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Will – a word that is commonly ignored among most people. People tend to cringe at the thought of it, because to most is symbolizes death and loss; however, a will actually symbolizes security and peace! That’s why it’s so important to have one!
First off, what exactly is a will?
A will is simply a legal document that is written to detail how a person wants his/her property distributed and handle after the pass away.
Wills keep the peace when you are gone. Everyone knows of at least one instance when families have fought over custody of a minor or over the possessions of their deceased loved one. A will helps to straighten all of that out and prevent it from happening.
Now that you understand how important a will is, it is now time that you understand that there are different types of wills out there. Check it out below:
A self-proving, or testamentary will, is the common type of will that most people are familiar with. This type of will is your average, written will that is prepared and signed in the presence of a witness. Anyone who is over the age of majority and is deemed of sound mind is able to legally draft the will.
A holographic will is a will that is handwritten and signed by the person who made the will.. Some states do not recognize holographic wills, and those that do have specific requirements. For instance, if the will is typed and no witnesses are present, then the will is invalid.
An oral will is one that is communicated to witnesses, usually on the person’s deathbed. An oral will is usually made last-minute, which opens up the possibility for errors and doubt. These kinds of wills are usually the subject of many arguments, because relatives attempt to claim that the deceased relative may have not been of a sound mind or allege that the witness is not telling the truth about the wishes of the person.
The last kind of will, a living will, is created by people who want to ensure that their affairs are properly handled in case that person enters a state where they can no longer make decisions for themselves. For these kind of will, a legal document detailing the medical care the person wants or does not want will be written and given to the preferred responsible party.
Now that you are aware of the four types of wills, it’s time to make one! Don’t want to go it alone? No worries! Bell & Associates Consulting Firm will be more happy to assist you. Give us a call today!