There are many different ways that people can establish testamentary documents, such as wills. The most effective and trustworthy approach often involves working with a legal professional. However, some people try to handle the process on their own.
They might create a handwritten or holographic will instead of obtaining a printed will by working with an attorney. In theory, holographic wills are legal testamentary instruments. Still, they may lead to a variety of challenges after the testator who drafted the document dies.
What are some of the most common issues that arise when an estate plan consists primarily of a holographic will?
Challenges regarding document validity
Typically, people have to readily acknowledge that the handwritten holographic will is actually a legal instrument drafted by the testator. Occasionally, there are questions about the validity of holographic wills that may lead to probate litigation. Some people may insist that the document is not clearly in the handwriting of the decedent. Even in cases where the courts eventually decide to uphold a holographic will when there are disputes about its validity, the litigation that occurred could substantially reduce the overall value of the estate.
Lost or destroyed documents
Another issue with a holographic will is that there is typically only one copy of the document available. If the testator isn’t proactive about storing it in an appropriate location and communicating that to the right parties, people may not be able to find the will after they die. Even if they do, the wrong person might get their hands on it first and could destroy it before others have a chance to secure it.
Major planning mistakes
People writing out their own wills may let their feelings dictate what terms they include. They may not necessarily understand what the law requires from them. Including illegal terms or omitting key elements, such as establishing that this is a document intended to serve as a testamentary instrument, could result in questions about the validity of the document later. In cases where estate planning documents do not conform to state probate statutes, the courts may set them aside and treat the estate as though someone died without a will on record.
In many cases, the time and money saved by drafting a holographic will are more than offset by the vulnerability that accompanies such documents. Creating authoritative documents with professional assistance is often better for those who want to leave a specific legacy or protect their loved ones than trying to handle the estate planning process on their own.