By: Zac Redfield
The use of wills is one of the oldest of society’s practices. Even Ancient Egyptians utilized them! Today, there are four main types of wills: simple, testamentary trust, joint, and living wills. The first of these is the most common and it’s probably what you think of when you consider a will. They designate a trustee to handle your outstanding debts, bank accounts, distribution of assets, etc in the event of your passing. Testamentary trust wills place your assets in a trust rather than immediately distributing them. This is a useful tool if you have children who are still minors and may need help managing the inheritance.
The next two wills vary somewhat from simple and testamentary wills. In the case of joint wills, they are—as the name suggests—made between two people. They’re often identical and are typically used for couples who name each other as sole beneficiaries. However, they are binding in nature and cannot be altered. Finally, living wills are a bit different than the rest. They deal with how you will be treated leading up to your death; how you be treated medically prior to your passing. This is where a DNR (“do not resuscitate”) order would be included. These may be accompanied by another will that distributes assets. There are several other forms of wills (oral, holographic, and pour-over for example) but they are far less common.
Clearly, wills are still of crucial importance today. Ensuring that they are accurate is essential. While simple wills may seem like the obvious option, which will you choose depends heavily upon your personal circumstances. Consulting an attorney is always a wise decision. Once you have decided which will to use, it’s important that it is written in accordance with state laws. Wills must be in writing and you must be “of sound mind” when composing one. Again, obtaining legal advice is always an excellent choice.
You may be asking by now: “What about notarization?” Not all states require wills to be notarized, but it’s extremely wise to do so. Notarizing a will adds additional validity to the signatures and helps to guarantee the will’s accuracy. Similarly, having a will notarized ensures that the signatory was not under any undue influence or pressure to sign the will. Having your will notarized, then, is a wonderful way to protect your inheritance and your beneficiaries. Kace Mobile Notary is happy to help; our notaries will drive to you for your will’s notarization. Head to our website or call us at (248) 313-8232 to book an appointment.
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