Wills and Trusts:

Types of Wills

Holographic Will: The will is written in the testator's (the person who's will it is) handwriting, dated and signed without witnesses.

Oral Will or Nuncupative Will: A will that is spoken. These are only recognized in a few states and usually only in compelling situations, such as the impending death of a soldier in wartime.

Statutory Will: This type of will should be drawn by an attorney and must comply with laws of the state where you live.

Simple Will: A will that just provides for the outright distribution of assets for an uncomplicated estate.

Testamentary Trust Will: A will that sets up one or more trusts for some of your estate assets to go to after you die.

Pour-over Will: A will that leaves some of your assets in a trust that you had already established before your death.

Joint Will: A joint will is a will that two people make together, each leaving all their property and assets to the other. When one of the two passes away, the joint will ensures that their property and assets pass on to the other. The will also states what will happen with those assets when the second person dies.

Living Will: Not really a will at all since it has relevance while a person is still alive and does not dispose of property. A living will communicates whether the testator wants to receive life support in the event of a serious accident or terminal illness.

Video Will: Some people have chosen to read their will and explain why certain gifts were made and others not made. A video will makes it hard for the will to be contested as the video provides significant proof that the person making the will was mentally competent.