It is astonishing to learn that many people, in this enlightened day and age, still die intestate. This can cause serious problems for the loved ones left behind and in some cases it can even cause hardship and financial difficulty. Young people do not think about death and delay decisions regarding their estates. This is a mistake. Every person should have a testament, even if their estates are negligible. When writing their wills Hawaii citizens should study the relevant state laws thoroughly.
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.
A testament is a legal document with the simple purpose of describing what it is that is to be done with the estate of the testator once he dies. An estate can consist of a variety of assets such as property, stock certificates, bank accounts, furniture, collectibles and any other possession, even if it has no or very little monetary value. The testator can distribute his property any way he wishes, with a few notable exceptions.
The state laws clearly stipulate that testators are not allowed to use their testaments to make changes to the beneficiaries of retirement benefits and life insurance policies. If the testators was married, the surviving spouse is automatically entitles to a percentage of the value of the estate. This percentage is calculated according to how long the marriage lasted. If the deceased person owned a property jointly with another person, then that property must go to the surviving owner.
Circumstances change and that is why it is necessary to review a last testament on a regular basis. Marriage, divorce, a change in fortunes, new born children and many other factors may dictate that a last testament is updated. In most cases this is done by means of a codicil, a legal document stipulating changes and additions that is simply added to the original testament.
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 intestate, without a final testament, cause their next of kin many problems. In such a case the assets of the estate will be distributed according to the laws of the state. A spouse, for example, will receive the entire estate if there are no children. Such estates can take a long time to settle and the loved ones of the deceased may suffer financially.
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.
A testament is a legal document with the simple purpose of describing what it is that is to be done with the estate of the testator once he dies. An estate can consist of a variety of assets such as property, stock certificates, bank accounts, furniture, collectibles and any other possession, even if it has no or very little monetary value. The testator can distribute his property any way he wishes, with a few notable exceptions.
The state laws clearly stipulate that testators are not allowed to use their testaments to make changes to the beneficiaries of retirement benefits and life insurance policies. If the testators was married, the surviving spouse is automatically entitles to a percentage of the value of the estate. This percentage is calculated according to how long the marriage lasted. If the deceased person owned a property jointly with another person, then that property must go to the surviving owner.
Circumstances change and that is why it is necessary to review a last testament on a regular basis. Marriage, divorce, a change in fortunes, new born children and many other factors may dictate that a last testament is updated. In most cases this is done by means of a codicil, a legal document stipulating changes and additions that is simply added to the original testament.
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 intestate, without a final testament, cause their next of kin many problems. In such a case the assets of the estate will be distributed according to the laws of the state. A spouse, for example, will receive the entire estate if there are no children. Such estates can take a long time to settle and the loved ones of the deceased may suffer financially.
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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