Types of Wills: Which One to Choose?
Types of Wills
It’s a new year, and it is important to make sure everything is taken care of ahead of time. A step in the right direction is to prepare a will, to be prepared for anything life may throw at you. A will is described as a legal document or paper by which anyone, writing the will, also referred to as a testator, specifies their wishes, demands, or requests upon death. Surprisingly, writing or preparing a will is a topic that no many are willing to discuss.
A will is an essential document that you may need to write, implying that you desire to transfer your property, including finances, home, or belongings to your loved ones rather than the state.
While there could be many wills, this article presents four types of wills, showcasing their importance and how they are different so that you can make the right decision on the type of wills that are perfect for you and your loved ones:
A simple will is a type of legal will that which a testator or the individual writing a will presents their desires or wishes concerning the sharing of his property from a simple estate upon their death. You can write a simple will by yourself. However, it is recommended to seek the services of an experienced probate attorney to help you stay clear of any unintentional legal issues.
Three crucial attributes of a simple will include:
- It mentions the executor, who is an individual managed to fulfill the requirements contained in the will;
- It presents how assets will be allocated;
- It may include the designation of guardians in the case of minors.
A simple will is commonly written in cases where there is no need for writing a detailed will. Equally, a simple will is preferred if the testator has few assets and doesn’t owe estate tax. It is also applicable for testators below the age of 50 and in perfect health condition.
Testamentary Trust Wills
A testamentary trust will is described as a type of will that, upon the death of the individual writing the will or the testator, identifies one or even more trusts. These types of wills are written to safeguard the deceased property or assets for the reason that the assets are the property of a trust instead of one person. Trustees are required to follow the requirements enshrined in the will to the letter, which postulates how the Trust will be run.
Do Testamentary Trust Wills Differ from a Living Trust?
Yes, it does. First and foremost, a living trust does not fall under the category of wills, but you most likely have heard people setting up a living trust. A living trust is a legal document or paper that hands over the rights of properties or assets to a trust, meaning that it typically owns your assets although you are still alive. This living trust provides how your assets will be shared upon your death. Contrary to other types of wills, a living trust grants you the privacy that you need the most.
You may need a qualified and experienced will and trust attorney to help you go about Testamentary Trust Wills.
Four crucial attributes of Testamentary Trust Wills:
- It lays down the assets from the estate, which are required to be passed on to the separate testamentary trusts written by the will;
- Postulates who will be the trustee of every trust;
- Presents who will be the beneficiaries of every trust generated by the will;
- Lays down an appointor for every testamentary trust;
These types of wills are mainly employed to safeguard assets and lower taxes paid by beneficiaries from any income accrued from their inheritance. Equally, this will present a better control of the allocation process of assets to each beneficiary, safeguard the property from unfair claims, and keep property/assets within the family as well as allocating assets to minors over an agreed-upon time.
Joint wills, as the name suggests, is a type of will that is created by two or more people. This is typically common in coupes, especially those who leave their properties or assets to each other. Joint wills put together one person’s will as well as a testament into one legal document. On the same note, whenever one of the parties dies, the surviving individual has the right to inherit all the estate.
Joint wills also postulate how the estate will be allocated whenever the other party passes away. It is impossible to revoke a joint devoid of the approval of the two testators. This implies that immediately the other testator succumbs, the will cannot be invalidated.
Joint wills a created bar the surviving individual from shifting his position concerning the outlook of the property or estate after the death of the other party. Joint wills can be used in a case where couples who marry late and have children from their previous relationships. Joint wills guarantee that their children will acquire a share of their estate.
Living wills are typically different from all the other types of wills. Living wills do not lead to the allocation of assets upon the demise of the testator. Usually, living wills can be referent to as a Directive to Physicians or Advance Directives.
In this regard, the provide instructions or guidelines on the kind of treatment or medical care that one wishes to receive if they end up incapable of communicating this directive by themselves. In particular, many living wills provide whether one desires to be placed on life support machines, feeding tubes, pain management options, and artificial breathing devices or not when you become terminally ill.
Many people prepare this legal document as a means to prepare for their unknown health situation that may occur in the future. Considering that it may be a sensitive subject for many people, you can discuss with your lawyer to plan for the best medical care for you and avert poor and difficult decision-making and needless suffering for you and your family.
If you are a person who loves preparing for the future of your loved ones, or simply making your plans right in case of emergencies, we are willing to help you all through the steps. Our main objective is to make certain that you and your entire family feel comfortable, safe, and well prepared.
At Hartbrodt Law, we hold on to the premise that: “You don’t have any reason to go through this tedious process of selecting the preferable type of will and making a will yourself.” Count on us. Call us or email us today. We are located in DeLand, Florida.