Finding Ways To Keep Up With Laws

Types Of Wills

Wills are very important to any person in ensuring a successful and peaceful division of his or her assets to the heirs after death. However, a will is not just a document with rules and guides from the property owner but is a legal document which must meet some standards as required by the court in order for it to be valid.

One of the legal requirements for writing a will is a minimum age of eighteen years as the court considers people which above 18 years with sound minds and in good legal positions to make very sound decisions. When writing a will, you should generally pick a very close person to you who will execute the will to the heirs after you die. To learn and understand more about will and will writing, it is important to learn about the different types of wills that popular in different parts of the world. Here are some top types of wills that you should know about so as to have a clear guide of the best type of a will to write.

Simple wills are the first category of the wills that are very popularly used in various parts of the globe. Simple wills are only applicable in cases where there are so many complexities and webs on the property of the testator therefore promoting a very simple distribution to the beneficiaries or heirs. It is important to understand that simple will must be in writing and typed. The most common elements of this type of a will include name, address and marital status of the testator as well as the instructions of how the property is to be distributed. Executors of the will are simply the witnesses of the will in the court of law and thus required to sign the date of the will.

There are also the testamentary trust wills which have also helped so many people in different parts of the world. Here, the estate is not directly distributed to the beneficiaries after the death of the testator as it has to be first placed into a trust where based on its terms, the assets will then be distributed to the beneficiaries. The other common type of a will is known as a joint will which are used by couples or spouses who want to leave the property to another.

It is important to note that once the testator dies, a joint will cannot be revoked. Living wills are the last types of wills that are very different from the above three wills since in here the distribution of the properties or estate is done when the testator is alive but in worse health condition that would be hard for him or her to recover.

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