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Types Of Wills

Wills are very important to any person in ensuring a successful and peaceful division of his or her assets to the heirs after death. 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 rules for writing or making a will is a minimum age of 18 years of age so as to make 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. To learn and understand more about will and will writing, it is important to learn about the different types of wills that popular in different parts of the world. Some common types of wills that are available in many parts of the world and also recommended to various estate owners are discussed below.

The first type of a will which is greatly preferred by many people is known as a simple will. 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. Every will should be typed and not handwritten and so is the simple will. 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.

Testamentary trust will is another common type of a will that you can write depending on the circumstances. 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. There is also a joint will which is mainly written by one of the spouses who want to leave his or her asset to the other spouse as a beneficiary.

It is important to note that once the testator dies, a joint will cannot be revoked. 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.

5 Takeaways That I Learned About Lawsuits

5 Takeaways That I Learned About Lawsuits

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