If you need to create your first will or trust, the process can seem daunting. Not only are the decisions involved often difficult, but the legal requirements of a will or trust can be challenging to navigate, which is why the help of an attorney makes estate planning much easier.

Steps to Set Up a Will or Trust

1. Determine Your Needs

Do you have minor children to provide for or a partner to whom you aren't married? How do you want your estate to come to your loved ones? If a direct, immediate inheritance is what you want, you'll probably choose an ordinary will, while a minor child who can't inherit immediately is a good reason to establish a living trust.

2. List Your Assets

Gather documents proving your ownership of any property, the terms of any life insurance policies, and your current financial situation. List everything you own and would like to pass on so that you can show it to your lawyer.

3. Make Final Decisions

Dividing your assets among your inheritors is one of the biggest decisions, but it isn't the only one. You'll also need to name an executor for your will and, if you are establishing a trust, name the successor trustee and any alternates. In case you are incapacitated, you'll also need to decide who will have power of attorney and who can make medical decisions on your behalf. All these decisions should be recorded in your will.

4. Sign & Notarize Your Documents

A will or trust must be executed, meaning it must be properly signed, notarized, and filed. To establish a trust, you'll also need to put your assets into it. An attorney can help with the details of your particular case.

5. Maintain Your Will or Trust

Once written, your will only needs to be updated after major life changes which affect either your financial situation or the identities of your inheritors. A trust, on the other hand, must be actively maintained over its lifetime. You will have to see to its financial and tax requirements and decide whether every major purchase will be made inside or outside the trust.

NG & Niebling in Honolulu, HI, will guide you through the following steps to establish a will or trust. To consult with an attorney, contact them at (808) 732-7788 or visit the firm online.