Need A Will? Know The Differences Between 4 Types
One piece of estate planning advice you always hear is to make a will. However, were you aware that there are a couple types of wills available to you? Know the difference between them so you can decide on which one is best.
Statutory wills are considered to be the simplest wills that can be made. They often follow a form where you practically fill in the blanks, since the form is typically structured in a way that will work for anybody or someone with a simple estate. Statutory wills will not have any customization, so anybody can fill one out, even if they don't have basic knowledge of the legal aspects of a will.
The use of statutory wills can be great in situations where you want to leave all your assets to one person. When you have specific requests, you will need something a bit more complicated to ensure it is done properly.
Married couples often use joint wills, but it is not required to do so. In fact, a joint will can create unforeseen problems that are difficult to resolve later. This is because joint wills require mutual consent to any changes to them.
Changing a joint will is not possible when one spouse passes away, unless there is a clause that will allow changes to be made in such a situation. A divorce can also make it difficult to change a joint will if both people cannot come to an agreement..
In an emergency situation and need to make a will? Handwritten wills are considered a legal document in some situations, but some states do not recognize them. You simply write out the basics of your will and sign the document, which can even be done without a witness. These types of will can be challenged, but it can help clear up a lot of confusion if you did not have a will made before making it.
It is also possible to create an oral will in extreme situations where other wills are not an option. For example, somebody may be about to die and need to document their wishes by saying it rather than write it down. Oral wills can be documented by witnesses to help give them credibility, but they have just as many problems with validating them as a handwritten will would have.
For assistance with creating a will, reach out to a local law firm that specializes in estate planning, like the Skeen Law Offices.