For many, the idea of going to a lawyer to create a will is something incredibly overwhelming. Not only do you need to take time out of your day to meet with a lawyer, but estate planning isn’t always cheap. As such, you may explore other options, like creating a holographic will yourself. While this may seem like an ideal option for those looking to save time and money, you’ll want to think twice before relying on this option. Keep reading to learn more about these matters and discover why working with PA wills, trusts & estates attorneys is better in the long run.
How does a holographic will work?
A holographic will is a document written by hand by the testator establishing what they would like to happen to their estate upon their passing. As such, the creator must explicitly state what they would like to happen to their estate upon their passing, such as writing which assets will go to which beneficiaries and who will care for their minor children in the event they pass away.
Unlike a traditional will, holographic wills do not have witnesses present to sign the document to prove the testator was of sound mind or free of duress at the time of the will’s creation.
What should I do if I’m ready to plan my estate?
It’s critical to understand that Pennsylvania does not recognize holographic wills. As such, if you plan on creating your own document without witnesses, your wishes will not be honored by the state, meaning your assets and beneficiaries will not be protected.
As such, if you’re interested in planning your estate, working with an attorney who can help ensure that your wishes are legally binding is critical. Generally, to create a will in Pennsylvania, you must be at least 18, of sound mind, and have two witnesses present who will sign the document when you are done writing it. This is to help ensure that you are not under duress at the time of its creation.
If you do not have a legally binding will, it’s important to understand what will happen to your assets. When you do not have a will, or the will you have is not legally binding because it is not recognized, you are deemed to have died intestate. As such, the state will assume control of your assets and distribute them according to state laws. This means instead of your belongings going to intended beneficiaries, they could end up in the hands of a relative you haven’t spoken to in years.
Ensuring your will is legally binding is critical to achieving peace of mind that your assets and beneficiaries will be cared for upon your passing. At Friedman Schuman Layser , we understand how complex these matters can be, which is why our team is committed to doing everything possible to assist you in these matters. Contact us today to learn how we can help you during these matters.
