I have been dealing with estate issues of late and it got me thinking about the different types of wills and where they fit into estate planning. They fall into four broad categories.
Simple Will – you decide who will receive your assets, possibly name a guardian for minor children, if applicable.
Testamentary Trust Will – places some assets into a trust for your beneficiaries and names a trustee. This is useful if the beneficiaries are minors.
Joint Will – is signed by two or people as a separate will for each testator. It is executed by spouses in favor of the other spouse to inherit everything. It cannot be changed after the death of one spouse.
Living Will – allows you to choose what medical treatments you wish should you become incapacitated. It also may name someone to make decisions on your behalf. It may also be combined with a health care power of attorney. It may exist with a simple will.
They have their place and everyone should have one in place.