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consent. In many states, a holographic will, that is, a will written entirelyin the handwriting of the testator, is valid without witnesses.Revoking or Changing a WillIn some states, a will may be revoked by burning, tearing, canceling,or obliterating the will with intent to revoke it; executing a newone; and marrying after the will was created. A divorce usually revokesgifts made under a will to a former spouse. A codicil is a formal documentused to supplement or change an existing will. It must be signedand witnessed just like a will to be valid.Family ProtectionState laws contain provisions designed to protect surviving familymembers when a spouse dies. Some states provide for a familyallowance, or money taken from the decedent’s estate to meet thefamily’s needs while the estate is being settled. Another family protectionis the homestead exemption, which puts the family home beyondthe reach of creditors up to a certain limit. Still another protectivedevice in some states is exempt property, which is certain property of adecedent that passes to the surviving spouse or children and is beyondthe reach of creditors. In some states, for example, $3,500 worth ofpersonal property passes automatically to the surviving spouse, or ifnone exists, to surviving children equally.Protection ofSpousesA surviving spouse whodoesn’t like the provisions ofa deceased spouse’s will maychoose to take a differentportion of the estate set bystate statute. This is known asa surviving spouse’s electiveor forced share.ComputerTechnologyWhere will your life leadyou? You can predict whatyour life might be like inthe next few years, butit is difficult to imaginewhat the future will reallyhold. Technology is similar.It changes so fast andsometimes takes turnswe don’t expect.Research ActivityImagine what your lifewill be like in 20 years.How will technologyaffect your life? Whatimpact will it have onyour career, your livingarrangements, and yourleisure activities? Howwill it change the way youplan for your retirement?Create a computerizedpresentation explainingyour vision for the future.PEACE OF MINDPreparing a will can make thingseasier for your family after yourdeath and ensure that yourestate is distributed according toyour wishes. Although youcannot make a will before youare 18 years old, what wouldhappen if you were to diewithout a will after that age?Chapter 36: Retirement and Wills 781