Exploring Different Types Of Wills

A will is a will, right? Wrong. The most commonly known type of will is the simple will, but there are several other types to choose from. If you are planning on creating a will, know your options before picking one.

The Simple Will

You might hear the simple will referred to as a statutory will. It is the most basic, cookie cutter document. Designed to fit almost everyone, it is best suited for people who have small, simple estates.

Simple wills have no major customization. Most states offer a fill in the blank template. The will itself is composed of all necessary and binding legal terms per the state's laws. But for people with specific wishes, the simple will can be too basic.

The Joint Will

A joint will applies to two people. It is most commonly used by married couples, and some incorrectly believe marriage requires the preparation of a joint will.

Married couples are not legally obligated to create a joint or couples will. In fact, such action can cause unforeseen problems. For example, the document cannot be changed in any manner without mutual consent. Should your spouse pass, you will have no way to update or break the joint will. This is not to say that such a will cannot be created with a clause that allows certain changes upon the death of one spouse, but you will need to plan and implement it early on.

The Handwritten Will

Handwritten wills are sometimes referred to as holographic wills. These wills are handwritten and signed by the creator, but they are not witnessed. The lack of a witness makes them less than ideal, and many states refuse to recognize such wills unless the circumstances are extreme.

The Oral Will

Viewed with as much disdain by states as the holographic will, the oral will is a will with no written documentation. You may see it referred to as a nuncupative will. Oral wills are only seen as binding and legal if the preparer was facing imminent death, a small amount of monetary gain is involved, or witnesses were able to document the event shortly after death.

Choosing a Will

A will is an important legal document. It often contains instructions for the dividing of your assets, your funeral wishes, and instructions regarding the handling of your estate. You have options. Choose the will that best suits your needs.

What if a pre-made template doesn't accomplish your goals? Discuss creating a specific will with an estate attorney, such as those at Wayne E Janssen Atty. They can help you create a legally binding will that accommodates your needs.