To be considered legal in the law court, all the Wills are required to meet certain standards. The person, or the examiner, should have at least 18 years of age and “sound mind”. Its basic meaning is that they have the legal capacity to make a will. The testator needs to select an executor to manage the desire, explain how the property should be distributed after death and date of the desire in the presence of the required number of witnesses. There are many different types of Wills. This article will discuss four very common types of Wills.
Type 1: Simple Wills
Simple Wills are often used when instructions are given on the method of distributing all the necessary things to the beneficiaries from simple properties. As long as the nature of the property is not complicated, a simple will is more than likely to work. Like all Wills, a simple will should be in writing and typed instead of handwritten. The general elements of desire are the name, address and marital status of the examiner; And as per the instructions, the beneficiaries get the property. The executor should also be named for the property, as well as the parent for any minor children. The testers and witnesses need to sign and date the will.
Type 2: Testamentary Trust Wills
A controversial trust will be different because it includes such provisions that keep a portion of your property in trust. Based on the terms of prudent faith, your property is distributed through those beneficiaries who control those properties. The most common example is an expense trust, often used in cases where the beneficiary is considered financially irresponsible. An expense trust allows the trustee to gradually distribute trust assets under certain conditions. The format of a controversial trust is often similar to a simple wills.
Type 3: Joint Wills
Joint Wills are often used by those spouses who want to leave their property one another. The living tester will get everything on the property of the deceased spouse. Then, when the living tester passes, the remaining property will be distributed to the selected beneficiaries of the couple according to the rules of will. One thing to remember is that the joint will cannot be cancelled after the first tester dies. The format of joint will is also similar to a common will.
Type 4: Living Wills
The purpose of a living will is completely different from the three other types discussed here. The purpose of a living wish is to provide detailed instructions on the type of treatment or life-saving measures you want to use if you are unable to communicate those Wills for yourself. For example, your life can specify that if you are finally ill and unconscious, you do not want to put on a feeding tube or ventilator, even if you die without those measures.