Which Type of Will Should You Have?
Writing a will is one of the essential things you can do for your loved ones. It ensures your possessions are passed on to the right beneficiaries and that outstanding debts are paid as instructed. Currently, there are many types of wills, and knowing the one that best suits you will help you make an informed decision. Often, your choice will be determined by numerous factors like the businesses you own, your properties, the ones your family has passed on for generations, and the amount of money you have. While you can always seek help from wills and estates lawyers, it's still important to know the main types of wills. Read on to know more.
Holographic will
A holographic will is usually written by hand. Although this kind of will isn't common, it's an excellent option for people who find themselves in a difficult situation and don't have the time or resources to create a well-drafted will. For instance, people who are in sickbed can opt to write a holographic will if they feel that they aren't getting better. However, it's crucial to remember that some states do not consider these wills as legal and binding. So, if your state doesn't accept holographic wills, create another kind of will to protect your loved ones.
Simple will
This is an essential document that's meant to distribute straightforward finances to your beneficiaries. All you have to do is to state how your properties and money should be distributed and then print it. You also need to include your name, marital status, address and the date it's signed. In most cases, people who write simple wills do everything on their own, though this doesn't mean that you cannot seek help from a lawyer. You may also pick an executor, the person who will make sure your loved ones get what they deserve once you are gone.
Living will
Living wills are documents that outline a person's wishes once they become ill and cannot speak for themselves. This gives you a chance to control your life or future when you become terminally ill or get injured. These wishes need to the communicated to your loved ones as early as possible to avoid misunderstandings when the time to execute the will comes.
Nuncupative will
This kind of will is usually spoken out loud, unlike the other wills that are written down. It's made when the testator thinks that they are about to pass on. Like holographic wills, it's crucial to know your state's regulations before creating one.