FREE HAWAII LAST WILL AND TESTAMENT
What is a Last Will and Testament
A Hawaii Last Will and Testament, when prepared and executed properly by a person who is an adult of sound mind with legal responsibility for his- or herself, is a formal document that specifies how their assets or estate will be managed and distributed after their death. The person who dies is formally referred to as the decedent. If the decedent has minor children, the Last Will and Testament may also be used to designate who they want to care for their children and who they wish to handle their childrenís inheritance/finances until each child comes of age (usually 18, but you can designate a different age) to handle their finances on their own.
|In a Last Will and Testament, the decedent usually also names a personal representativeóor co-personal representatives (two or more persons acting together in this capacity)óto manage the matters of the estate. The personal representative is the person who gathers all of the information about the decedentís debts and assets, pays outstanding debts using the assets on behalf of the estate, and ensures that the decedentís property is distributed as specified in the Will, so this is a job with a lot of responsibility, and the personal representative selected is usually someone the decedent really trusts to follow through on the details and with his or her wishes.
If a person dies without having a valid Last Will and Testament (which usuallyóin most statesómeans it must be properly witnessed, as wellónot just signed), someone will usually be appointed by the court to be the personal representative and will pay the decedentís debts, liquidizing assets as necessary to do so. Then the remaining assets will be distributed among the decedentís heirs according to the laws of the state the decedent lived in.
In some states, if one spouse dies leaving behind a husband or wife, that living spouse will inherit all of the decedentís property in the absence of a Last Will and Testament stating to the contrary. In other cases, the decedent may have specified a particular beneficiary to inherit a life insurance policy, retirement account, or other asset, and that beneficiary designation will dictate who receives those assets in the absence of a Hawaii Last Will and Testament.
The important thing to note is that anyone who wishes to designate how their assets will be distributed after their death should prepare and properly execute a Last Will and Testament to ensure their wishes are known and honored. If they donít, they may be leaving it up to chance, the laws of the state in which they reside at the time of their death, or a court of law as to how their final affairs will be settled. Hawaii free information on last will and testament forms.
Hawaii Last Will Paper
Last Will is no longer a prerogative of the rich. More and more ordinary Hawaiians are creating this document. If you want to leave clear instructions on the distribution of your property and assets after your death, then you need to create this form.
The main purpose of such a document is to express your prescriptions for the distribution of your real estate, savings, bank accounts, cars, luxury goods and art, and so on. But this is not the only task of the form. You can create special trusts to provide proper care for your spouses, children, and even animals. In addition, you can give charitable gifts to other people or organizations.
Who Should Draw Up Such a Document?
Anyone who wants to take control of the distribution of their inheritance should fill out and sign this form. In the absence of a living will, the inheritance will be distributed by the court following the law, and this does not always coincide with your wishes. Therefore, if you want to be sure that your loved ones will receive what you want to leave them, then it is worth compiling a living will.
The document also provides for the appointment of a representative of the deceased, who will be obliged to be responsible for fulfilling all the instructions.
We strongly recommend that everyone who has any property or savings make up the last will. This is another way to take care of your loved ones, even after you die.
Legal Requirements to This Form in Hawaii
Since the last will is a legal document, there are certain rules for its preparation. Here are the most basic ones:
Exceptions to Ability to Distribute Property
Some property cannot be allocated based on last will alone. These types of assets include:
Consequences of Absence of Last Will in Hawaii
If you have not left behind an appropriate document, then your inheritance will be passed on to your next relatives. If you do not have children, all property is transferred to your spouse. And if there are children, then the inheritance is divided between them and the spouse. The circle of close relatives also includes the parents of the deceased, who can also claim a certain share.
If the deceased has no living parents, children, or spouses, then Hawaiian laws provide for the transfer of inheritance to more distant relatives.
Some may be satisfied with this alignment of the situation, but if you want to have control, then it is better to provide this in the written form of the document. Having a last will can also reduce disputes and disagreements between relatives, as your Will will be stated as clearly as possible.
Can I Make Changes?
At any time before your death, you can make changes to the document. To do this, you can either compose an addition to the document or a new last will. Therefore, do not worry that over the years of your life, your wishes may change. You can reflect all changes in the document.
You can also completely deactivate the effect of the form. To do this, you must either destroy the old document or draw up a new document that cancels the action of the previous one.