The last will or last will and testament is something that most people are familiar with, but there are some other types of wills as well. We would like to take a look at three of them here.
This type of will is not a legally binding device, but it is nonetheless very useful. Since biblical times people have been utilizing ethical wills to record their spiritual and moral values for the benefit of succeeding generations.
In addition to the obvious benefits that are provided for the readers, the author of an ethical will may find the activity to be personally cathartic.
A living will is an advance health care directive. Medical science is capable of keeping some people who are in irreversible terminal conditions alive for extended periods of time. There are those who would prefer to eschew these measures, and you can make your choices known via the execution of a living will.
Many people choose to utilize revocable living trusts to pass along assets to family members in an efficient manner outside of probate.
Those who use a last will to arrange for asset transfers are subjecting their heirs to the probate process, which comes along with considerable expenses. Probate can also take months or even years to run its course.
If you did create a trust you may have some personal property in your possession at the time of your death that you had not conveyed into the trust. With a pour-over will you state your desire to allow the trust to capture this property.
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