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There are Different Types of Wills

Posted on 22 Jan 2011 by admin | Filled under: uncategorized

When you're planning your estate, you want to make sure that you cover all your bases, and part of doing this is to make sure that

1.Your loved ones are provided for financially;

2.Your loved ones also receive your non-financial legacy; and

3.Your wishes for medical care are honored, even if you can't communicate them.

4.Even if your estate plan includes a Living Trust, you'll find that you most likely need more than one Will, as well. Here are the three types of Will you should consider:

Traditional Will

With or without a Living Trust, you'll need a Will. If you have a Trust, your estate plan should include a Pour-Over Will. This document "catches" any property left out of your Trust at the time of your death, and "pours" it into your trust via the probate process. The result? All of your property ultimately ends up in the hands of your Successor Trustee so that it can be distributed according to your intentions.

If you don't have a Living Trust, then a Will is an absolute necessity. It's the estate planning tool that will let you – and not the state – decide who gets your property and who takes care of your minor children in the event of your death.

Ethical Will

Ethical Wills have been in existence for thousands of years, and they're making a resurgence in the context of modern day estate planning. With an ethical will, you can capture all those thoughts and feelings - and all that wisdom - which you want to pass on to your loved ones, but that just can't be captured in a traditional Will. An ethical will can form the basis of the non-financial legacy you leave your loved ones, and in their eyes, it may be one of the most precious things you leave behind.

Living Will

With a Living Will, you set forth your wishes as to what medical treatments and interventions you do and don't want to receive in the event that you're too ill or injured to communicate your own preferences to your doctors. Not only can this document help to ensure that your wishes are honored, it can also spare your family members the agony of attempting to make decisions for you without knowing what you would have wanted.