Amelia Grant

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Author: AmeliaGrant

4 Types of Wills and What They Should Include

One of the most important estate planning papers is a final will and testament. Will allow you to specify where your property will go after you die. They also provide peace of mind by appointing an executor to handle your affairs. The only problem for estate planners is picking between the several types of wills.

Although state laws vary, wills are normally executed by a legal adult of sound mind, and estate planners refer to this individual as the "testator." Different forms of wills serve different objectives, and the sort of will a testator will write is determined by the circumstances. To make estate planning easier, we'll explain the many forms of wills and assist you in selecting the best one.

Rather than asking, "What is a will?" an estate planner could ask, "What type of will is best suited for the situation?" Here are the four primary forms of wills:

1. Simple will
A simple will, often known as a "basic" will, is the sort that most people connect with the word "will." You can choose who receives your assets and a guardian for any young children with a simple will. A basic will format and generic or statutory forms give a suitable structure. However, before writing one, you should get legal counsel.

This type of will is intended for:
Asset distribution, property distribution, and guardianship for minimal estate planning.
- Simple to write
- Excellent for testifiers with limited assets.
- Easy to modify or expand on

- Ineffective for complex estate planning
- Usually, only the most basic provisions are included.

Considerations and differences
Some estate planners consider simple wills to be a good starting point. As testators accumulate more assets or have children, they may replace the simple will with a more robust form.

2. Testamentary trust will
Some estate planners consider simple wills to be a good starting point. As testators accumulate more assets or have children, they may replace the simple will with a more robust form.

This type of will is intended for:
Testators who have beneficiaries who are under the age of 18 or who have received an inheritance.

- Distributes and safeguards assets belonging to the will's beneficiaries.
- Assets included have the potential to increase in value.
- Beneficiaries are limitless.
- Low-cost option.

- Probation is an unavoidable process.
- The assets will be made public.
- As trustees must go to probate every year, court fees soon mount.
- Increased accountability for the executor

Considerations and differences
After the testator dies, the terms of the testamentary trust cannot be changed or revoked. The executor, on the other hand, is responsible for overseeing the provisions of the document. In rare situations, they may fail to perform according to the exact expectations of the trust creator.

3. Joint will
To construct a shared estate plan, two testators sign a joint will. Even after the death of one testator, the terms of a joint will, including the executor, beneficiaries, and other clauses, cannot be changed. Because of this rigidity, joint wills might be difficult for surviving couples who want to amend their estate intentions.

This type of will is intended for:
Domestic partners or spouses, who desire their assets, to be distributed to the other willmaker upon death.

- Beneficiaries are guaranteed an inheritance
- Includes room for each spouse's wishes
- Cost and time-effective

- Irrevocable after the death of one spouse
- More complex probate procedure

Considerations and differences
Even though a joint will contains provisions for both couples, it only counts as one document. This saves time and money from having to carry out two separate wills.

4. Living will
A living will has nothing to do with how your property is distributed after your death. Instead, it gives you the option of selecting the medical procedures you desire if you become incapacitated. You can also name somebody to make decisions on your behalf in a living will.

Need help writing a living will? Create your living will today.

This type of will is intended for:
Individuals who wish to prepare for medical emergencies.
- Less strain on the testator's family
- This category includes a variety of medical decisions.
- Treatments that you do not want are avoided.

- The testator must be of sound mind.
- Some decisions may be up for debate.
- Requires the cooperation of a physician

Considerations and differences
An advance health care directive includes a living will and a health care power of will lawyer or medical proxy in some states. To guarantee that medical wishes are followed, you must first grasp your state's medical directive rules.


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