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If you are ready to start estate planning, Stephen S. Choi | Attorney At Law can help you determine the most effective ways to protect and eventually distribute your assets. For some people, drafting a will is enough, but there are several benefits to establishing a living trust, as well. If you want to establish a trust in Honolulu, HI, turn to Stephen S. Choi | Attorney At Law, and read on to learn about the importance of having one.

Why Do I Need a Living Trust?

1. A Living Trust Protects Your Assets

If something were to happen to you when your beneficiaries were too young to handle an inheritance, a living trust would protect your assets until they are old enough. In a trust, you can establish certain parameters regarding the distribution of your assets. For example, if you have children who are minors, you can use a trust to hold your assets for them until they can legally own property or until you deem them mature enough to handle an inheritance.

trust2. A Living Trust Can Reduce Estate Taxes

If you want to reduce or eliminate taxes, your estate planning attorney may recommend certain strategies, depending on your particular situation. Some strategies might include establishing a trust, which is protected from both estate and inheritance taxes.

3. A Living Trust Avoids Probate

Probate is a lengthy legal process that involves the distribution of your assets after you die. It can take months to complete, and often causes undue stress for your grieving loved ones. Luckily, all assets in a revocable living trust avoid the probate process, and your beneficiaries can have access to them as soon as you pass, if you so wish.

If you want to establish a living trust in Honolulu, HI, turn to Stephen S. Choi | Attorney At Law. Visit his website to learn more about his experience in estate planning, and call (808) 286-4248 to schedule an initial consultation.  

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