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 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. 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. There are however several types of wills that are common in many 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 most often types of wills thus making them very popular compared to other types of wills. 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 name, address and marital status of the testator as well as the instructions for the division or distribution of the property are some key elements of simple wills. The date of the simple will is generally signed by the testator and the executor who is the witness.
The second type of a will is known as testamentary trust will. In this wills, the estate is placed into a trust and based on the terms of the trust the assets are therefore distributed to the testator’s 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 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.