As we age, it is important to plan for the future and ensure that our assets are distributed according to our wishes. One of the most important tools for estate planning is a will. There are several types of wills that residents should be aware of, each with its own benefits.
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Simple Will
A simple will is the most basic type of will. It specifies how a person’s possessions will be divided following death. It is a decent choice for elders who have a simple estate with no complicated assets or beneficiaries.
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Pour-Over Will
A pour-over will is a form of will that works in tandem with a trustor. It guarantees that any assets not transferred to the trust during the person’s lifespan are transferred to the trust following their demise.
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Living Will
A pour-over will is a form of will that works in tandem with trust. It guarantees that any assets not transferred to the trust during the person’s lifespan are transferred to the trust following their demise.
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Joint Will
A joint will is a form of will written by two individuals, typically partners. It specifies how their possessions will be divided following their deaths. It is an excellent choice for elders who have a joint inheritance and want to ensure that their assets are distributed in accordance with their desires.
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Holographic Will
A hologram will is a form of handwritten will. It is not signed or attested. It is an excellent choice for residents who need to make a will fast and do not have access to legal counsel.
Benefits of Having a Will
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Control Over Asset Distribution
One of the primary benefits of having a will is that it enables residents to direct how their belongings are divided after their death. Without a will, the state will determine how a person’s possessions are divided, which may not be in accordance with their wishes.
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Avoiding Probate
Probate is the formal procedure of distributing a deceased person’s possessions. It is a time-consuming and costly procedure. A will assists someone in avoiding probate and ensuring that their assets are distributed promptly and effectively.
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Protecting Beneficiaries
A will can also safeguard beneficiaries by ensuring that their inheritance is dispersed in accordance with the individual’s desires. It can also shield recipients from debtors and other legal problems.
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Naming Guardians
Someone with young children can use a will to designate a caretaker for their children if they die. This gives parents peace of mind and ensures that their children are cared for in accordance with their desires.
Creating a will is an important part of estate planning. There are several types of wills to choose from, each with its own benefits. By having a will, your loved ones will have greater control over their asset distribution, avoid probate, protect beneficiaries, and name guardians for minor children.
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