process. Intestate succession is a court process in which the court determines who will inherit the estate or how the estate will be divided. (Intestate Succession in Hawaii, n.d.) The distribution of an estate is determined by factors such as if you are married, have biological children, have siblings, or if your parents are alive. There is a certain order in which an estate can be divided and will generally go first to a spouse, second to their biological children, third to living parents, and fourth to siblings. The probate process is time consuming and can be a financially draining process in which many families try to avoid. In addition to these factors, one of the things that occur during the probate process is that the information…show more content… The trustee holds a very important role in the success of carrying out a grantor’s wishes. Acceptance of the role as trustee, opens themselves up to personal liability by being named to the position. Hawaii Revised Statutes Section 560:7-303 states that “The trustee shall keep the beneficiaries of a trust reasonably informed of the trust and its administration.” (Duty to inform and account to beneficiaries, n.d.) While this applies especially for irrevocable trusts as the trustee’s duty begins upon finalization of the trust, this also applies to revocable trusts when a grantor directs the trustee to keep the beneficiaries informed of the status of the estate. According to an article on Justia.com (n.d.) the trustee takes on a fiduciary duty to the beneficiaries as they are responsible in the care and maintenance of estate assets. A few of the trustee’s duties include duty of loyalty, duty of prudence, and subsidiary duties. The duty of loyalty means that the trustee maintains the sole interest of the beneficiaries. A trustee is prohibited from engaging in transactions for the trust in which they may benefit from directly or indirectly. The duty of prudence is a requirement that holds the trustee responsible in the management and care of the estate. If the trust contains assets in which have the potential to generate income, the…show more content… While there are many responsibilities in being a trustee of an estate, an interesting fact is that the only legal requirements for selecting a trustee is that they are over the age of 18 and have the capacity to manage their own affairs. (How to Choose a Trustee, 2016) An article by AARP (n.d) provides five tips for choosing and maintaining a trustee. The first tip is to name someone who has common sense and knows their limitations. While experience is not necessary as a trustee, sometimes individuals can become careless when dealing with money that is not theirs, especially if they do not stand to benefit. It is important to choose a trustee who has a good sense of basic business affairs and knows when to seek help from a professional. The second tip is to consider factors such as the age of the candidate, health, and likelihood that they will be around to carry out the duties of a trustee. AARP also advises that it can often be a good option to name a backup trustee in the event that the primary does not or cannot fulfill their duties. The third tip is for a grantor to consider choosing a corporate trustee from a bank or financial service firm. This choice will allow the grantor the peace of mind that the estate will be left in the hands of individual(s) who have experience in dealing with estate planning and because there is a good chance that the firm will
