Many people in Hawaii are surprised to learn that, after a loved one passes, there is often a legal procedure called probate to finalize the deceased person’s affairs. Whether the estate is large or small, probate ensures that debts are paid and remaining assets go to the rightful heirs. If you’re in this situation, here’s a concise look at what probate involves, why it might take time, and how you could access inheritance funds sooner if you need them right away.
What Is Probate?
Probate is a court-supervised method for confirming that a will (if one exists) is valid, cataloging all assets in someone’s estate, and handling outstanding bills or taxes. Once these requirements are met, any property left is distributed to heirs. Even when there’s no will, the Hawaii probate process still applies; in that instance, the court follows state laws (known as intestate succession) to guide distribution.
Timeframe
In Hawaii, probate can last anywhere from six to twelve months—or even years for large or contested estates. During that period, heirs often cannot claim or use estate assets until the court grants permission.
Must All Estates Go Through Probate?
Many estates do require probate, but there are exceptions. If the estate’s total value is under a certain limit ($100,000 for personal property and $50,000 for real estate), or if the deceased person left non-probate assets (like a life insurance policy naming specific beneficiaries or a living trust), you might bypass some or all of the court’s formalities. This can shorten or skip probate, depending on the assets involved.
Which Assets Typically Pass Through Probate?
- Sole Ownership: Bank accounts, homes, or vehicles owned solely by the decedent.
- Tenancy-in-Common Property: Real estate partially owned by the decedent, without the “right of survivorship.”
- Business Interests: Stakes in corporations or partnerships that do not specify an automatic transfer upon death.
- Investments: Stocks, bonds, or mutual funds held in the decedent’s name alone.
On the other hand, assets with direct beneficiaries (like life insurance policies, IRAs, or joint accounts) typically skip probate.
The Probate Process in Hawaii: Main Steps
- Opening the Estate
A family member or the named executor files a petition with the probate court, submitting the will if it exists. - Notifying Interested Parties
All heirs, beneficiaries, and creditors get notified. Creditors generally have up to four months to present claims. - Inventory and Appraisal
The executor lists all items in the estate and values them, sometimes hiring appraisers to assist. - Paying Debts and Taxes
Valid claims, such as credit card bills or final taxes, must be paid before heirs receive anything. - Distributing Remaining Assets
Once debts are handled, leftover property goes to heirs based on the will or, if no will exists, Hawaii’s intestate laws. - Closing the Estate
Finally, the court approves the executor’s actions and ends the probate case.
If There’s No Will
Dying without a will is called “dying intestate.” In that case, a probate court in Hawaii distributes property by a set hierarchy: typically a spouse first, then children, then parents, and so forth. Though these rules aim to be fair, they might not reflect personal wishes as well as a valid will would.
The Executor’s Role
When someone creates a will, they usually name an executor (also called a personal representative). If no one is named, the court designates an administrator. This person:
- Collects and safeguards the decedent’s property
- Notifies heirs and creditors
- Pays off debts and taxes
- Distributes remaining assets
- Provides the court with necessary paperwork before probate wraps up
It can be a big responsibility, so many executors seek assistance from probate attorneys, especially with complex estates.
How Much Does Probate Cost?
Fees differ based on how involved the process becomes. Courts charge filing fees, and the estate covers necessary expenses like legal help, appraisals, or accounting. Executors also may earn “reasonable” compensation from estate funds, though they can choose to waive it. In more intricate scenarios—like contested wills or multi-state properties—costs and timelines can rise sharply.
Accessing Funds Before Probate Ends
Waiting out probate can be financially tough, particularly if you need to pay funeral bills, mortgage costs, or other expenses. Rockpoint Probate Funding can give you a head start by offering a probate cash advance if you qualify. You could receive your inheritance portion in as little as one day, without going through credit checks or paying back anything if your inheritance doesn’t materialize.
Contact Rockpoint Probate Funding
For details on whether this might suit you, call (888) 263-8588. The money can cover living costs, tuition, or even help keep the family home in good shape while probate concludes. Knowing there’s an option to get funds early can lift financial pressure during an already challenging time.
