- December 29, 2017
Many people get caught up in the holiday season and don’t have the time to formally create a will or estate plan before traveling. Even if you start at the beginning of December, the review process can sometimes stretch the time for completion of your estate plan past your travel date. If this is your Arizona family, consider creating a holographic will. The Holographic will is a quick and simple way to make sure your assets go where you’d like and you only need pen and paper.
A.R.S. 14-2502 and A.R.S. 14-2503 govern the use of the holographic will. The statutes allows the signer to create a valid will without having to use a witness. Under the statutes, the signer creates a valid will so long as the signature and material provisions are in the handwriting of the signer. Material provisions are those designating beneficiaries, the gifts beneficiaries should receive, and those that create the process for distribution. You may also want to waive bond and/or designate a personal representative in the will. Waiving the bond requirement allows the personal representative to probate the will without having to pay for a bond.
The holographic will is a good option to get you by the holidays with some peace of mind. However, it does not help with probate planning, and could create costly issues for your heirs and personal representative if there is any room for challenge. Speak with a probate or estate planning attorney about your will or to design a safer estate plan. Estate Planning techniques can help your estate around probate and will also reduce the likelihood of litigation. Contact Steven M. Jackson Law Group for more information, at (480) 994-5000.
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