A will is a legal document that lets a person express how his/her assets would be distributed or spent upon death. It is one of the most important documents you would write in your lifetime. When a person without a will dies, it is referred to as dying intestate. Dying intestate does not distribute the deceased’s assets according to his wish but instead goes to the state, and the relatives have to spend additional money and time acquiring what is rightfully theirs. It is logical to leave your sentimental items the way you want to your loved ones and not the government. This can be done by creating a will. If you are thinking of drafting your will, then using the Free Will Kit is the best way to go about as it is neither draining nor expensive.
There are different kinds of wills, and understanding what’s right for you can be confusing. In this blog, the full description of common types of wills is provided to help you make an informed decision.
- Living Wills
Living wills are not the last wills but a document that explains what medical treatment you wish to have near the end of your life. It lets you control your future, but it has to match your state’s requirements as every state handles living wills differently. A living will is limited to what you have written, but you can have a medical power of attorney. This person can make the best possible choice according to your wishes regarding treatments or medical procedures. Living wills are also called a Directive to Physicians or Advance Directives. All adults can use this document as unexpected situations can occur at any age. Having a living will avoids unnecessary suffering, confusion, and disagreement between your family members.
- Joint wills
As the name suggests, a joint will is executed by more than one person, generally used by married couples who leave their assets to each other. A joint will combine the testaments of both parties into one document. The surviving person inherits the entire state after the other party. The will also mentions what would be done with assets after the death of the second party. It can be revoked only with the consent of both testators; that is, it is irrevocable after one of the testators’ death. This kind of will is beneficial for those couples who have children from prior marriages so that all the children get a share in the estate. A mutual will is similar, but it involves two signed wills.
- Simple Wills
A simple will is a basic will that allows you to declare your wishes without any stipulations or fancy clauses. When drafting a simple will, you can choose an executor who will ensure that your will is carried out. Despite its name, a simple will can cover much ground. A simple will can be completed on your own by using the Free Will Kit or by consulting an attorney or both. A simple will can name the guardian of your minor children and includes the description of the asset distribution. It is used in situations where a detailed will isn’t necessary. This type is appropriate if you don’t have much property, and you are in good health under the age of 50 years.
- Trust Wills
A Testamentary Trust Will or trust under will establishes one or more trusts upon the death of the testator. This type of will protects the assets of the deceased in situations when it doesn’t belong to an individual. The will sets out the provisions for managing the trust, and the trustees are bound to act in accordance. The trustee of each trust, the beneficiaries, an appointor, and the transferable assets are also specified in the will.
The trust will allows you to keep assets in the family and reduce taxes paid by the beneficiaries. It also provides a level of control and protects your money from unjust claims. Typically, the trust will is used when you want a minor or disabled to receive your inheritance later. The testamentary trust has to go through probate after your demise.
The trustee goes to the probate court every year until the beneficiary receives the inheritance.
Which type of will is for you?
The type of will depends on various factors such as property, business, amount of money, etc. You can find the right one for you now. Creating a will is one of the most loving things you can do for your family, and fortunately, you don’t have to spend a fortune to have it done. You can sign up for the Free Will Kit and get it done in less than 30 minutes of plugging information.
References:
Types of Wills: Which Is Right for You? | DaveRamsey.comwww.daveramsey.com › Blog
