yWhen can you convey your wishes by simply writing them down?
| THE HOLOGRAPHIC WILL -- IS IT RIGHT FOR YOU? | |
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When two-thirds of Americans die with no will at all, perhaps a holographic will is better than no will at all. Perhaps. Be aware, however, holographic wills are valid in only about half the states in the U.S.
The reason so few people have wills is that they probably assume the spousal exclusion (where the spouse inherits everything without limitation) will cover them. Also these days the size of estates that are impacted by estate taxes have to be so large, few people feel concerned. Those who do, have formal wills.
They also assume that an accident will not take both members of a couple simultaneously. Lots of assumptions.
In fact, everyone has a will. Only one-third had one drafted for themselves. The other two-thirds have theirs written by their state, taking the control of the hands of your family. A holographic will, while (perhaps) better than no will is subject to challenge by anyone who would benefit by relying on the state-mandated distribution of your property rather than what you have written personal. That can get messy.
A holographic will must be handwritten – not typed – in your own – not a second party’s – handwriting. It must be signed and dated. They do not have to be witnessed. If you possess any substantial property, a holographic will is not the way to go. If you only have a few possessions, a holographic will might be fine. Acquiring a legal will, however, is not a very difficult or expensive task these days. There are will “kits” at office supply stores and available on line.
A modestly priced will that is fully reviewed by attorneys can be obtained from a CFIC affiliate, www.LegalZoom.com.
Is this typical of things that concern you? You will find significant help at The Center for Intergenerational Communication. Not only is the CFIC a great source for knowing what issues to address, it provides many resources to research and record the decisions an individual or family makes.
One of the centerpiece products of The CFIC is the expansive Here to Hereafter: Everything My Family Needs to Know. In an exceptionally well-designed (and patented) PanaVu(R) storage binder, there are over 70 pages of questions with spaces for the answers to be filed in the volume's 12 sections. Questions ranging from the preferred music at your funeral to who should get your cat? Specifically, Section 10: Your Will is the tab under which you would file your will -- whatever the form -- for your family to locate it when they need it.
(c) 2005 CFIC