What Are Last Wills?
A last will is a legal document that includes a person’s final wishes when it comes to their properties. It has detailed instructions on what will happen to all of their assets after they pass away. They will also specify in this document their inheritors or beneficiaries and which assets each of them will receive. This last will serves as your voice when you’re not with your loved ones anymore.
This legal document also has information on whether the deceased person will leave their possession to a person, a group, or even to a charity. The last will and testament also includes matters about dependents, account management, and financial interests of the departed person.
What Are The Types Of Last Wills?
There are nine types of wills – simple will, joint will, a testamentary trust will, living will, pour-over will, deathbed will, online will, nuncupative will, and holographic will.
Simple Will
This will is commonly used to list all of the properties together with the beneficiaries of each. In the case that you have minor children, you can also use this to assign a guardian for them. This can easily be done online using many kinds of templates. But make sure to get legal assistance if you feel that it’s necessary.
Joint Will
Joint will is a type of will that involves two people, usually spouses. In the event that one of them dies, the will is carried out for the other spouse. But the surviving spouse doesn’t have the authority to change the will anymore. This can be a problem when the surviving spouse’s situation changes. Because of its inflexibility, joint wills aren’t as popular as they were before.
Testamentary Trust Will
This type of will has one or more testamentary trusts that will take effect after your death. This is usually used in circumstances involving minor children or people with special needs as they will need a lot of care for a long period of time.
Living Will
This is a document that includes medical care concerns and decision-making when you become incapacitated. It also includes specific instructions for your care and the process by which your medical support will be terminated.
Pour-over Will
Pour-over will offer more privacy than a regular last will and testament. It works by “pouring over” those properties which do not directly go to any beneficiary into your trust after you die. This type of will is beneficial if you are not into Trust yet.
Deathbed Will
This will is not that pleasant to many because of some reasons. Because these wills are made on deathbed that is why these are often questioned. The mental stability of the deceased person is very important when it comes to the last will and testament.
Online Will
Nowadays, an online will is a new innovation when it comes to Estate Planning. There are various ways and a lot of sources to create online wills. But you need to be extra careful when looking for a DIY online company that will meet your needs.
Nuncupative Will
A nuncupative will is a verbal explanation of a person’s final wishes. However, this is not acknowledged in every state. For instance, a state will only recognize this will if they are written down after being spoken.
Holographic Will
This type of will is not very common but can still be used in some circumstances. This is usually a handwritten will from someone who died because of war or other life-threatening events.
What Are The Elements Of Last Wills?
Declaration
This document states that a person is mentally healthy and capable to execute a last will and testament.
Name of the testator
The person who created the will or a person who has died leaving a valid last will.
Executor
The person who will handle the assets that will be left by the deceased person. If you are going to appoint a person in your will, they will be called a “personal representative”. However, if you happen to die without any will at all, the court will be the one appointing the administrator for all your assets, usually a spouse or an adult child.
Beneficiary
These are people, groups, or charities that will be inheriting the deceased person’s properties.
Clauses
These are sections in your last will that include all the detailed information in a specific order.
What Is The Purpose Of Last Wills?
Last will is created for the security and peace of mind of people who want to make sure that their assets will be distributed well to the rightful people – to your beloved families and loved ones. Here are 10 reasons to have a will ready:
- You can decide how your properties will be distributed.
A testator is a person who makes a will. For those people who died even before drafting a will, their estate will be distributed by the state laws. It will be impossible for you to align all your last wishes if you will not finalize a will as soon as possible.
- You can decide who will take care of your young kids.
Death is an evitable thing, as parents always fear their kids’ future. In the event of your death, you can decide who will take care of your kids and the properties you left for them until they become of age. Usually, the guardian is selected among the family members whom the parents believe will prioritize their kids’ well-being.
- Facilitation of the probate process.
Probate is a legal process by which the court supervises the distribution of estates of the deceased person.
- It can help minimize estate taxes.
One great benefit of creating a will early is the opportunity to know about the available estate planning tools to reduce your estate taxes. It can also help with the reduction of inheritance taxes your family or your beneficiaries will have after receiving your will.
- You can decide who can manage your properties.
There are a lot of family disputes everywhere and it’s such a burden leaving properties behind. But if you have a last will and testament, you can appoint a personal representative of your choice to be responsible for managing things like paying your debts, closing your bank accounts, canceling your credit cards, and distributing your estate.
- You can disinherit people that you do not want to receive any inheritance from you.
If you die without a valid will, the court will distribute your assets according to state intestacy law. Furthermore, if you do not want a person gaining something from your property without your consent, it’s important to make a valid will soon.
- You can make gifts and donations.
A will allows you to give donations to a group of people or to charity institutions. There are a certain amount of gifts or donations that may also lessen your estate tax.
- You can always update your will.
You can always update your will depending on your current
situation. There are various reasons why you need to update your
will – the birth of a new baby, the death of a family member or
relatives, and even divorce.
- It prevents legal challenges.
A will is a legal document that expresses your desire and last wishes after you die. That is why a well-drafted will can really avoid legal challenges.
- Tomorrow is not promised.
You can never know what tomorrow can bring. If you want to lessen the heartache and the burden that your family will experience at the time of your death, you should really make time drafting your last will as soon as possible because tomorrow is not promised.
How Weiner Law Can Help In Making Your Last Wills?
Death is such a scary thing for everyone. As much as possible, people tend to do everything and prepare whatever they can before this thing happens. No one wants to die soon, especially those people who are really working hard for their families.
It will be such a nightmare when all of your assets will be given to others. You should see to it that all of your possessions that will be left behind after your death will be given to your loved ones or to your preferred organizations or charities.
For you to have peace of mind and to be sure that all your hard-earned money and properties will go into the right hands, it’s a must to make your last will as soon as possible. For you to be able to do that, you should find a reliable and competent team of professionals.
At Weiner Law in San Diego, California, there will be skilled and experienced professionals to help you be prepared for whatever inevitable things might happen in the future because they truly care about what matters most to you – and that is your family.
You will not have to worry about anything else. Because of these competent professionals, you will just have to enjoy a comfortable and fruitful life with your loved ones without regretting anything.
