Is There An Upside to Probate?
When a loved one passes, it's often left up to Hawaii probate courts to decide how certain assets of the estate are divided among the family members. Is there an upside to this?
You may feel that letting a probate court distribute your assets is a suitable solution, so let's take a look at some of the pros and cons of the probate process.
Probate court can have its pitfalls, but in some cases, the process can be simplified. For small estates, Hawaii probate court can be managed by using an affidavit, but this only works when assets total less than $100,000.
If this is an option, all an inheritor would have to do is fill out a simple affidavit.
Similarly, there exists a simplified probate procedure--again when the assets total less than $100,00 0--that allows the court clerk to distribute property and assets to inheritors.
A Drawn Out Probate Court Case Is Reality For Most in Hawaii
These few simplified probate procedures may sound great in certain cases, but difficulties may arise that complicate even the simplest of solutions.
Simplified procedures assume there is no disagreement and that the process can be executed free of hindrances.
Even simple cases could wind up in Hawaii probate court. While simple solutions for smaller estates may sound good, they still may not be preferable over proactive estate planning.
Prepare Your Estate Now – It Pays Off For Everyone
In most cases, Hawaii estate planning can help inheritors avoid the hassle. Assets that could be held up by the Hawaii probate process can be considered long before the need to distribute them arises.
As with most things in life, preparation is important.
You have the option to plan for the future now. Without estate planning, probate courts will have no choice but to get involved, and this could be harmful to your family.
Ultimately, avoiding the Hawaii probate process is a better solution, because it ensures that inheritors do not have to bear the burden of probate court.
Most people wouldn't want their loved ones to have to spend time and resources on court proceedings that are quite unnecessary with thoughtful Hawaii estate planning.
Do You Want Your Assets Paying Court Costs or Helping Your Family?
Probate proceedings could lead to costly attorney fees, family arguments, and even public knowledge of estates as the court proceedings are open to the public.
The fees alone could eat up the value of many of the assets, leaving the inheritors with little to nothing after probate procedures have ended.
This point alone should be enough for anyone to seriously prefer estate planning over any other option because it means taking care of one's loved ones.
Legal decisions are often personal choices. Whether you decide that it is better to plan your estate or allow a probate court to distribute many of your assets for you, seriously consider the pros and cons of both.
Estate planning can take time, money, and effort to prepare and finalize, but it ultimately lessens the burden on your loved ones.
Without estate planning, your family will be left to spend the time, money, and effort that you could have put in to help protect them and your assets.
