Hawaii Deed (Including Acceptance of Community Property with Right of Survivorship)

State:
Multi-State
Control #:
US-OG-978
Format:
Word; 
Rich Text
Instant download

Description

This form is a deed including acceptance of community property with right of survivorship.
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FAQ

There are two types of tenancies that possess the right of survivorship: joint tenancy and tenancy by the entirety.

A Revocable Living Trust A trust can be a great mechanism to avoid probate and is the recommended method. While there are some upfront fees for creating a trust, the fees are typically much less than probate costs. Generally, you, as trustee, retain control of the assets held within the trust during your lifetime.

Joint tenancy has right of survivorship Joint tenants own equal shares of the property and each one has the right to possess the property. When a joint tenant dies, the other joint tenants automatically inherit the property.

The deed or assignment of lease must be signed (in black ink) by the current owner and the new owner before a notary public. The deed or assignment of lease must be recorded in the State of Hawaii Bureau of Conveyances or Land Court. A Conveyance Tax Certificate must be filed and any tax due must be paid.

Hawaii allows you to leave real estate with transfer-on-death deeds, also called beneficiary deeds. You sign and record the deed now, but it doesn't take effect until your death. You can revoke the deed or sell the property at any time; the beneficiary you name on the deed has no rights until your death.

Each joint tenant holds an equal undivided interest in the property. "Right of survivorship" means that when a joint tenant dies, his interest automatically passes to and is divided equally among the remaining joint tenants.

Potential Problems with Transfer on Death Deeds: Issues can include unintentional disinheritance, conflicts with joint tenants, and invalidation due to legal description errors.

Your transfer-on-death deed will be subject to Hawaii's 120-hour survival rule, which states that your beneficiary must survive you by 120 hours (or 5 days) to receive the property.

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Hawaii Deed (Including Acceptance of Community Property with Right of Survivorship)