In the last blog post, we talked about holographic wills and when these may or may not be accepted by the court. Essentially, a holographic will relates to a will that's handwritten -- and it may or may not have witnesses. This week, we'll discuss the "noncupative will" -- which is a special kind of an oral will. As you can expect, an oral record is not the best for the purposes of clarity, nor is it the best for the purposes of withstanding challenges in court. Nevertheless, in select circumstances, it could be the only thing that a Tennessee court has to go on.
It sounds futuristic, like it would be a good thing, but a holographic will is not the kind of will that anybody wants. That's because challenging a holographic will is simple, and they are subject to being invalidated in court.
Whether you're young or old, whether you're married or single and whether you have children or not, you need to have an estate plan if you're self-supportive adult. Failing to complete an estate plan means a lot of difficulties and unnecessary costs, delays and disagreements could be in store for your loved ones.
You might think that a will has to be a paper document that has your signature and the signature of witnesses certified by an attorney or notary public. However, there is also something that's known as an "oral will." An oral will is communicated by mouth before witnesses. It's often communicated while the individual is on his or her deathbed.
Estate planning lawyers give the same advice to their clients over and over again, and when you search for will planning advice on the internet, you find a lot of repetitive information. That's largely because this information is so important, but what about the less-than-commonly-heard advice? A recent article published on Oprah's website, written by Suze Orman, offers something unique in this regard.
It's amazing -- considering the numerous advantages of creating a last will and testament -- how many Tennessee residents have yet to finalize their estate plans with a will. The general advice regarding the timing of will creation is that you should have finished it yesterday.
You spent your entire life working hard and managing your income responsibly to amass a sizeable estate. You don't want your heirs to mismanage these assets -- or spend them frivolously -- especially when you spent so much effort to accrue them. The problem is that it's not enough to simply leave a note in your will that says, "Don't spend it all in one place."
If your loved one recently died, and you feel that the will on file was not an accurate reflection of his or her wishes, you might want to investigate whether the document is legally valid. There are a number of circumstances in which a will can be challenged. If you're planning to challenge or defend a will, or if you're currently drafting a new will, you might want to familiarize yourself with the circumstances under which a will may be contested in court.
Tennessee residents who are drafting their will need to choose a person to serve as the executor of their estates after they die. In most cases, people will select a trusted family member to fulfill the role of executor, but not everyone will be able to trust a family member with this role. How should you go about making sure that you're picking the right person to be the executor of your estate?
Whenever you draft your will without the help of an attorney, you run the risk of problems later on down the road. In the worst cases, the will gets challenged after you die by a disgruntled family member, and it gets completely nullified. This is an outcome you definitely want to avoid.