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Such wills are legal, so long as they comply with state law concerning holographic wills. The legal requirements for a valid holographic will can vary from state to state, so it is important to know what your state requires if you decide to do a holographic will.
However, even assuming that your will meets the legal requirements for a holographic will, there are good reasons not to do a holographic will. Only when the writer of a holographic will dies do those mistakes come to light, and then the grieving family is left to bear the burden of those mistakes.
One of the most common problems with holographic wills is ambiguity. So did his wife, whom he affectionately called "Mother" ever since their child was born. Which of these women was intended to receive his estate?
Other ambiguities can arise when the will refers to "my favorite cousin" without naming the person, or "my good friend, Bob," when there are two or more friends named Bob.
Ambiguities can also occur with respect to specific assets.
Errors can also create ambiguities. For example, one unmarried man had a small corporation that he wanted to leave to his good writing a will sample in california and long-time employees, so he allocated percentage ownership interests to six different people.
Failure to Dispose of the Entire Estate. Typically, holographic wills are written so that certain individuals are to receive certain specific assets. This is fine, so long as the will addresses everything it should. A problem arises when the will disposes of less than all of the estate.
Such assets will then pass to surviving legal heirs as determined by the state intestacy statutes, the result of which may not be what the testator intended. One woman wrote up a holographic will that dutifully listed some but not all of her assets and named someone to take care of her cats.
However, the will failed to nominate an executor and did not say who should receive her estate, even though she had told a favorite niece that everything was to go to her.
Most attorney-drafted and form wills contain what is referred to as a "residuary clause. It includes assets that the testator may have acquired only after the will was written. Most holographic wills fail to include a residuary clause, and this often causes problems.
He even went so far as to state that if his estate was insufficient to fully fund all these bequests, then the amounts should be reduced proportionately.
This resulted in a partial intestacy, and nearly half his estate ended up going to his nieces, nephews, and a couple of grandnieces, most of whom he had no relationship with and had not intended to benefit from his estate. As noted above, many holographic wills leave certain assets to certain people.
Many people give their house to someone, but sell the house before they die. Some folks leave specific bank accounts or stocks to someone, but change banks or sell the stocks. Failure to Name Contingent Beneficiaries. The persons you name in your will to receive your assets are called "beneficiaries.
If the testator does not name a contingent or alternate beneficiary and the named beneficiary predeceases the testator, the gift to the named beneficiary will "lapse," meaning it will pass according to the laws of intestate succession unless there is a residuary clause in the will.
Failure to Name an Executor. Typically, those who write their own holographic wills focus mainly on who will get what when they die, but they neglect to nominate an executor who will see to it that their wishes are properly carried out.
If no executor has been named in the will, the court generally must appoint an "administrator" to perform the duties of the executor. The person appointed by the court may or may not be the person the testator would have chosen.
Even in holographic wills where an executor is named, the testators typically neglect to waive the requirement of a bond.
Normally, an executor or administrator must post a surety bond with the court as a form of insurance to protect the beneficiaries of the estate in the event the executor should abscond with or grossly mismanage the assets. A bond costs money, and this cost is normally borne by the estate.
A testator who has implicit trust in his or her named executor may prefer to waive the bond requirement by so stating in the will, thereby avoiding an unnecessary expense.Organize and write a research paper using a variety of sources.
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When you write your own will, you minimize the chances that your property and belongings will go to undesired heirs. This is done when you write your own will by identifying your homestead if you own a home, and listing your assets, along with the heirs you wish to receive the property.
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Financial Planning -> Wills and Estates-> Sample will Will Sample. This is an example of a will which names either one or two alternate Executors in case the intended Executor is unwilling or unable to do the job of carrying out the will.
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