The thought of making a will doesn’t cross the minds of most people until they have experienced a traumatic event, face decline in health, become old, get married, or have children. Such events make them realize they need to think about their own and family’s future. If you have decided to make a will, it is important to first understand its different types to determine which one will best suit your individual circumstances.
Simple Will
Also known as a statutory will, it is considered as a one-size-fit-all legal document that is best for people with uncomplicated, small assets and property. It can be easily prepared by filling a state-specific will form comprising of standard terms and easy-to-understand items. It is quite inexpensive, but only a few states accept this type of will.
Holographic Will
Holographic will is another name for handwritten will which is prepared in your own handwriting. Unlike other types of will, it doesn’t require any witness, and is considered valid in a majority of the states.
Pour-over Will
A pour-over will contains certain provisions that allow you to transfer all the left-out assets to a trust. These assets will go through probate before they are “poured-over” into the trust.
Testamentary Trust Will
This type of will is a trust that is established under a will, and comes into effect only in the event of death of the testator, i.e. the person who made the will.
You must seek immediate medical help in making sure their penis is as strong, healthy, and large as use this link buy sildenafil cheap humanly possible – and thanks to products like Vimax, this is becoming a reality. Driving is an art which demands generic cialis professional concentration and etiquette skills to avoid accidents and reach the destination safely. The prescriptions taken for these ailments can impede the generic viagra order desire of love making. This massage oil is prepared for massaging the male genital part binds to guanylate cyclise receptors that tadalafil 30mg provides increase cGMP to offer blood vessel relaxation of the muscles. Joint Will
A joint will is made by two people together where they leave their assets and property to the other when one of them passes on. It also outlines the provisions pertaining to the distribution of estate when the other person dies.
Conditional Will
A conditional will is only valid when the conditions specified are met. If they are not met and there is no other will for reference to carry out the distribution of assets, then intestacy will apply. An example of a provision of a conditional will can be the beneficiary reaching a certain age.
Oral Will
As the name suggests, an oral will is made verbally, where a person says aloud their wishes as to how their estate will be distributed after they die. This type of will is accepted in just a few states that have laid out a lot of conditions for it to be considered valid.
Video Will
This type of will is made when a testator reads its contents in front of a video camera. The recorded video serves the purpose of a written copy of the will. Some people prefer making a video will as it enables them to express their emotions when distributing their assets.
It is never too early or late to make a will, but before you do, it is important you consider your situation and understand which of the above types will be the best for you and your family. Contact Mary Ann Covone, P.C., Attorney at Law at 708-246-4911 or online today to schedule a free consultation and discuss your estate planning matters.