Classifications Of Wills
It is very important for any person owning properties and have kids to always have a will so that in case he or she dies anytime, then the heirs will have proper guidelines for dividing the properties among themselves. 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. 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. Wills come in four major categories and thus important to learn about them first before you can write one. 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. Executors of the will are simply the witnesses of the will in the court of law and thus required to sign the date of the will.
There are also the testamentary trust wills which have also helped so many people in different parts of the world. Here, the estate is not directly distributed to the beneficiaries after the death of the testator as it has to be first placed into a trust where based on its terms, the assets will then be distributed to the 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.
One thing that makes this will different from others is that it cannot be revoked after the death of the testator. 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.
The Beginners Guide To Lawyers (Getting Started 101)
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