3 Types of Will and How to Write One?

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Types of Will

Death is a part of life. No matter what we do, we will never be ready for it. However, before we leave this world, we can create a will that communicates our final wishes to our loved ones. Will make the process of transferring assets easier. If you are of sound mind and over the legal age, you can draft a will. You do not need to spend money on a lawyer to do it for you. Even for simple wills, lawyers can charge crazy amounts of money. Types of Will-

Many free online services can help you draft a will according to your wishes. It is a must for everyone who wants their final wishes carried out. If you die without a will, you will cause additional grief to your family trying to figure out what you would have wanted. Your family will have to spend additional money, time, and energy trying to do things the way you would have liked. 

Most people don’t know what a will means. They think it’s just for the wealthy who have a large estate and many assets to distribute. So, what does a will mean in legal terms? Will refers to a legal document documenting your last wishes regarding your property and minor children. Having a will is not just for the wealthy. It is for everyone, and there are many reasons you should have one, including:

  • It can divide up your assets according to your wishes. You can also decide who gets your assets and who does not.
  • Identify who the childrens’ caretaker is.
  • Make the process easier for the family.
  • Give gifts and charity to avoid taxes on your estate.

3 Types of Will

There are several types of wills that you can use. We will discuss the three most common ones.

Testamentary Will- Types of Will

Testamentary wills are the most commonly used wills. They are used to transfer assets to heirs, appoint caretakers for minors, and name the executor. The person who drafts the will is known as the testator. A testamentary will requires the following:

  • Proof that the testator is the creator.
  • Witnesses.
  • Evidence that the testator was in his right mind.
  • Details of assets.
  • Names of beneficiaries and requirements to receive their share.
  • The executor is named in the will.
  • Testator’s signature.

At the time of your death, the executor will carry out your wishes according to the will. 

Holographic Wills

Holographic wills are handwritten documents stating the final wishes of the testator. They are alternatives to wills drafted by lawyers. Furthermore, they do not need to be notarized or witnessed. In addition, some states do not recognize the authority of holographic wills. Those that do require that the holographic wills meet certain conditions. Those conditions are:

  • Proof, you wrote the will.
  • Details of assets.
  • Names of beneficiaries and requirements to receive their share.
  • Your signature.

According to Investopedia, some lawyers recommend detailing who gets which assets and why. It will help the court determine whether you were in your right mind.

Oral Wills

Oral wills are verbal. They are also referred to as deathbed will. Most states do not recognize an oral will. States that recognize an oral will require that you must be in danger or seriously ill.

Testamentary Will (Sample)

Since testamentary wills are the most reliable and commonly used wills, we will show you how to draft them. It is a simple procedure that goes like this:

  • Make a list of assets you want to include in the will. You can only detail assets you own yourself or with someone else.
  • Spouses should make separate wills.
  • List initial beneficiaries and contingent beneficiaries in case the initial beneficiaries die before the testator.
  • Name the executor who will execute your will.
  • Choose a caretaker for any minor children.
  • Choose a guardian who manages the property of your young children until they come of age.
  • Write the will. You can either do it yourself, through a lawyer, or through online services, many of which are free. But, keep in mind that a probate lawyer can help you efficiently navigate each phase of the legal system.
  • Have witnesses present when signing the will. Notarize and store the will safely.

What Happens if You Don’t Have a Will?

If you die without a will, you are known as an intestate. Intestate refers to dying without a will. Also, your estate can go into intestacy if your will is invalid for any reason (improper format, for example). In the case of intestacy, a local probate court will take over and appoint an administrator that will divide up the assets among heirs. The heirs, in this case, are called “distributees.” The administrator must follow the intestacy rules set by the local jurisdiction. Each state has its laws regarding intestacy. Usually, the spouse gets 50% of the assets, and the other 50% is equally divided among children. If there is no spouse or children, the assets get divided amongst siblings, parents, and relatives. Assets jointly owned have a “transfer on death” policy which automatically transfers the ownership to the surviving joint owner. 

Conclusion

Death comes for us all. It is a natural part of life. It is also natural to write a will. It will communicate your last wishes to your loved ones regarding your estate and how to divide it among heirs and beneficiaries. There are many types of wills. The most reliable and common one is a testamentary will. Wills are not just for the wealthy people with a large estate. Anyone can and should create a will to dictate what happens to their belongings. Because without one, your states’ local probate courts will decide what happens to your assets. 

 

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