Should I Make My Own Will?
People often decide that they want to make their own will. The reasons may vary. The largest reason is usually to save money. Is it a good idea to DIY a will? What are some of the benefits and drawbacks of choosing to do so?
A will that is handwritten by the testator (person making the will) is called a holographic will. It must be signed by the testator and it does not have to be witnessed or notarized. These are valid legal documents in California. They are particularly useful in situations where a person is about to die and needs to quickly scrawl their wishes down in the hopes that these wishes will be respected. A holographic will may be valid, but if it can be avoided, it certainly should be. The risk with a handwritten will is ambiguity. It can be hard to read the handwriting of the testator or there may be questions about what the testator meant by certain words or terms. Another issue is that the intent of the testator could be called into question by a will that is handwritten. How do you ensure someone hasn’t interfered in some way with the will? Ultimately, a holographic will’s biggest risk is a will contest or litigation. In other words, it is highly likely someone will want to call the validity of a holographic will into question and that means legal fees and lengthy court battles for your loved ones. In a pinch, a holographic will makes sense, but if you have the time to make a formal will or estate plan, it is highly recommended to take the time to make your will more litigation-proof.
What if I make my own will using a template? You can make your own will using a template or software, but this option should only be used if you’re sure you are the right candidate for a will. Unless your estate is small enough, you likely will still have to go through the probate process with a will, which means your beneficiaries (people inheriting your estate) will have to go to court and spend months and potentially years in the legal system before they will receive any distributions. Will contests still could be an issue, especially if you do not fulfill all the legal requirements of a will perfectly, particularly regarding having witnesses and notarization completed according to state law. You also run the risk of things being overlooked. What if a beneficiary dies before you? Who should inherit that online account you forgot about? There are many intricacies that can be forgotten when making a D-I-Y will.
Making your own will is an option and certainly is the cheap option. However, you get what you pay for and potentially your loved ones will be facing much larger expenses in probate court or in will contests after you pass. Consult with an attorney to see if these will options are right for your circumstances. Contact FC360 Legal with a free consultation today.