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.