Selecting the Right Type of Will

A will is defined as a legal document that details how the testator’s estate, property, and finances will be divided amongst their heirs upon his or her death. It is crucial that everyone have a will, no matter what type, during their lifetime to secure their final wishes. It is estimated that close to 70 percent of Americans do not have any type of will active in their life. The will names one or more people who will manage the testator’s estate at the time of their death. A will is valid if it is signed, witnessed, and notarized by the testator who is of sound mind, was not subject to fraud, or was not subject to undue influence when creating the will. It is possible to write your own will but it is recommended to use the assistance of a wills and inheritance attorney when you want to make a will.

Types of Wills

There is a variety of different types of wills today and they include the following:

• Simple Will: This type of will provides the distribution of assets for an uncomplicated estate.
• Handwritten Will: This type of will is handwritten by the testator.
• Statutory Will: The testator only has to check the boxes provided but is limited in its uses.
• Testamentary Trust Will: This will sets up one or more trusts in order to distribute an estate to the testator’s heirs.
• Oral Will: This will is spoken rather than written. This type of will is commonly accepted only in emergencies.
• Joint Will: Two people create this will together and leave their property to each other upon their death.
• Living Will: This will dictate the medical treatment to be used should the testator become incapacitated.

Tips for Creating a Will

The following is a list of some common tips for creating a will:

• Only one will should be active at a time
• Do not choose just anyone to be the executor of the will
• Plan for your dependant’s future when creating the will
• Name a guardian for your children
• Your final wishes should be explained in writing

Obtaining Legal Help

If you or a loved one is considering creating a will for the division of your property upon your death, consult a wills and inheritance attorney immediately for expert legal counsel regarding your situation. An attorney will be able to answer all of your questions about creating a will as well as the cost of making a will, which typically runs about $300.