Wills

A will is one of the most important documents you can prepare in your estate planning, but which type you create depends on your circumstances. In some cases, it may be appropriate to have multiple wills, each of which remain valid despite the others.

The four main types of will are:

• Simple Will: True to its name, a simple will needs only be written according to state laws to be legally binding, allowing a person to designate how their estate is handled in the event of their death.
• Testamentary Trust Will: A will that includes one (or more) testamentary trust allows a person to name beneficiaries and a trustee and to place assets in the trust(s).
• Joint Will (Mirror Will): This type of will is signed by two or more people, acting as a separate will for each. Often used by spouses directing that the other spouse inherits everything, the terms of a joint will cannot be changed.
• Living Will: This type of will allows a person to choose the type of medical treatment they prefer if they become incapacitated; they may also name a someone as a decisionmaker on your behalf.