Probate is the legal process in which an estate is settled with the supervision of Hawaii courts. Probate will only come into play if there is no will or a will has been determined to be unacceptable. Why do we have Probate? One main reason is to prevent fraud. Fraud could occur if a person’s assets are taken from who they are intended for. Probate could happen to anyone.
If you die without a trust in the state of Hawaii and you have assets that exceed $100,000, you would have to go through an informal or formal probate process.
The court assigns a personal representative whose job is to gather and protect the estate property and pay all outstanding debts and taxes. The personal representative will distribute all remaining assets to the descendant’s heirs.
Probate can be a long and expensive court process and is avoided if the owners had set up a property written revocable living trust. Probate is required when you die without a will or a trust. Probate can be a public process that can invite family members, friends, relatives to make a claim against the estate’s assets.
Some Probate cases can take years, if the beneficiaries are disputing how the assets will be distributed. In those situations, the cost of court fees and attorney fees can substantially drain the estate value. Individuals who own property or assets that exceed $100,000 should not hesitate to set up a free consultation to discuss the benefits of setting up a Hawaii Revocable Living Trust.
Call Sage Capone at 808-753-1868 for a free consultation to review your Trust documents.