Is a Handwritten Will Legally Valid?

Is a Handwritten Will Legally Valid?

will_and_testament Are handwritten wills, also known as holographic wills, legally valid?

Usually, when people think about creating a will or a trust, they envision a formal event involving witnesses, a lawyer, and maybe a notary. A handwritten will seems almost too easy. What’s to stop someone from creating a fake will and signing your name?

Actually, the idea is that because the will is in the will maker’s own handwriting, it is inherently more trustworthy in some ways. So, how is a holographic or handwritten will different from a typed-out will? Is writing a will by hand easier than having a lawyer draft one for you?

General Requirements for Handwritten Wills

In general, a typed-out will usually requires the signature of two witnesses to make it a legally valid document. By comparison, in some states, handwritten wills require no witnesses for the will to be valid.

Of course, laws vary from state to state, so looking up your state’s statutes on wills is essential to ensure that your will is valid.

For example, in some states, a holographic will must be entirely in the will maker’s own handwriting for it to be valid, and must include certain things like a dated signature; a printed form with blanks that you fill in may not automatically be valid unless there are witnesses, like with a regular will. However, other states will allow a partially handwritten will to be valid without witnesses, under certain conditions.

Potential Complications

Creating a completely handwritten will can also add some complications into the mix. Some probate judges may be hesitant to recognize handwritten wills because they are difficult to verify, as they do not have any witnesses who can attest to the will.

And while creating a handwritten will may seem to simplify the process, it can actually make things more difficult when you are dealing with a large number of assets. Trying to make changes to a handwritten will by crossing things out, for example, can also create confusion and lead to drawn-out court battles, long after the will maker has passed.

How to Avoid Problems with a Handwritten Will

When putting together a will on your own, handwritten or not, there are some ways to make sure it will hold up in court. It’s often wise to consult an experienced wills lawyer who can look it over, but many are uncomfortable with just reviewing and “signing off” on wills that they didn’t personally draft. And if you need to make changes, or have more questions later on, you’ll be paying for those additional services.

Another option is to sign up for a personal legal plan, some of which offer basic will-drafting and reviewing services. These plans can be affordable too: LegalStreet, for example, works out to just $12.50 a month and includes an annual will review and updates, along with unlimited access to on-call local attorneys who can help with many other legal issues.

Bottom line: A handwritten will can raise many legal questions, but they can be valid, depending on the circumstances. To learn more about wills, check out FindLaw’s free Guide to Writing a Will .

For more information, visit www.findlaw.com

 

John Marcotte

www.boulderhomes4u.com

720-771-9401

First-Time Homebuyers Face Stiff Competition from Investors

First-Time Homebuyers Face Stiff Competition from Investors

first-time_homebuyers_family In this hot market the homes moving fastest have two types of increasingly web savvy buyers: First time homebuyers who take advantage of FHA financing and absentee buyers looking for investments.

“All-cash purchases and absentee buyers are at nearly twice their historic 12-year averages,” says Chris Pollinger, senior vice president of Sales for First Team Real Estate. “At the same time, FHA loans have dropped for another month even though they are still high, which shows that these two different groups are increasingly competing for single family homes in the price range of $225,000 to $400,000.”

According to figures released by DataQuick, nearly 1 of every 3 property purchases were to investors, many who paid all cash for houses with a median price of $245,000. At the same time, first-time homebuyers made up 25.5 percent of mortgage originations with FHA backed loans, down for the second time in as many months.

As these two groups compete for the mid-range of properties, they are increasingly using the web to find the properties that suit them best.

Analysis of thousands of home listings and hundreds of other criteria yielded three key reasons why first-time homebuyers and investors are using the web to get a leg up in the battle for homes:

• Local brokerage sites display 100 percent of the agent-listed homes for sale compared to about 80 percent for the national portal sites.
• Local brokerage sites show newly listed homes for sale 7 to 9 days earlier than national portals. FirstTeam.com is updated four times daily.
• Local brokerage sites almost never show a home listing as active that has already sold; about 36 percent of listings that appear as active on national portals are no longer for sale.

For more information, visit www.FirstTeam.com

John Marcotte

www.boulderhomes4u.com

720-771-9401

Foreclosure Timeline Highlights

Foreclosure Timeline Highlights

New Law Effective January 1, 2008
Pre-foreclosure:
• Lender decides to foreclose and elects
to foreclose with the Public Trustee on
their Deed of Trust or through the
courts judicially on their Promissory
Note
• Attorney hired and documentation sent
from lender
• Attorney prepares Mailing List and all
documentation for presentation to the
Public Trustee
• Attorney sets hearing for Rule 120
Order that authorizes Public Trustee to
auction property if no cure occurs
before sale date—Public Trustee must
have prior to sale
Cure period:
• Notice of Election and Demand
recorded by Public Trustee within 10
working days
• Determination made by Public Trustee if
property non-agricultural or agricultural
within 10–20 days—based on legal
description of property
• Sale date set from NED recording date
• 110–125 days for non-agricultural
property
• 215–230 days for agricultural property
• NED and Combined Notice sent to
owner, any guarantor on the note, and
occupant only
• Notice of Intent to Cure must be filed 15
days prior to sale date
• 45–60 days prior to sale, NED and
Combined Notice sent to all parties on
Mailing List
• Sale date published for 5 consecutive
weeks prior to sale

Sale occurs and Redemption
begins:
• Certificate of Purchase to highest bidder
recorded by Public Trustee
• No owner redemption period.
• Any junior creditor with lien recorded
prior to NED or with any involuntary
lien such as a judgment,HOA lien,
mechanic’s lien or IRS lien that records
after the NED, can file a Notice of Intent
to Redeem within 8 business days
• 1st junior creditor: 5-19 business days
to redeem
• 2nd or after: 5 business days to redeem
• Redemption prior to 12 noon on last day
• If junior creditor redeeming, Certificate
of Redemption and Public Trustee’s Deed
• If no redemption, Public Trustee’s Deed
to holder of the Certificate of Purchase
or any assignee
• All other liens no longer affect property
after Public Trustee’s Deed unless HOA,
mechanic’s lien(s),municipality lien(s),
taxes, omitted party or senior lien(s)

Courtesy of Land Title Guarantee Company

State of Colorado Foreclosures

 

John Marcotte

www.boulderhomes4u.com

720-771-9401