What is an Elective Share in Hawaii
What is an Elective Share in Hawaii?
In Hawaii, a disinherited spouse has a right to claim a percentage of his/her deceased spouse's estate under the concept of Elective Share.
How is the amount of Elective Share calculated?
The percentage of the estate that a disinherited spouse can claim depends on the number of years such spouse was married to his/her deceased spouse. Under the current rules, a disinherited spouse can claim up to only 3% of his/her deceased spouse's estate if the former had been married to the deceased spouse for only 1-2 years prior to his/her death, and up to 50% of the estate if the disinherited spouse had been married for 15 or more years prior to the deceased spouse's death.
If, for whatever reason, your spouse disinherits you from his/her will or trust, it is good to know about the Elective Share in Hawaii in order to be able to claim your rights to a deceased spouse's estate.Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.
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