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This Living Trust form is a living trust prepared for your state. It is for a husband and wife with no children. A living trust is a trust established during a person's lifetime in which a person's assets and property are placed within the trust, usually for the purpose of estate planning. The trust then owns and manages the property held by the trust through a trustee for the benefit of named beneficiary, usually the creator of the trust (settlor). The settlor, trustee and beneficiary may all be the same person. In this way, a person may set up a trust with his or her own assets and maintain complete control and management of the assets by acting as his or her own trustee. Upon the death of the person who created the trust, the property of the trust does not go through probate proceedings, but rather passes according to provisions of the trust as set up by the creator of the trust.
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Interesting Questions
A living trust in Hawaii is a legal document that allows you to transfer your assets and properties into a trust during your lifetime, which will then be managed by a trustee and distributed according to your instructions upon your death.
Anyone who is over the age of 18 and mentally competent can be a trustee for a Hawaii living trust. It can be a family member, a friend, or a professional trustee such as a lawyer or a financial institution.
Yes, you can be one of the trustees for your own Hawaii living trust. Many people choose to be a trustee along with a co-trustee, such as a spouse or an adult child, to share the responsibilities and ensure smooth management of the trust.
Having two trustees for a Hawaii living trust provides a checks-and-balances system, ensuring that decisions are made jointly and preventing any one trustee from abusing their power. It also ensures continuity of trust management if one trustee becomes unavailable or passes away.
Yes, both trustees are equally responsible for managing the Hawaii living trust. They must work together, make decisions together, and act in the best interests of the trust and its beneficiaries. It's essential to have open communication and trust between the co-trustees.
Yes, you have the right to remove or replace a trustee from your Hawaii living trust. However, the process may vary depending on the terms of your trust agreement. It's advisable to consult with an attorney to ensure you follow the correct legal procedures.
If one trustee becomes incapacitated or passes away, the remaining trustee, or the successor trustee named in the trust agreement, will continue managing the Hawaii living trust. It's crucial to have successor trustees appointed to ensure the smooth transition of trust management.
Yes, trustees are generally entitled to reasonable compensation for their services in managing a Hawaii living trust. The amount of compensation can be determined by the terms of the trust agreement or by agreement between the trustees and the beneficiaries.
The key responsibilities of trustees in a Hawaii living trust include managing the assets, distributing income or principal according to the trust terms, keeping accurate records, filing necessary tax returns, and acting as fiduciaries, always prioritizing the interests of the beneficiaries.
Although a living trust reduces the need for probate, it's still advisable to have a will as a safety net. A will can cover any assets that may not have been transferred to the trust and can also name guardians for minor children. Have an estate planning attorney guide you on the best approach.
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