What To Do After Your Hawaii Deed is Recorded?
After our Plan Attorney completes your Revocable or Irrevocable Trust, we don’t stop helping our Estate Planning Hawaii clients after the trust is signed.
The next step is the most critical step with trust funding.
The Hawaii Trust is a legal entity, not a piece of paper. Think of a Will as a set of instructions for the Court about what should happen with your assets after you pass away.
A Trust, alternatively, is your family’s organization that handles your affairs for you, before and after you pass away.
When a revocable trust is properly set up for you and your loved ones, you will not have to experience Hawaii Probate. The trust, a legal entity lives on, even after your death to follow your wishes.
Once the real property and your business ownership is recorded with a Hawaii Deed
The next step is Trust Funding, in which you will review what assets will be protect with your Hawaii Trust. If you need help understanding Trust Funding. Please see our Article here for more information.
Finally, Trust Funding has been completed and the Hawaii Deed and your business ownership has been protected with a Recorded Deed.
After this step, you need to contact your property and hurricane insurance agent.
The insurance coverage will continue to have your name as you had it on the policy before the trust but the trust is now added as an “additional insured.”
The trust must be added as an additional endorsee on the homeowner’s insurance policies for all properties titled under the name of the trust.
The requirements differ from company to company, and you will need to contact the insurance provider directly to find out what exactly is needed for your specific policy.
As a reminder, don’t make insurance decisions concerning properties until you consult with the best-case scenarios with a your insurance agent for your homeowners and hurricane policies.
We at Estate Planning Consultants of Hawaii want to guide you to make sure all your assets are properly protected with beneficiary designations or your trust to avoid Hawaii Probate.
If the Trust is not properly funded, your financial assets could be subject to Probate.
Save your family the long drawn out and expensive court process by meeting us for a Trust Funding Review Meeting.
After your assets are properly funded in the trust, your trust will distribute your assets free of probate.
Insuring only your intended beneficiaries receive your assets and not anyone outside your bloodline.
Estate Planning Digital Go Bag
After your Hawaii Trust is complete and your Trust Funding is finalized, it is imperative that you establish a emergency preparedness plan.
As a Hawaii resident, it is highly recommended that you digitally organize your personal, financial, medical, home and estate plan digitally.
Below are some primary documents that you should have saved digitally, along with your previous year’s ending statements.
Personal Documents
- Birth Certificate
- Passport/Visa
- Driver’s License
- Social Security Card
- Marriage License
Financial Documents
- Credit Cards
- Bank Statements
- Investment Statements
- Employer Accounts
- Professional License
- Tax Documents
Medical Documents
- Medical Cards and Records
- Prescriptions
- Explanation of Benefits (Coverage Record)
- Family and Pet Health Records
Home and Car Documents
- Insurance Policies
- Car Registration
- Property Deeds
- Vehicle Title
Estate Planning Trust
- Certificate of Trust
- Power of Attorney
- Advanced Health Care Directive
- Pour Over Will
- Revocable Trust