How Probate Works In Hawaii & What You Need To Know About Estate Planning
Probate can be intimidating, confusing and exhausting, to say the least. We can take some of that away right now by explaining some of the basics .
Ultimately, you need to understand that the courts will appoint someone to be the representative when the deceased fails to appoint a beneficiary .
This person has the legal obligation to take care of divisions of assets, pay down debts, and perform other tasks on behalf of the deceased.
In other words, that person is there to "uphold" the deceased's last wishes.
What Is the Purpose Of Probate?
The courts want to make sure no one is taking advantage of the deceased. The person cannot defend their "final wishes" when they are gone.
The courts freeze everything. The courts want to make sure everything is valid before proceeding onto the next step. The property has to be appraised .
The right people need to be notified about the death. There could be a will drawn but was not notarized before death. The courts want to make sure the documents are legitimate.
FYI:
Not every asset is going to be subject to probate. Three things will usually pass through without needing probate are the following:
1) There is something called "joint tenancy." That is where the surviving member of the couple receives all assets. There is no need for a court order when that happens .
Say, for example, that Olivia and John share equal ownership of everything. John dies. Olivia now owns everything that John left behind.
2) There is something called "community property with right of survivorship." This mainly refers to properties designed for communities. A tenant dies. The owners are assigned full rights.
This one is only available for couples who are married. This link will give you a more detailed look.
3) There is something called "a beneficiary designation." This is regulated for those who are entitled to retirement accounts once their loved one is deceased .
What Is An Informal Probate Hearing?
These informal hearings do not involve creditors. The first thing you do is send out a letter saying that you want to be the "personal representative" for the deceased.
You will then get something called a "letters testamentary." You will need to gather the following after that:
1) Send letters to every known "heir." You might also need to contact the creditors to discuss property assets.
2) Prepare an inventory and keep everything safe until the case is closed .
What Is An Unsupervised Formal Probate?
That is when a judge looks over documents prepared by the "personal representative". All assets are distributed to the right people in the right time .
This will only work when there are no disputes between relatives and the like.
Supervised formal probate might be necessary if there are internal arguments among the beneficiaries.
What Is A Supervised Formal Probate?
That is when the courts get involved to talk over disputes that arise between beneficiaries and relatives. This is also when the courts have to approve the distribution of assets.
Get Help With Your Probate Problems Today
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