Why an Informal Will Can Be a Risky Choice for Estate Planning
Are you considering drafting your own will or using an informal will template? While it may save time and money, choosing an informal will can put your estate planning at risk. Estate planning is a crucial process that ensures that the assets you have accumulated during your lifetime are distributed according to your wishes after your death. Therefore, it’s essential to understand the potential risks and drawbacks of an informal will.
What is an Informal Will?
An informal will, also known as a “holographic will,” is a handwritten document that is signed and dated by the testator. It’s generally considered a quick, easy, and inexpensive way to create a will. The idea is that you can avoid the cost and hassle of engaging an attorney by drafting your own informal will from the comfort of your own home.
Why Can an Informal Will be Risky?
An informal will can be risky due to its informal nature. Since it’s written by a non-lawyer, it may not comply with the legal formalities required by your state. A small mistake or ambiguity in the will can raise legal issues and cause disputes among your heirs. It can also result in exorbitant legal costs and delay the process of distributing your assets. An informal will can also be easily lost or destroyed, leaving your assets unprotected and undistributed.
How Can an Informal Will be Challenged?
An informal will can be challenged by anyone who has an interest in the will or the estate. A challenger can argue that the will does not comply with the legal requirements or the testator’s true intentions. Challenging an informal will can be a costly and lengthy process that can drain your estate’s resources. It can also result in a court deciding on the distribution of your assets contrary to your wishes.
What are the Alternatives to an Informal Will?
A better alternative to an informal will is to engage an attorney to create a formal will that is compliant with your state’s laws. An attorney can help you understand the legal formalities required for a valid will and ensure that your wishes are accurately recorded. An attorney can also advise on other essential estate planning documents, such as trusts, power of attorney, and health care directives, to protect your assets and ensure that your healthcare needs are met during your lifetime.
Conclusion
Your estate planning is a critical aspect of safeguarding your assets and ensuring that your wishes are carried after your death. While an informal will can be an easy and inexpensive way to create a will, it can put your estate planning at risk due to its informal nature. Working with an attorney to create a formal estate plan can provide peace of mind by complying with legal formalities, minimizing legal contests, and ensuring that your wishes are accurately reflected. So, don’t take estate planning lightly, consult an attorney today to protect your legacy.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)