Simple willĪ simple will-sometimes known as "basic"-is the type most people associate with the word "will." With a simple will, you can decide who will receive your assets and name a guardian for any minor children. Instead of asking "What is a will," an estate planner should instead ask themselves, "What type of will is best suited for the situation?" The four main types of wills are simple wills, testamentary trusts, joint wills, and living wills. Signatures from the testator, witnesses, or notary official (depending on state law).A list of assets, investments, and property.The preferred guardians for any pets or minor children.The testator's basic personal information.Different types of wills may include special provisions or emphases, but most of them include: The will may also require notarization by a state official. The testator must also sign and date the document, typically in front of one or more witnesses. Within the will, a testator chooses an executor to handle the distribution of their estate. To simplify your estate planning, we'll break down the different types of wills and help you pick the right one. For estate planners, the only challenge lies in deciding between the different types of wills.Īlthough state law varies on requirements, wills are generally executed by a legal adult who is of sound mind, and estate planners call this person the "testator." Different types of wills serve unique purposes, and the type of will a testator will write depends on specific circumstances. Additionally, they provide peace of mind by choosing an executor who will take care of your affairs. Wills allow you to direct where your property will go upon death. A last will and testament are one of the most crucial estate planning documents.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |