003: How to Do Your Estate Plan

Taking Care of Tutu - Navigating Estate Planning and Probate with Aloha

We’ve learned about probate in Episode 002, and we know we’d like to avoid it. We’re imagining a world in which loved ones receive our assets in a simple, stress-free way, with no legal complications. Join us today as we simplify estate planning, focusing on when it is and is not appropriate to name beneficiaries on financial accounts. We consider the often-overlooked challenges and best practices for managing minor beneficiaries. We highlight the time-consuming, expensive journey of appointing a conservator when minors are named as direct beneficiaries and stress the importance of using trusts to minimize potential legal hurdles. We also share practical strategies for avoiding probate in Hawaii, such as using beneficiary forms judiciously and creating trusts.

We’ll walk you through the best practices for designating beneficiaries for financial accounts and properties and consider why trusts are preferable over naming minor children as direct beneficiaries. You'll learn about the differences between per stirpes and per capita designations, the necessity of multiple beneficiaries, and the benefits of transfer on death deeds for simpler estates. We also delve into the mechanisms and advantages of revocable living trusts, which streamline asset management without the need for probate.

In this episode, you will hear:

• How to avoid probate in Hawaii
• The benefits of using trusts over direct beneficiaries
• The importance of naming contingent beneficiaries
• Practical tips on using beneficiary forms
• Differences between per stirpes and per capita designations
• The creation of a revocable living trust for seamless asset management
• A sneak peek into the complexities of Medicaid rules

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.