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 requirements for a valid testament in this state are actually very straight forward. The testator must be at least eighteen years of age and the wishes of the testator must be spelled out in writing. When drawing up the testament, the testator must be of sound mind. Of course, the testament must be signed by the person drawing it up and at least two others must witness 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.
Prudent people will change their last testaments on a regular basis. This may be prompted by a change in circumstances, such as a divorce or a death in the family or when children are born. A testament can be changed at any time. In most cases the original testament can be changed by means of a codicil, a simple document that stipulates changes or additions to the original.
As soon as an individual dies, probate comes into effect. This means that the estate is forced to pay taxes and all outstanding debt. Thereafter the estate is divided according to the wishes of the testator. When estates are complex and large, probate may take some time. However, when estates are small, worth less than sixty thousand dollars, probate is often waived.
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.
Having a will is imperative. Those without one may cause harm to their loved ones. It is the responsible thing to do and should be attended to when the very first income is generated. Most banks and insurance companies will handle this delicate matter free of charge.
The basic requirements for a valid testament in this state are actually very straight forward. The testator must be at least eighteen years of age and the wishes of the testator must be spelled out in writing. When drawing up the testament, the testator must be of sound mind. Of course, the testament must be signed by the person drawing it up and at least two others must witness 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.
Prudent people will change their last testaments on a regular basis. This may be prompted by a change in circumstances, such as a divorce or a death in the family or when children are born. A testament can be changed at any time. In most cases the original testament can be changed by means of a codicil, a simple document that stipulates changes or additions to the original.
As soon as an individual dies, probate comes into effect. This means that the estate is forced to pay taxes and all outstanding debt. Thereafter the estate is divided according to the wishes of the testator. When estates are complex and large, probate may take some time. However, when estates are small, worth less than sixty thousand dollars, probate is often waived.
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.
Having a will is imperative. Those without one may cause harm to their loved ones. It is the responsible thing to do and should be attended to when the very first income is generated. Most banks and insurance companies will handle this delicate matter free of charge.
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