Disclaimer: This information is for educational purposes and not legal advice.
Detailed Answer
Under Hawaii’s Uniform Probate Code (HRS Chapter 560), a surviving spouse and minor children may elect to take a year’s allowance in lieu of certain distributions. The statute requires the personal representative to set aside personal property assets up to a statutory limit and prepare an itemized inventory with fair market values. You must list each item you want included. If you do not list an item, the court excludes it from your allowance and the personal representative may distribute it to other beneficiaries or use it to pay estate debts.
Key points:
- Statutory basis: See HRS §560-6 (year’s allowance).
- Inventory requirement: List all personal property items, such as household goods, jewelry and financial accounts.
- Valuation: Use fair market value as of the decedent’s date of death.
- Statutory cap: Total value cannot exceed the limit set by statute (currently $18,000).
- Exclusions: Real estate, vehicles and intangible assets (e.g., stocks) do not qualify for the year’s allowance.
Helpful Hints
- Review the estate’s full asset list before preparing your allowance inventory.
- Obtain professional appraisals for high-value items to ensure accurate valuation.
- Keep a copy of the inventory and proof of filing for your records.
- Submit your inventory and election with the probate court before the deadline.
- Consider consulting an estate attorney to confirm you meet all procedural requirements.