Wills and Testaments - Page 13

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Commonly Asked Questions about Wills and Testaments

Whats the difference between a will and will and testament?

A Will, also known as a Last Will and Testament, is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death. In the event you have children, a valid Will also allows you to designate who will care for them.

What are the four basic types of wills?

There are four main types of wills: simple, testamentary trust, joint, and living wills. Each type is meant for different situations, satisfying varying individual needs and circumstances.

What is the difference between a living will and the last will and testament?

With a last will, you choose who you want to inherit your property after you pass away. With a living will, you outline your preferences about future healthcare treatments, in case youre ever unable to communicate your wishes to doctors and loved ones.

How powerful is the last will and testament?

For many people, the most important document in their estate plan is their last will and testament. This document will give you a say in how an executor should handle your assets upon your death. Without a will, your estate will be subject to state-created intestacy laws, which dont take into account your preferences.

Is a will and testament the same thing?

Though it has been thought a will historically applied only to real property, while testament applied only to personal property (thus giving rise to the popular title of the document as last will and testament), records show the terms have been used interchangeably.

What are the three main types of wills called?

What are the four basic types of wills? Simple will. A simple willsometimes known as basicis the type most people associate with the word will. With a simple will, you can decide who will receive your assets and name a guardian for any minor children. Testamentary trust will. Joint will. Living will.