already in your trust into it after you pass.
realjuror said:
Don’t forget to make a ‘pour-over’ will. It’s basically a will that puts anything not already in your trust into it after you pass.
Yep, pour-over wills are key! Keeps everything organized if you forget to add something to the trust directly.
realjuror said:
Don’t forget to make a ‘pour-over’ will. It’s basically a will that puts anything not already in your trust into it after you pass.
Makes sense, thanks for mentioning it! How do I go about changing the trust if I need to?
@Aza
If it’s revocable, you can either amend it or rewrite the whole thing. But rewriting is usually cleaner so nothing gets lost.