Estate Planning

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What Estate Planning in Hawai?i is Important

Estate planning is a proactive and strategic approach to managing your assets, affairs, and health during your lifetime and after you passing. Probably the easiest way to understand why it is so important to have an estate plan is to consider the alternative: not having one when you become incapacitated or die.

Consequences of Incapacitation without an Estate Plan –

If you become incapacitated due to an illness or another health condition without an estate plan, your treatment preferences and financial matter may be handled as you would want. For example, if you’re in a coma with a poor prognosis, you may prefer not to be resuscitated, but without an advance directive or medical power of attorney, doctors rely on family or a court-appointed guardians, who may not honor your wishes. Similarly, an illness like cancer could be managing your business or paying bills difficult. An estate plan ensures a power of attorney or business succession plan is in place to address such scenarios.

Consequences of Dying without an Estate Plan –

If you die without an estate plan, including a last will and testament, you die intestate, and your assets are distributed according to state law. This means state interests succession laws—not your wishes—determine how assets are divided among surviving family members. Beloved charities or non-family members you intended to benefit will receive nothing, and if no heirs are found, your assets may revert to the state.

Dying intestate also delays asset distribution due to probate, increases the likelihood of family disputes, and can result in costly legal battles. If you have minor children or an adult child with special needs, the court decides on guardianship, often without fully understanding their needs. Additionally, intestacy may result in higher tax liabilities for heirs, as distributions won’t be optimized forts efficiency.

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Should You Consider an Estate Plan in Hawai?i?

The consequences of dying intestate can be significant, so who benefits from an estate plan? If you answer “yes” to any of the following questions, consider contacting our estate planning attorney in Hawai?i.

• Do you have assets? Estate planning ensures your assets—like property, cash, investments, or personal belongings—are distributed according to your wishes while minimizing conflicts.
• Do you want to minimize estate taxes? Strategic planning can reduce estate taxes, preserving wealth for your heirs.
• Do you have children? You can designate guardians for minors or secure the future of dependents with special needs.
• Do you want control over healthcare decisions? Advance directives let you appoints someone to make medical decisions if you’re incapacitated.
• Do you own a business? Estate planning ensures a smooth transition of ownership and protects the value of your enterprise.

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Benefits of Estate Planning

The benefits resulting from an estate plan in Hawai?i directly related to why it is important to create and maintain an estate plan. Optimal benefits, however, manifest when you engage our estate planning attorney. We will discuss your wishes, financial situation, health concerns, and more, to develop a comprehensive estate plan suited for you.

Some of these benefits include:

• Customized solutions – Our estate planning attorney tailors your estate plan to your specific needs, goals, and family dynamics, ensuring that your wishes are accurately reflected in legally binding documents.
• Asset protection – We help shield your assets from potential creditors, lawsuits, and other threats, preserving your wealth for future generations.
• Probate avoidance – With proper estate planning, we can help minimize or avoid the lengthy and costly probate process, allowing for the timely distributions of assets to beneficiaries.
• Privacy preservation – By utilizing certain estate planning techniques, you can maintain the privacy of your estate, keeping personal and financial matter confidential.
• Contingency planning – We assist in developing contingency plans for unforeseen events such as incapacity, ensuring that someone you trust is empowered to make decisions on your behalf.

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Typical Estate Plan Documents

Comprehensive estate planning involves various legal documents, tailored to address your specific needs. Some of the more common types of estate plan documents include:

• Wills
• Trusts
• Advance Directives
• Powers of Attorneys
• Beneficiary Designations
• Life Insurance Policies
• Long-term Care Insurance
• Funeral Instructions
• Bank or Financial Accounts
• Retirement Accounts and Annuities
• Titles and Property Deeds
• Business Succession Plan

Though these are common types of documents that will make up your estate plan, you will want to ensure that your estate plan mirrors those changes.

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Why Hire our Estate Planning Attorney in Hawai?i

DIY estate planning using online templates may seem convenient but often lacks the insight, customization, and legal accuracy required for a comprehensive estate plan. At Segal Law, we provide:

• Personalized Expertise – Tailored advice based on your unique goals, family dynamics, and circumstances.
• Legal Compliance – We ensure your documents are accurate, enforceable, and compliant with current laws.
• Holistic Planning – Collaboration with financial advisors and accountants for a seamless, comprehensive plan.
• Complex Problem-Solving – Guidance through challenging scenarios to avoid costly mistakes.

With Segal Law, you gain peace of mind knowing your legacy is secure, and your loved ones are protected.

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Contact our Estate Planning Attorney in Maui Today

Planning for your future and the welfare of your loved ones in Hawai?i is a responsibility that should not be overlooked. At Segal Law, our dedicated estate planning attorney is here to guide you through the complexities of estate planning, ensuring that your assets are protected, your wishes are honored, and your loved ones are provided for.

Contact us today by using our online form or calling us at 808-865-2100 to schedule a consultation. We will help you secure your legacy and gain peace of mind knowing that your estate is in trusted plans.