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. A will is generally a legal document whose validity must be approved by the court of law in order for it to be active even after the death of the property owner and for it to be considered as a valid document by the court, it has to meet some standards laid by the same court.
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. When writing a will, you should generally pick a very close person to you who will execute the will to the heirs after you die. 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 first category of the wills that are very popularly used in various parts of the globe. Just as the word suggests, simple wills distribute simple assets to the beneficiaries. The simple will is one of the most common types of wills and must be in writing and typed just like any other type of a will. 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. The date of the simple will is generally signed by the testator and the executor who is the witness.
There are also the testamentary trust wills which have also helped so many people in different parts of the world. 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. In case you have an estate and would like to leave it to your spouse after you die, then writing a joint will is the way to go.
A joint will cannot be revoked after the death of the spouse owning the estate. Living wills are the last types of wills that are very different from the above three wills since in here the distribution of the properties or estate is done when the testator is alive but in worse health condition that would be hard for him or her to recover.