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. A will is generally a legal document whose validity must be approved by the court of law in order for it to be active even after the death of the property owner and for it to be considered as a valid document by the court, it has to meet some standards laid by the same court.
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. The person writing a will is known as the testator and he or she also needs to have an executor who will explain to the heirs how the property is to be divided according to the wishes of the testator. There are however several types of wills that are common in many parts of the world. The following is a discussion about the four known types of wills.
Simple wills are the first category of the wills that are very popularly used in various parts of the globe. Just as the word suggests, simple wills distribute simple assets to the beneficiaries. The simple will is one of the most common types of wills and must be in writing and typed just like any other type of a will. 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. Executors of the will are simply the witnesses of the will in the court of law and thus required to sign the date of the will.
Testamentary trust will is another common type of a will that you can write depending on the circumstances. 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.
It is important to note that once the testator dies, a joint will cannot be revoked. Living wills are other common types of wills that provide the testators choice of medications and treatments to be used when he or she is unable to communicate the wishes for him/herself.