While every estate planning document serves a valuable purpose, a living trust could be considered one of the most important. It lets you transfer ownership of property into the trust itself while you are still alive, and there are several advantages to doing so. From avoiding probate to saving money and maintaining privacy, here the attorneys at the Law Offices of Neil T. Nakamura & Associates in Honolulu, HI, discuss what you will gain from creating a living trust.

The Benefits of Having a Living Trust

1. Avoid Probate

All estates must go through the legal process of probate, which is long, involved, and expensive. But with a living trust, your property avoids the process. Since you place your ownership in the trust and enact it while you are still living, after your death, the property in the trust passes to the beneficiaries you named. Probate will not get involved in this transfer of ownership, and both processes will move along more smoothly and efficiently.

2. Maintain Privacy

Wills become a matter of public record after an individual passes away, and the details of an estate can be accessed by anyone. This is not an ideal situation for many, as they prefer their financial affairs are kept private. A living trust gives you a certain level of privacy, as its terms remain confidential after you die. Whether you have substantial assets or just a few, this adds some peace of mind that no unauthorized person will have access to your records.

3. Save Money

As mentioned above, probate can be expensive. For smaller estates, the associated costs could be overwhelming. But with a living trust's ability to bypass the process, you are potentially saving your heirs and your estate some pretty significant funds. Fees associated with asset distributions and court costs, for example, will not come into play; your living trust has already addressed these matters, helping probate wrap up that much faster.

If you need help with estate planning, call the Law Offices of Neil T. Nakamura & Associates at (808) 945-7645 or contact them through the firm's website. For over four decades, Attorney Nakamura and his team have served clients throughout the islands, designing living trusts to ensure clients establish their legacy. They’ll help you craft a document that protects you and your family’s best interests.