What are the Different Types of Last Will and Testament Forms?

A last will and testament is a type of legal document that expresses a person’s last wishes with regard to his / her property. It offers detailed guidelines on how to handle their belongings. In addition to dealing with dependents, account management, and financial interests, a last will and testament can address these issues. A holographic will is one example of an unconventional or non-standard will that is permitted in some states but not in others. Know all about the types of last will and testament in Georgia.

What are the Different Types of Wills?

The Living Will, the Testamentary Trust Will, the Joint Will, and the Simple Will are the four primary types of wills.

1. Simple Will

Your assets and the people who should receive them should be listed in this straightforward will. Additionally, you can name an executor and a guardian for any minor children. A Simple Will is one that can be completed quickly online using one of several templates. A legal opinion may be necessary, so make sure to get one.

2. Joint Will

Two people, typically spouses, come together to create a single will – known as a Joint Will. When one spouse passes away, the other spouse is the beneficiary of the will, as specified in the will. The surviving spouse cannot alter the provisions, which could be a problem if that spouse’s situation changes. Because of this rigidity, joint wills are not as common as they once were. You can find such a last will and testament template free online easily.

3. Testamentary Trust Will

This type of will contains one or more testamentary trusts, which come into existence following your passing and the completion of the probate procedure (as opposed to, for instance, a living trust, which comes into existence during your lifetime). It is employed when beneficiaries with special needs or young children require ongoing, specialized care. After your death, the trust distributes all or a portion of your assets.

4. Living will

This kind of will only address how you want to be treated medically and how you want to make decisions if you become incapable. It is a legal document that stipulates your care instructions as well as, among other things, the end of medical support. It does          not cover things like final wishes or giving your property to beneficiaries. A living will can be written without the assistance of a lawyer and is accepted by the law. In fact, you can get living will forms from medical facilities or your state government. There are particular legal requirements for valid living wills in each state. Before making one, make sure you comprehend them.

Conclusion

There are some things that a will cannot do for a person, such as assist a family in avoiding probate or lower estate taxes. Wills can be made easily, but they must meet certain criteria in order to be taken into account. To make sure you create your last will and testament legally, check the laws of your state.