Types Of Wills

 

 

Wills are very important to any person in ensuring a successful and peaceful division of his or her assets to the heirs after death.  A will is generally a legal document whose validity must be approved by the court of law in order for it to be active even after the death of the property owner and for it to be considered as a valid document by the court, it has to meet some standards laid by the same court.

 

One of the legal requirements for writing a will is a minimum age of eighteen years as the court considers people which above 18 years with sound minds and in good legal positions to make very sound decisions. When writing a will, you should generally pick a very close person to you who will execute the will to the heirs after you die.  To learn and understand more about will and will writing, it is important to learn about the different types of wills that popular in different parts of the world.  The following is a discussion about the four known types of wills.

 

Simple wills are the first category of the wills that are very popularly used in various parts of the globe. Simple wills are only applicable in cases where there are so many complexities and webs on the property of the testator therefore promoting a very simple distribution to the beneficiaries or heirs.  It is important to understand that simple will must be in writing and typed.  The name, address and marital status of the testator as well as the instructions for the division or distribution of the property are some key elements of simple wills. The date of the simple will is generally signed by the testator and the executor who is the witness.  Be sure to find out more here!

 

Testamentary trust will is another common type of a will that you can write depending on the circumstances.  Here, the estate is not directly distributed to the beneficiaries after the death of the testator as it has to be first placed into a trust where based on its terms, the assets will then be distributed to the beneficiaries. The other common type of a will is known as a joint will which are used by couples or spouses who want to leave the property to another. 

 

One thing that makes this will different from others is that it cannot be revoked after the death of the testator. Living wills are the last types of wills that are very different from the above three wills since in here the distribution of the properties or estate is done when the testator is alive but in worse health condition that would be hard for him or her to recover. Make sure to get information here!