People often confuse the terms “wills” and “trusts”; while sometimes related, they serve different purposes. Determining which option best suits your needs depends on several factors, including your concerns and current situation. Below, a Honolulu estate planning attorney from Wills and Trusts Hawaii highlights the differences between the two.

What Is a Will?

A will is a written legal document that allows you to dictate how your probate property will be distributed when you pass, and it can be revoked or amended at any time during your life. A will also allows you to designate a guardian for your children, should you pass away before they are of legal age. When a person dies without the document, the court assumes this responsibility, distributing property by state laws and assigning an individual to care for their kids.

What Is a Trust?

A trust is a document representing a legal relationship between an individual or party and a designated trustee. It holds property and assets for a named beneficiary and can include real estate, money, stocks, business interests, cars, family heirlooms, and any other real or personal items the creator dictates. When properly crafted, a trust helps your heirs avoid probate, plan for your possible incapacity, designate how and when property will be distributed in your absence, and prevent your finances from becoming public record.

Which Option Is Right for Me?

While most people benefit from a will, not everyone needs a trust. Whether the latter is advantageous to you depends on several factors, including age, wealth, and marital status. When in doubt, consult with a seasoned estate planning attorney to assess your goals and evaluate your available options.

If you need an estate planning attorney in Honolulu, turn to Wills and Trusts Hawaii. Whether you’re creating a living trust or have questions regarding power of attorney, you can depend on their seasoned legal team for the advice, guidance, and counsel you need to ensure your wishes are carried out properly. Call (808) 792-8777 to schedule your consultation.