Why is Trust Funding Critical?
After our Plan Attorney completes your trust, it is critical that we help you fund the Trust and protect your assets in the revocable living trust.
If the Trust is not properly funded, all your financial assets will go through Probate. Save your family the long drawn out and expensive court process by creating a Trust.
In order to complete trust funding, we require a current copy of all your financial statements at the meeting. These documents include:
- A Summary of Assets and Liabilities
- IRA accounts
- Insurance Policies (Life, Health, Annuities, Disability and Homeowners)
- Retirement 401(K)
- Stock Accounts
- Bank Account Statements
- Government Benefits
- Tax Documents
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 is Not Just for the Wealthy
A lot of people get thrown off by the word estate plan. They think it’s only for the wealthy, but really everyone should have an estate plan. Hard working Hawaii residents or a wealthy Hawaii resident, both require protection from Probate. Protect your hard earned Hawaii income today and give us a call!
Notable Celebrity Estate Planning Mistakes
Howard Hughes, American Business Magnate, who died in 1976 with no will and an estate value of $42 billion. After five months, over 30 different wills appeared which were all declared invalid. The estate settled after 11 years of probate, with the lawyers claiming 8 million, uncle sam half, and 22 cousins got what was left.
Elvis Presley, the musician, had a net worth of 10 million at his death. in 1977. Of that, over 70% when to pay taxes and fees! A trust was never created and he never sought help from trust advisors.
Prince, the musician never had an estate plan and the court was left to decide his 200 million estate.
Luke Perry, American Actor, who suffered a serious stroke and he left his family with the decision to pull him from life support. His Trust was not amended to reflect his fiancé, thus she was not entitled to inherit anything from his trust.