When an estate owner dies or becomes incapacitated in Honolulu, it is not uncommon for their assets to go through the legal process of probate. Probate allows the estate’s personal representative, appointed by the owner, to carry out the last wishes and ensure everything goes right. However, there are various ways one can avoid probate by consulting with an attorney.
Between all this probate talk, it is common to wonder how much the entire procedure costs. It is not possible for a probate attorney to tell you an exact amount because it depends on several varying factors. Nevertheless, hiring an attorney is beneficial because it will allow you to get an idea or an approximate estimate of how much you need to spend.
Will the Executor of the have to be paid?
The Executor is an individual who is appointed the duty of managing the will after the owner’s death or incapacitation, along with various other duties. The Executor is paid some amount for their tedious work. Usually, they get compensation for the duties they fulfill and any out-of-pocket expenses they may have to pay during the process.
In Hawaii, no law specifically states how much an Executor is to be compensated, nor it states a percentage. However, it states that the amount should be “reasonable,” which means it should be fair according to their duties and work.
Sometimes they will already provide compensation for the Executor, but if the Executor deems it inadequate, they may renounce their fees.
Factors that determine the probate fees in Hawaii
There are several factors that decide the probate fees in Hawaii. Since these vary, it is not possible to tell an amount without assessing the case first.
- Types and amount of assets in your estate.
- The total value of your assets.
- The quality of your estate plan.
Some legal costs include the following:
- The filing fee to start the probate process
- Miscellaneous court fees
- Personal Representative or Executor compensation costs
- Probate attorney fees
- Probate Bond
Can you avoid probate?
Most estates will have to go through the probate process unless they have been placed in a trust. However, not all probates have to be long. There are other options as well.
If an estate is valued at $100,000 or less, then a beneficiary may show an affidavit to prove that they are the rightful heir to the property without going through probate. However, this only works as seamlessly as it seems if only one beneficiary exists.