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.
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.
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.
If the testator owned property jointly then it must be passed to the surviving owner. Testaments may also not make changes to the beneficiaries of exciting life insurance policies or retirement benefits. State laws also determine that if there is a surviving spouse then at specific percentage of the estate must go to that spouse. The percentage is calculated according to the duration of the marriage.
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.
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.
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.
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.
If the testator owned property jointly then it must be passed to the surviving owner. Testaments may also not make changes to the beneficiaries of exciting life insurance policies or retirement benefits. State laws also determine that if there is a surviving spouse then at specific percentage of the estate must go to that spouse. The percentage is calculated according to the duration of the marriage.
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.
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.
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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