Hawaii Affidavit That All the Estate Assets Have Been Distributed to Devisees by Executor or Estate Representative with Statement Concerning Debts and Taxes
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How to fill out Affidavit That All The Estate Assets Have Been Distributed To Devisees By Executor Or Estate Representative With Statement Concerning Debts And Taxes?
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FAQ
What is Considered a Small Estate in Hawaii? Any estate that's below a certain threshold in Hawaii can avoid probate. Even if there's no Will, a simplified probate procedure known as ?a summary probate? is possible if any estate is valued at $100,000 or less.
In Hawaii, you can make a living trust to avoid probate for virtually any asset you own?real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).
If you have a trust and funded it with most of your assets during your lifetime, your successor Trustee will have comparatively more power than your Executor. ?Attorney-in-Fact,? ?Executor? and ?Trustee? are designations for distinct roles in the estate planning process, each with specific powers and limitations.
There is not a major difference between an executor and a personal representative, as both are often used interchangeably.
Probate in Hawaii is necessary when a person dies owning any real estate in his or her name alone, no matter how small the value of the real estate. Probate is also required when the total value of all ?personal property? owned in his or her name alone is worth more than $100,000.
In Hawaii, probate is only required under two circumstances: if the deceased owned any real estate in his or her name alone, no matter how small the value OR. if the total value of the deceased's personal property exceeds $100,000.
Basically, after your lifetime, a trustee is responsible for assets held in trust and a personal representative (sometimes also called an executor) is responsible for assets held in your individual name. You appoint these important agents of your estate plan with will or trust documents.
A personal representative is a person (or entity) that has the authority to administer the decedent's estate. Generally speaking, this means paying off tax, funeral expenses, debts and distributing the remainder of the estate assets. (6) Forty-five days after the death of the decedent, any creditor.
