A will is a legal document that explains the future of your property and assets. After your death, your property and assets may not go to safe hands. Moreover, your relatives may get confused over the distribution of your property.
A Will can record your wishes regarding your property’s distribution. As a result, you can donate, distribute, protect, or hand over your property with the help of a will.
What are the different types of Wills
1. Single Wills
A single will records a (individual) person’s wish. But, a married person can also choose a single will. This will express a single person’s opinion. So, if you have a different opinion from your spouse, then you can also choose this will. This will can help you to distribute your entire estate to your children and spouse. You can also write details of your funeral plans and the future of your belongings.
2. Trust Wills
This kind of will doesn’t hand over your property or assets directly to your heirs. Rather, you create a ‘Trust’ and you give it to trustees. The beneficiaries of your property are named in the will. But, the trustees will decide – when and how the property will be handed over to the beneficiaries.
A ‘discretionary trust will’ is a popular choice. This will can save taxes and creditors can’t claim your property.
3. Property Trust Wills
A property trust will is created to preserve your property. You can create A Trust. Then, the Trustees will preserve your property and your beneficiaries will be benefited through Trustees.
4. Mirror Wills
These wills can be created by a married couple. A couple can have two identical wills individually. So, if one partner dies, another will be the sole beneficiary of the property. Then, the living partner can alter the will or the will may remain unchanged. If both of them die, then the property will be distributed as per the will.
5. Flexible Trust Wills
A ‘flexible trust will’ can save your property. You can build a ‘Trust’. Then, this ‘Trust’ can provide income to your beneficiary. After the death of a beneficiary, the assets and income will be passed to the other beneficiaries. This will can manage funds in the best way.
6. Living Wills
This will is made when a person has a healthy mind and brain. This means the person makes this will in full consciousness. The person can record his/her wishes about the medical treatment. The person can deny any kind of medical treatment that he/she doesn’t want to have in future. A physician has to abide by the person’s wish before treating him/her.
‘Discretionary Trust Will’ and ‘Single Will’ are the most popular types of wills. But, you can also choose other forms of will. Some wills can save taxes and your property. So, write a will wisely and carefully.