Six Types Of Wills: Which Is Right For You? (2024)

FAQs

What are the best wills to have? ›

Simple wills are the most popular type of will in estate planning. Because simple wills appoint an executor and outline the distribution of assets, they fulfill your basic estate planning needs.

The type of will you'll need depends on your individual circ*mstances. Often, a simple will is sufficient. However, if you have minor beneficiaries, are concerned about your end-of-life care, or have additional needs, one of the other available types of wills may be better suited for you.

1. Attested Written Wills. By far the most common type of will, an attested written will is typed and printed, then signed by the testator and two witnesses. Witnesses must either see firsthand the testator signing the document or hear the declaration of the will.

Mirror (also known as reciprocal) Wills

It bequeaths assets and property to certain people, then leaves everything else to a spouse or partner and the spouses or partners agree on who is to receive their property when the survivor of them passes away.

A living trust may be better than a will if: You want to maintain privacy over your property or assets. You have several real estate properties. You have significant financial assets.

Given the magnitude of the responsibilities and the intimacy of the role, you may want to name a close friend or relative as executor, someone who fully understands and respects your wishes, as well as those of your beneficiaries, and who might handle your sentimental heirlooms and other property more sensitively than ...

The two most effective alternatives are (i) to title assets as “Joint Tenants with Rights of Survivorship” and (ii) designating beneficiaries on financial accounts. In many cases, particularly between spouses, an entire estate can be transferred to the other just by utilizing these two methods.

A will is a document that approves you to designate how your property and property are allotted upon your death. The easiest structure of a will is a “holographic” or handwritten will, which does not require witnesses or lawyers. A holographic will be written absolutely in the testator's personal handwriting.

An estate planning attorney specializes in helping individuals and families create legal documents and strategies to manage their assets, plan for inheritance, and minimize taxes after death. Finding and choosing an estate planning attorney can be intimidating.

Simple wills provide enough coverage for most Americans. For example, if you own a home, are married with kids, and have a 401(k) account, a simple will would most likely cover your needs. If you have a more complicated estate or life situation, you may need more coverage than a simple will provides.

What type of will is handwritten? ›

Handwritten wills that are written by the person making the will (called the testator), and have not been witnessed or notarized, are called holographic wills. Wills were in existence long before computers and word processing programs, and long before typewriters.

This is usually a cash endowment given to children or grandchildren, but an inheritance may also include assets like stocks and real estate. Asset distribution is determined during the estate planning process, when wills are written and heirs or beneficiaries are designated. The will specifies who will receive what.

For various reasons, spouses often sign Wills that leave out their surviving husband or wife. In other words, a spouse is disinherited. Is this legal? Yes, but steps can often be taken to effectively get around the Will.

In most states, it is impossible to totally disinherit your spouse in a will. Spouses have a right of election, and can claim a certain fraction of the estate as their elective share, no matter what the will says. In community property states, a surviving spouse owns half of their shared property.

If you leave money to your children through an irrevocable trust, technically the trust owns the money – not the beneficiary. An irrevocable trust can protect your assets and require the trust executor to follow your exact wishes for the distribution of your assets, even if your child dies or becomes divorced.

Use an In-Person Paid Service (Lawyer or Attorney)

Depending on where you live, finding a professional you trust can be difficult. It is, however, a good idea to consult a lawyer if you have a large estate, complexities such as property in multiple states, or questions about Medicaid planning or trusts.

One of the biggest mistakes people make with their wills is not executing it properly. Typically for your will to be valid, you need to sign your will in front of two witnesses, who also sign it. After you pass away, your witnesses may be called to court to confirm that the will was truly yours.