02:10:00
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.
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.
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.
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.
Most people need to change their last testament on a regular basis. This may become necessary when they beget children, when they divorce or when their financial situation changes. In the majority of cases these changes can be accomplished by adding a codicil to the original document, but a brand new testament may be formulated at any given time.
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.
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.
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.
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.
Most people need to change their last testament on a regular basis. This may become necessary when they beget children, when they divorce or when their financial situation changes. In the majority of cases these changes can be accomplished by adding a codicil to the original document, but a brand new testament may be formulated at any given time.
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.
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.
0 comments:
Post a Comment