Living Wills

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Types of Living Wills

Simple Will

This is the most common type of will.

It specifies how an individual’s assets will be distributed and who will care for minor children (if applicable). Suitable for people with straightforward estates.

Testamentary Trust Will

Establishes one or more trusts to manage a portion of the estate after death.

Often used to provide for minors, individuals with disabilities, or beneficiaries who need financial management. The trust is activated upon the individual’s death.

Joint Will

A single will created by two people, usually spouses.

After one partner dies, the surviving spouse is bound by the terms of the joint will. Difficult to modify after the death of one spouse, making it less flexible.

Mutual Will

Similar to a joint will but created separately by two or more people.

Contains a legally binding agreement that the surviving party will not change their will. Commonly used among spouses or partners to ensure certain assets are passed to mutual beneficiaries, such as children.

Holographic Will

Handwritten and signed by the testator.

Typically does not require witnesses. May not be recognized in all states or countries due to potential authenticity concerns.

Oral Will (Nuncupative Will)

Spoken rather than written.

Often used in emergency or life-threatening situations. Valid in only a few jurisdictions and typically requires witnesses.

Pour-Over Will

Used in conjunction with a living trust.

Ensures any assets not initially placed in the trust are transferred into it upon death. Acts as a safety net for comprehensive estate planning.