What Is a Holographic Will?
Let me explain what a holographic will is—it's a document you handwrite and sign yourself as the testator, serving as an alternative to one prepared by a lawyer. Keep in mind that not every state recognizes these. If a state does allow them, the will has to meet certain requirements to be valid. At a minimum, most states demand proof that you actually wrote it and that you had the mental capacity to do so.
Key Takeaways
You should know that holographic wills can stand in for those created by attorneys. They skip the need for notarization or witnesses, which is convenient, but this often leads to complications in probate court.
How a Holographic Will Works
Understand that holographic wills don't require witnessing or notarization, but this can create validation problems in probate court. To prevent fraud, you must sign it, and the court will verify if the handwriting and signature are truly yours. Experts in handwriting or those who knew your writing style might need to testify to convince the court. Issues pop up if the handwriting is unclear or hard to read.
Just like any will, you need to be clear about who your beneficiaries are and what assets they're getting—things like stocks, bonds, or accounts. You can even set conditions they must meet to inherit. Some lawyers suggest including explanations for why you're leaving certain assets to specific people; this can show you were of sound mind, which is key for validity.
Also, remember that a holographic will in probate might not reflect your final intentions. It could have been a draft, or you might have forgotten to update it—these points could come up in court. These days, you have options like software, books, or websites that guide you on creating and printing a valid will to sidestep some probate hassles. If it's printed, though, it needs at least two witnesses.
Fast Fact
Here's a quick note: holographic wills aren't accepted everywhere and follow each state's laws.
Where Are Holographic Wills Accepted?
State probate law controls how wills are handled within its borders, so check your location. Some states accept holographic wills to different extents. These include Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Maine, Michigan, Mississippi, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wyoming.
In other states, holographic wills made inside the state aren't recognized, but if created in a place that does allow them, they might be accepted under foreign wills provisions. For this to work, the will must originate from a jurisdiction that recognizes holographic wills. States with these foreign wills provisions are Alabama, Connecticut, Indiana, Iowa, Kansas, Massachusetts, Minnesota, Missouri, New Hampshire, New Mexico, Oregon, Rhode Island, South Carolina, Vermont, Washington, and Wisconsin.
In New York and Maryland, these wills are only valid if made by someone in the Armed Forces. In Maryland, they stay valid for just one year after leaving the service, unless you're no longer of sound mind by then. In New York, it's valid for one year after discharge or after regaining testamentary capacity, whichever is later.
Other articles for you
A Right of First Offer (ROFO) allows a holder to make the initial bid on an asset before it's offered to the open market.
This text profiles Mark Jahn, a financial writer and economic consultant with expertise in various investment topics.
Return on Risk-Adjusted Capital (RORAC) is a financial metric that evaluates projects or investments by dividing net income by risk-weighted assets to compare different risk levels.
A value network is a system of connections among organizations and individuals that enables mutual benefits through transactions and information sharing.
An Opco/Propco deal is a business structure where a subsidiary owns revenue-generating properties to separate financing and provide tax benefits for the parent operating company.
Gift splitting allows married couples to double their annual gift tax exclusion to give more without taxes.
Key money is a payment made to secure a rental lease, sometimes as a security deposit, other times as a bribe, and legal in certain commercial contexts.
The harami cross is a candlestick pattern signaling potential trend reversals in trading.
A transfer tax is a government-imposed charge on transferring property ownership, including real estate and inheritances, with specific exemptions and variations by jurisdiction.
A gazelle company is a high-growth firm that increases revenues by at least 20% annually for four years from a $100,000 base, known for rapid expansion and job creation.