A will is one of the essential documents you can prepare during estate planning. It allows you to dictate who inherits your property upon your death while giving you peace of mind. Will requirements vary among states, and having wills and trust lawyers is essential. There are four types of wills serving needs depending on circumstances, and here are more details about them.
- A Simple Will
A simple will lets an individual dictate who receives their assets and names a guardian for children. This will is simple to write, and there are different formats to choose. Some do not even require the help of attorneys since they can be filled out online. However, it would be better to seek legal advice in Tampa, FL, for proper guidance.
- A Testamentary Trust Will
A testamentary trust will place assets into a trust for beneficiaries to benefit. It also includes a trustee who will be in charge of the trust. This will is helpful when there are minors you wish to have the property or if you wish to exclude some people from the will. Wills and trust lawyers can help put the assets in trust with inheritance conditions.
- A Joint Will
A joint will must be where two people sign a will, or each testator is given a separate will. Generally, a joint will is written by spouses in favor of the other spouse inheriting everything. No one is allowed to change the terms of the will, including the executor, or beneficiaries, even after the death of one of the testators. Joint wills are problematic for a surviving spouse because their wishes cannot change.
- A Living Will
A living will allows individuals to choose medical treatments they wish to access after incapacitation. This will may also name the person to help in decision-making. Sometimes an advanced healthcare directive combines a living will and a healthcare power of attorney. Wills and trust lawyers in Tampa, FL, can help explain the state laws on such issues.
There are no limits to the number of wills an individual has; they can all be valid. For example, a living will be combined with a simple will since they serve different purposes. Therefore, assistance from estate planning attorneys can be invaluable in making the right choice.