Categories Of Wills
Death is something that cannot be controlled or even prevented and thus important to make sure that after you are gone, your kids or other heirs properly get portions of your assets according to your wish and hence the need for writing a will. It is important for any person intending to write a will to understand the various rules as required by the court to make it a standard and a valid document even after he or she dies.
One of the rules for writing or making a will is a minimum age of 18 years of age so as to make sound decisions. Wills are executed after the death of the testators, these are the people that create or write wills, and thus the need for every testator to have an executor in order to explain how the property should be distributed among the heirs in accordance to the testators wishes. 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. Some common types of wills that are available in many parts of the world and also recommended to various estate owners are discussed below.
The first type of a will which is greatly preferred by many people is known as a simple will. Simple wills are very good in cases where the nature of the assets to be distributed to the beneficiaries is not complicated. 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. It is the testator and the executor who is the witness that are required to sign date of the will in the court of law.
There are also the testamentary trust wills which have also helped so many people in different parts of the world. In this kind of a will, there will be a provision to place your asset into a trust whose terms will determine how the assets are 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.
A joint will cannot be revoked after the death of the spouse owning the estate. Living wills are other common types of wills that provide the testators choice of medications and treatments to be used when he or she is unable to communicate the wishes for him/herself.