Many people, even educated people, simply fail to understand just how important it is to make sure that their affairs are in order at all times. This includes drawing up a last testament. It is not pleasant to think about death and it is especially younger people that delay this very important task. However, if they should die intestate, their next of kin can be left bereft and unable to continue their life styles. For valid wills Hawaii residents should make sure they understand the applicable laws of the state.
For a testament to be valid, there are only a few very basic requirements to be met. The person drawing up the testament must be of age, therefore eighteen years or older. There must be a minimum of two witnesses present and their signature on the final document serve to declare that the testator was of sound mind while drawing up the testament.
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.
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.
When somebody dies without a valid last testament, they are considered to be intestate. Their estates are dealt with according to strict state laws and their wishes, even if expressed orally, are not taken into account at all. Such a situation can cause havoc for the next of kin. They will have no input in the division of the estate.
Nobody wants to see his loved ones suffer. Yet this can happen if a person dies without a valid will. It is the responsibility of each individual to take care of such matters from an early age. A last testament will make sure that the wishes of the individual are carried out to the letter.
For a testament to be valid, there are only a few very basic requirements to be met. The person drawing up the testament must be of age, therefore eighteen years or older. There must be a minimum of two witnesses present and their signature on the final document serve to declare that the testator was of sound mind while drawing up the testament.
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.
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.
When somebody dies without a valid last testament, they are considered to be intestate. Their estates are dealt with according to strict state laws and their wishes, even if expressed orally, are not taken into account at all. Such a situation can cause havoc for the next of kin. They will have no input in the division of the estate.
Nobody wants to see his loved ones suffer. Yet this can happen if a person dies without a valid will. It is the responsibility of each individual to take care of such matters from an early age. A last testament will make sure that the wishes of the individual are carried out to the letter.
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