A holographic will must be in a handwritten and signed document of a testator and is a substitute for a will created by a lawyer. Some countries/states do not support holographic wills. Documents will be required to meet certain requirements in order for states that allow holographic to be valid. The minimum requirements for most of the states are proof that the testator had the mental capacity to write a will, proof that the testator wrote the will, and that the testator must have a will to distribute personal property to the beneficiary’s beneficiaries.
Difference between a holographic will and a formal will
In Texas, there are two types of wills that are recognized. One is a self-evident/formal will & the other is a manuscript/holographic will.
A self-evident/formal will is what most people believe when they think of a final will & testament. It is a lawfully drafted, typed paper that the testator must be executed before two eyewitnesses; anyone notary public must sign the will. This is usually done by an estate attorney who will confirm that all lawful criteria are met. Texas, US is one of those states.
This prevents the state from creating the final decision about the disbursement of your property after your death. A will places out important information about how you want to manage things after your death, such as who will perform as guardian of your little children, who will handle your property as an administrator, and how you like to distribute your property.
How holographic will works
The holographic will does not need to be notarized or witnessed, which may cause some problems during the validity of the will in the probate court. For avoiding fraud, most states demand that holography will be signed by the manufacturer. The court must determine whether the will was signed by the testator & written by the testator. Handwriting specialists or individuals familiar with the handwriting of the deceased must tell the court that the signature actually belonged to the deceased. Problems arise if the handwriting is unreadable or vague.
Like any will, a testator in a holographic will must have explicit names of beneficiaries and receipts of assets or assets such as stock, bond, and fund statements. The testator may also provide details of the situation for the recipients to meet in order to obtain the named assets.
What Information required in a Holographic Will
The exact details of each item and the full name of the beneficiary and the relationship should be given along with the name of the person who should get what assets. If there is a residual property that is not addressed individually, a residual clause may explain that all residual items go to a specific person or entity. If a minor is involved, the name of a legal guardian should also be mentioned in the will. The more precise the instructions, the less confusion there is after the testator’s death.