Making end of life decisions is difficult, and the number of official documents required can be overwhelming to understand. In order to ensure that your wishes are carried out, it is important to understand the benefits and limitations of each type of will and testament. This knowledge will guarantee your wishes are carried out, giving you peace of mind about your estate.
Oral Wills
An Oral Will is an option for someone who is close to death and does not have time to have a will written. In lieu of writing out a will, they tell simply explain their last wishes to a witness.
Pros:
- Quick
- Anyone can witness them
- They can be done anywhere
- Free to draft
Cons:
- High chance of fraud
- May not be upheld in probate court
- High probability of misinterpretations
Deathbed Wills
These wills are made when an individual is facing certain death. It is recommended that an experienced lawyer who is not biased be a part of drawing this will up so as to avoid missing key parts of the will in haste.
Pros:
- Can be done quickly
- It is a legally recognized document
Cons:
- It can be pricey to hire a competent lawyer last minute
- Things often get left out or misunderstood due to the quick nature of a deathbed will
- Mental capacity is often challenged in court, due to closeness of death
Holographic Wills
A Holographic Will refers to one that was entirely handwritten and signed by the person who is dying, called the testator. These wills may or may not have witnesses, and the validity of them may be questioned in court.
Pros:
- Free
- Can be done anytime
- Legally binding
Cons:
- They can be easily challenged in court
- Laws vary from state to state, so it is difficult to determine if your will needs a witness or not.
Do-It-Yourself (DIY) Wills
DIY Wills are made with software or an online program, allowing the testator to input any information he desires. At the end of the process, a legal will is produced.
Pros:
- Cheaper than hiring a lawyer
- A formal, legal document is produced
- You can use a program but have a lawyer check over the final product to ensure validity
Cons:
- There are several places you can go wrong with a DIY Will
- Many states do not honor the will if it is not done correctly
- They can be challenged in court.
Self-Probating Will
A Self-Probating Will is created by an attorney and signed by witnesses testifying to sound mind of the testator immediately following the creation of the document.
Pros:
- Last wishes are carried out quickly due to clarity of the will and witnesses
- Fewer successful challenges due to witnesses and attorney
Cons:
- You must hire an attorney to draft a Self-Probating Will
