Each year thousands of people die intestate, thus causing endless problems for their heirs and next of kin. Young people do not want to think about their own death, but it is vital to draw up a testament. This is the only way in which to make sure that the last wishes of the deceased are honored. When drawing up their wills Hawaii citizens need to make sure that they conform to the state laws.
The basic prerequisites for a valid testament are simple. Firstly, the testator must be at least aged eighteen. The state law requires that the testator must be in a condition where he can make sound and responsible decisions and that he is not under the influence of any mind altering drugs. Naturally, the document must be signed in the presence of at least two witnesses, who must also affix their signatures to the document.
The main function of a testament is to allow the testator to direct the ways in which he wishes his estate to be distributed after his death. With a few important exceptions, he is not compelled to leave anything to any person or organization, but it is important that the instructions are clear. The estate can consist of anything that belonged to the diseased, even possessions that have very little fiscal value.
Testators may not leave surviving spouses utterly bereft. Surviving spouses are entitled to a percentage of the value of the deceased estate. This percentage will depend upon the duration of the marriage. Any testator that owns property jointly with another person may not transfer ownership to another party. The property must be left to the surviving owner. Testators may also not use their testament to make changes regarding the beneficiaries of insurance policies or retirement benefits.
Most people need to change their last testament on a regular basis. This may become necessary when they beget children, when they divorce or when their financial situation changes. In the majority of cases these changes can be accomplished by adding a codicil to the original document, but a brand new testament may be formulated at any given time.
When an individual dies, probate is initiated immediately. This means that the validity of the will is established as quickly as is possible. Thereafter, all debts and taxes owed by the estate is paid is paid to the relevant authorities and the remainder of the estate is distributed to the heirs. In cases where the estate is worth less than sixty thousand dollars, probate can normally be avoided.
People that die without a last testament are really irresponsible. Of course, their last wishes will not be honored because in such cases strict state laws are followed regarding the distribution of the estate. The worst is that loved ones may be left destitute and the finalization of such estates can take a long time. Surely anybody with any assets wants to at least make sure that their last wishes are carried out.
A will is one of the very first legal documents that should be drawn up by any responsible person. Without it, loved ones may suffer. This document can be lodged at almost any bank or insurance company. After all, death is inevitable.
The basic prerequisites for a valid testament are simple. Firstly, the testator must be at least aged eighteen. The state law requires that the testator must be in a condition where he can make sound and responsible decisions and that he is not under the influence of any mind altering drugs. Naturally, the document must be signed in the presence of at least two witnesses, who must also affix their signatures to the document.
The main function of a testament is to allow the testator to direct the ways in which he wishes his estate to be distributed after his death. With a few important exceptions, he is not compelled to leave anything to any person or organization, but it is important that the instructions are clear. The estate can consist of anything that belonged to the diseased, even possessions that have very little fiscal value.
Testators may not leave surviving spouses utterly bereft. Surviving spouses are entitled to a percentage of the value of the deceased estate. This percentage will depend upon the duration of the marriage. Any testator that owns property jointly with another person may not transfer ownership to another party. The property must be left to the surviving owner. Testators may also not use their testament to make changes regarding the beneficiaries of insurance policies or retirement benefits.
Most people need to change their last testament on a regular basis. This may become necessary when they beget children, when they divorce or when their financial situation changes. In the majority of cases these changes can be accomplished by adding a codicil to the original document, but a brand new testament may be formulated at any given time.
When an individual dies, probate is initiated immediately. This means that the validity of the will is established as quickly as is possible. Thereafter, all debts and taxes owed by the estate is paid is paid to the relevant authorities and the remainder of the estate is distributed to the heirs. In cases where the estate is worth less than sixty thousand dollars, probate can normally be avoided.
People that die without a last testament are really irresponsible. Of course, their last wishes will not be honored because in such cases strict state laws are followed regarding the distribution of the estate. The worst is that loved ones may be left destitute and the finalization of such estates can take a long time. Surely anybody with any assets wants to at least make sure that their last wishes are carried out.
A will is one of the very first legal documents that should be drawn up by any responsible person. Without it, loved ones may suffer. This document can be lodged at almost any bank or insurance company. After all, death is inevitable.
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