Creating an estate plan – at least a will – is crucial to ensuring that you have a say in how your assets will be distributed after you’re gone. It also makes things easier on your loved ones because they may have to deal with a lengthy probate process if there’s no will.
When someone dies without a will (“intestate”), state law determines how the deceased’s assets are distributed among their family members. These laws vary by state, but they are intended to favor those who are legally or biologically the most closely related to the person who died, regardless of how close they may have actually been.
The order of intestate succession in Hawaii
This depends on who the surviving family members are. If someone leaves behind a spouse, but no descendants (children or grandchildren) with that spouse and no parents, the surviving spouse gets the full inheritance.
The same is true if the spouse and the deceased have children together. The exception is if the surviving spouse had one or more children with someone else. Then the deceased’s children get a portion of the estate.
If someone leaves behind a spouse and descendants from another relationship or marriage, though, the descendants get part of the estate. However, the spouse still gets the bulk of it.
If there is a surviving spouse and parents, the parents share in the estate. However, the spouse gets the majority of it.
If an unmarried person dies with children but no spouse, the children divide everything. If they die with parents but no children, the parents get everything. If they have none of these surviving family members, the inheritance can go further down the line to other living relatives.
Some alternative ways to leave assets to others
It’s important to note that if property, whether a home or a bank account, is jointly owned, the surviving owner typically inherits it even with no will. Bank accounts can also have payable-on-death and other designations so that the account goes to the designated beneficiary. People can also list beneficiaries directly on certain types of accounts, like retirement accounts and life insurance policies, and those are recognized. All of these designations need to be made with the appropriate institution or other company.
Creating a will and other estate plan documents with the guidance of an experienced estate planning professional can help Hawaii residents direct their legacy and save their loved ones unnecessary stress and conflict.