When it comes to estate planning, one of the most important decisions you'll make is choosing the right type of will. A will is a legal document that outlines how you want your assets to be distributed after you pass away. But did you know that there are different types of wills? In this blog post, we'll discuss the different types of wills and help you determine which one is right for you.
1. Simple Will
A simple will is the most basic type of will. It outlines how you want your assets to be distributed after you pass away, and it names an executor to carry out your wishes. This type of will is appropriate for people who have a relatively simple estate and straightforward wishes.
2. Pour-Over Will
A pour-over will is a type of will that works in conjunction with a trust. It essentially "pours over" any assets that were not placed in the trust into the trust after the person passes away. This type of will is appropriate for people who have a more complex estate and wish to avoid probate.
3. Living Will
A living will is a type of will that outlines your wishes for end-of-life medical treatment. It specifies what types of medical treatment you do or do not want if you become incapacitated or unable to make decisions for yourself. This type of will is appropriate for people who want to ensure their wishes are carried out in the event of a medical emergency.
4. Joint Will
A joint will is a type of will that is created by two people, usually a married couple. It outlines how their assets will be distributed after they both pass away. This type of will is appropriate for couples who have similar wishes for their estate.
5. Holographic Will
A holographic will is a type of will that is handwritten and signed by the person creating it. It is not witnessed or notarized. This type of will is only valid in certain states and is generally not recommended, as it can be easily contested.
Contact Our Will Lawyers
Now that you understand the different types of wills, it's important to choose the one that is right for you. Consider the complexity of your estate, your wishes, and your personal preferences. And remember, it's always a good idea to consult with an experienced estate planning attorney to ensure your wishes are carried out as you intend.
At Law Offices of Dan Chern, P.C., we specialize in estate planning and can help you determine which type of will is right for you. Contact us today to schedule a consultation.