It is very important for any person owning properties and have kids to always have a will so that in case he or she dies anytime, then the heirs will have proper guidelines for dividing the properties among themselves. However, a will is not just a document with rules and guides from the property owner but is a legal document which must meet some standards as required by the court in order for it to be valid.
One of the rules for writing or making a will is a minimum age of 18 years of age so as to make sound decisions. When writing a will, you should generally pick a very close person to you who will execute the will to the heirs after you die. To learn and understand more about will and will writing, it is important to learn about the different types of wills that popular in different parts of the world. The following is a discussion about the four known types of wills.
The first type of a will which is greatly preferred by many people is known as a simple will. Simple wills are only applicable in cases where there are so many complexities and webs on the property of the testator therefore promoting a very simple distribution to the beneficiaries or heirs. It is important to understand that simple will must be in writing and typed. This kind of a will generally include the name, address and marital status of the owner of the property as well as well outlined instructions for the distribution of the property. It is the testator and the executor who is the witness that are required to sign date of the will in the court of law.
The second type of a will is known as testamentary trust will. In this kind of a will, there will be a provision to place your asset into a trust whose terms will determine how the assets are distributed to the beneficiaries. The other common type of a will is known as a joint will which are used by couples or spouses who want to leave the property to another.
A joint will cannot be revoked after the death of the spouse owning the estate. Living wills are the last types of wills that are very different from the above three wills since in here the distribution of the properties or estate is done when the testator is alive but in worse health condition that would be hard for him or her to recover.