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 can be upheld by the courts because it is a legal missive. The purpose of this document is to determine the distribution of the estate of the testator after his death. The estate can be divided up in any way the testator desires. He is under no obligation to leave any assets to any specific person or institution, although there are a few exceptions. An estate consists of all the property, both movable and unmovable that was owned by the deceased person.
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.
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.
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 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 can be upheld by the courts because it is a legal missive. The purpose of this document is to determine the distribution of the estate of the testator after his death. The estate can be divided up in any way the testator desires. He is under no obligation to leave any assets to any specific person or institution, although there are a few exceptions. An estate consists of all the property, both movable and unmovable that was owned by the deceased person.
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.
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.
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 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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