Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Or refine your search by selecting a city:
Refine your search by selecting a city.
A trust is a legal relationship where a person, known as a grantor or settlor, places assets under the care of another person or institution, called a trustee, for the benefit of one or more beneficiaries. In Hawaii, trusts are commonly used for estate planning, asset protection, tax planning, and charitable giving. Hawaii adheres to modern trust principles, influenced by both state-specific statutes and the Uniform Trust Code. Understanding the local nuances is crucial to establishing, managing, or contesting a trust effectively.
There are many situations where consulting a Hawaii trusts lawyer is advisable:
A lawyer can help you sidestep errors, interpret legal documents, protect your interests, and ensure that the trust operates as intended.
Hawaii has adopted significant portions of the Uniform Trust Code, codified in the Hawaii Revised Statutes, Chapter 560 and Chapter 554A. Here are some key aspects of Hawaii trust laws:
A revocable trust can be altered or revoked by the grantor during their lifetime, giving flexibility but less asset protection. An irrevocable trust, once established, generally cannot be changed or revoked, offering stronger protection from creditors and potential tax benefits.
A will directs how assets are distributed after death, but it does not avoid probate. A trust can help transfer assets privately and efficiently, often bypassing the need for court involvement, and may offer benefits such as incapacity planning and asset management.
Yes, real estate can be transferred into a trust. However, given Hawaii’s unique land laws (including Land Court and Regular System distinctions), it is important to ensure proper title transfer and recording.
Hawaii does not currently impose a separate inheritance tax for most estates. However, federal estate taxes and other relevant tax considerations may apply. Proper trust planning can sometimes minimize tax exposure.
Any competent adult or qualifying institution can serve as a trustee. Often, grantors select family members, friends, professionals, or financial institutions they trust to manage the assets.
If your trust is revocable, you can usually change or revoke it at any time by following the steps outlined in the trust document and Hawaii law. Irrevocable trusts generally require court intervention or beneficiary consent to alter.
Beneficiaries or co-trustees can take legal action against a trustee who breaches fiduciary duties. Remedies may include removal of the trustee, recovery of damages, or other court-ordered relief.
Generally, trusts do not become part of the public record, which helps keep your estate details private. However, certain legal proceedings may require disclosure.
Yes. Special needs trusts are commonly used in Hawaii to provide for individuals with disabilities, allowing them to benefit from the trust without jeopardizing eligibility for public benefits.
Funding a trust involves transferring ownership of your assets into the trust’s name. This can include bank accounts, real estate, securities, and personal property. Correct funding is essential for the trust to operate as intended.
If you need more information or assistance regarding trusts in Hawaii, the following resources can be helpful:
If you are considering setting up a trust or need help with an existing trust in Hawaii, start by gathering a list of your assets and your goals for estate planning. Schedule a consultation with a Hawaii attorney who specializes in trusts and estates. Bring any relevant documents and questions with you. An experienced attorney can explain your options, draft necessary documents, help you navigate Hawaii’s specific legal landscape, and ensure that your assets and loved ones are protected according to your wishes. Do not hesitate to seek professional advice if you encounter disputes or challenges related to trusts.
