Did you know there are several kinds of wills? Most people don’t. And that’s one reason, among many, to work with an estate planning attorney when it’s time for you to create your will. The following is a list of some typical types, though they can vary state to state. (Again, a good reason to work with an experienced attorney).
- Simple Will
This is the most common and the one most folks are familiar with. It outlines who gets what, names and executor, can name guardians for minor children, and more. This will works best with a straightforward estate without complicated tax issues, etc.
- Testamentary Trust Will
This type of will creates one or more trusts after your death. This kind is frequently used to help manage assets for your children, disabled dependents, or beneficiaries needing allotted distributions.
- Pour-Over Will
This kind of will works in conjunction with a living trust; that is, any assets not already listed in the trust “pour over” into it upon death. Think of it as a safety net for any assets that were overlooked or acquired since the trust was established.
- Holographic Will
While currently legal in the State of Ohio, a holographic will is not recommended. A holographic will is handwritten by the testator (you), usually without witnesses. It must be 100% handwritten, dated, and signed by you. One major issue with this kind of will is that, while valid, such wills can face challenges during the probate process. The other significant concern is clarity. Estate planning attorneys are skilled at drafting wills that are unambiguous and therefore NOT open to interpretation. While the individual drafting the will knows their intentions, it may not be clear when written down, leading to potential challenges and disputes.
- Oral (Nuncupative) Will
Generally, this kind of will is because of an urgent situation, such as being on your deathbed. Spoken, rather than written, according to Ohio Laws & Administrative Rules, this kind of will is valid in respect to it being made in the last sickness, is valid in respect to personal property if reduced to writing and subscribed by two competent disinterested witnesses within ten days after the speaking of the testamentary words. The witnesses shall prove that the testator was of sound mind and memory, not under restraint, and that the testator called upon some person present at the time the testamentary words were spoken to bear testimony to the disposition as the testator’s will. Last, no oral will shall be admitted to record unless it is offered for probate within three months after the death of the testator.
Of course, estate planning attorneys recommend having your will drawn up in advance of an urgent need to ensure your assets are distributed as you wish and your loved ones aren’t left with a complicated issue in probate.
- Joint Will
As the name implies, a joint will is a single will for two people (usually spouses) with mutual terms. One issue is that it is often binding after the first death, which can limit flexibility for the survivor. Again, another reason to discuss with an experienced estate planning attorney to avoid future issues.
- Mutual / Mirror Wills
An alternative approach to the joint will is known as a Mutual or Mirror Will. This is used when couples who want their estates, with identical or very similar provisions, handled in the same way, but want to keep their documents independent.
Are you surprised that when it comes to will, there are so many choices depending on your unique situation? As you can see, a will is not just a will … it is a customized legal document that deserves the time and attention of a skilled estate planning attorney. Please do yourself a big favor, now that you know there are choices, and contact me to create or update your estate planning documents. You’ll be glad you did. Call me directly at 513-399-7526 or visit my website at www.davidlefton.com for more information. You can also schedule a meeting with me from there.