A Will Includes a crucial part of developing an estate plan. They allow the owner of the property and the assets to remain stress-free regarding who will inherit the belongings after one passes away. There are various types of wills depending on the owner’s situation and the goals one wants to accomplish through the Will. Before forming a will, it is essential to consult with a Cherry Hill NJ elder law attorney to ensure that all the legal methods are followed without fail. This would relieve the grantor and make the inheritance process easy and hassle-free.
However, before planning to develop a will, one must go through all the common types of Wills that will assist in selecting the best plan. Below are some of the main types of Wills that every grantor should consider looking at:
This is the most common type of Will that comes to a person’s mind while thinking of developing a will. It includes the name of the person who the owner wants to become the heir or assign a guardian in case the heir is a minor. Simple Wills can be quickly written and don’t take much time to design. However, if one feels the necessity of seeking legal help, they can, but there are numerous online forms for developing a simple will that provide a favorable framework.
This type of Will has no connection with the distribution of one’s estate. The requirement of a Living Will comes into play only during incapacitation when one can choose their medical treatment. The Will might also include the identification of an individual who has been given the authority to take decisions on behalf of the owner.
As the name suggests, it is typically signed by more than one individual. Such Wills are mostly developed by spouses, with all the possessions left to the legal partner. The Will might invite problems for the surviving spouse mainly because of its rigid nature, where there might be a change in wishes.
Testamentary Trust Will:
In such a Will, assets are transferred to the chosen beneficiaries, and a trustee is appointed. A testamentary trust is especially helpful if the beneficiary is underage and is not legally acceptable for independent handling of the assets. In such a trust, assets can be included by setting conditions that need to be fulfilled before inheritance.
However, one can also choose to put more than one will into action, considering both have different goals. For example, a living and simple will offer goals that are poles apart. Consult an attorney knowledgeable about all the state laws before developing more than one Will.