Types of Wills to Think About (Part II)

Our last post discussed many types of wills that you can make. However, there are quite a few more that are popular.

A statutory will is a fill in the blank or check the box type of will that you can fill out. It is very inexpensive to file but most states will not accept this type of will. You have to be very careful before using this type of will.

Many people don’t have family and friends to give their things to. Instead, they want their estate and assets to go into trusts. There are two types of wills that you can think about if you want your estates to go into trust. A testamentary trust will sets up trusts, while a pour-over will allows your property to “pour over” into a trust when you die.

Despite knowing that you should have a will, many people come close to dying without having one. Then, they have to make one hastily. Deathbed wills, though legal, are often fought because they are made so quickly.

No matter what type of will you have, you also need to think about having a living will. A living will is not considered a traditional will. Instead, it is used to tell others what your medical wishes are if you too ill or injured to communicate them. Often, it explains your thoughts on keeping you alive using extraordinary measures.

As you can see, there are a lot of different wills to choose from. You have to choose the best one for you and your family. If you can afford to, you should always consult with a lawyer so you know that your family will be protected when you pass away. You should also think about having a living will so your family won’t have to make any hard choices if you get seriously injured and can’t make them for yourself. You also need to think about making these decisions now so you won’t be making a deathbed will, which may or may not hold up in court if your relatives start fighting over your assets.

Contact us to see what would be the best type of will for your needs.

Types of Wills to Think About (Part I)

Most people do not realize it, but there are many different types of wills that one can make. One will may or may not be enough, depending on your individual wants and needs. While it is possible to make a will on the internet, you should really consult a lawyer to make sure that you and your family are protected when you pass away.

Here are some of the types of wills that you can make.

Wills made by an attorney are your best bet to make sure that your wishes are going to be carried out. An attorney will ensure that the will is legally binding, and tailored to your exact wishes.

Simple wills can be made when you don’t have a lot of assets and it won’t be complicated. There are forms that you can fill out or you can copy a form and just fill it out!

Joint wills are wills made by married couples, who plan to leave everything to their spouse. It also speculates how they want their assets divided once they are both gone.

Handwritten wills, or holographic wills, are wills that you write in your own handwriting.  Some people don’t want much fuss, even for their wills. However, these are not accepted in all states, and states that do accept them have varying additional requirements. You need to make sure that your state accepts a handwritten will before you pass, and ensure all other conditions can be met.

Spoken wills are not acceptable in Texas, and scarcely accepted elsewhere.  They are obviously called this because they are spoken instead of written. For this reason, they are only allowed in emergency situations, and even then, not universally.

Contact us to see what would be the best will for you and your family.

Four More Reasons To Make a Will Today

Many people put off making a will because they feel like they have plenty of time left. However, it is important because, if you have children, you need to decide who you want to care for them, if something happens to you. You can also decide who you want to get your things (and who you don’t).

Here are some more reasons that you need to make a will today.

  • With a living will, you can make your wishes know about prolonging your life. Many people have specific thoughts about how far they want doctors to go in unfortunate circumstances. Do you want to be kept alive on respirators? Would you rather have your family pull determine when to end care? If so, you need to make your wishes known in a living will.
  • A will makes everything go more smoothly. If you love your family, be sure to have a will. If you are afraid that your family is going to fight over every little thing that you own, make sure that you have a highly detailed will. Why make your family argue with each other if they don’t have to?
  • When you make a will, it can help reduce taxes.  A well thought out and drafted estate plan can help reduce taxes owed by the estate.  Why pay more money if you don’t have to?
  • When you have a will, your estate can be settled quicker, allowing your family to start the healing process faster. If you don’t have a will and your family starts to fight, your estate can take months or even years to settle. Do you want that to happen?

It is important to have a living will, in case you are in an accident. Do you really want your children to have to decide about your medical health when they are already worried about you? A regular will is also important because it helps speed up the settlement of your estate, allowing your family to start to heal faster. You don’t really want it dragged out for months or even years, do you? Don’t you want your family to be able to get on with their lives?

Contact us for all of your legal needs.

Five Reasons to Make Your Will Today

Most people don’t think that they need to worry about making a will, at least not today. They figure that they have plenty of time later to make one. However, it is very important, especially once you have children.

No matter what stage of life you are in, there are many reasons that you need to make a will today.  Here are 5 good reasons to start today:

  • When you make a will, you can decide who will care for your children until they reach a legal age. You can also decide how they are supported financially. Be sure to talk to the potential guardians. You do not want to spring this on a friend or other family member, should you suddenly pass away.
  • If you are not married but have a long-term partner, you should put them in a will. Otherwise, your family might choose to forget about the commitment that you have made. Dividing up assets can get ugly in death and wills can make the process go much smoother.
  • You should make a will if you have certain things that you want to go to certain people. A will helps to make sure that your final wishes are carried out. It is also helpful to make sure that you find someone that you trust to carry out your final wishes.
  • If there are people that you don’t want to inherit things, you definitely need to have a will. There are times when you may lose contact with people and do not want them to get any part of  your estate. If that happens, you need to make sure that you have a will so your wishes are followed, in either direction. Be sure to check your will often and update it as needed.
  • If you have a will, you know that your family is going to be taken care of and you can enjoy the rest of your life with that knowledge. This sounds like the best reason of all.

It is important to have a will so you make sure that your family is taken care of. Your children will be cared for by someone that you choose for them. You can also make sure that your things go to the people that you want them to go to. A will also keeps people from getting things that you don’t want them to have. Once you make your will, you can enjoy the rest of your life, knowing that your family will be taken care of!

Contact us for all of your legal needs.