Wills can be confusing, but understanding the type your loved one has will make it easier to prepare and honor their wishes.
A simple will is the most common type, often used for straightforward situations. It outlines how assets should be distributed and names beneficiaries. Simple wills work well for individuals with uncomplicated estates and clear wishes.
A living will, also known as an advance directive or health care proxy, focuses on healthcare decisions rather than assets. It outlines preferences for medical treatment if your loved one becomes unable to communicate.
Joint wills are created by two people, typically spouses, to handle their combined assets. When one person passes away, their portion automatically goes to the other. While this can simplify estate planning, joint wills are inflexible and may not account for changing circumstances
A testamentary trust will creates a trust upon the individual’s death, allowing assets to be distributed over time or under specific conditions. This type of will is ideal for providing ongoing financial support for dependents with special needs.
