Law Week continues today. This is when we have a volunteer attorney join us with important legal information that affects so many people. Travis Agustin with Agustin Hawaii Law joined Wake Up 2day this morning to talk probate law and estate planning. Here is some discussion.
Question. Who needs estate planning and why is it important?
Answer: Almost everyone needs some form of estate planning, especially those who want to decide how their assets are distributed after death. Estate plans are not one-size-fits-all and can be tailored to your specific situation, which may mean you have a different plan with a different set of documents than your parents, friends or neighbors. If you own real estate, it’s a good idea to talk to an attorney about making a plan for how the estate will be handled if you become incapacitated or die.
Question. If someone has a plan, how often should it be reviewed?
Answer: If you have an existing estate plan, it is a good practice to periodically review your estate plan every 2-3 years to confirm that it still meets your goals and family situation. If you created your estate plan 10+ years ago, chances are your life has changed dramatically since then, so you probably need to take the time to review your estate plan. Changes are usually prompted when there are major changes in your life, such as marriage, divorce, career changes, children graduating from high school or college, or even a death in the family.
Question. What is contract law?
Answer: Basically, probate law is a legal process that is required in certain circumstances when a person dies. For example, if a person does not have any estate planning documents, such as a trust or a will, and they die owning real estate (without any other surviving joint owners), or having more than $100,000 in accounts or policies that do not. have joint owners or are payable to deceased beneficiaries.
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