The Pacella Law Group

Make sure your property is inherited by anyone you deem to deserve it the most. The right type of will ensures your legal representatives impart what once belonged to you to your family, friends or anyone important who can make the best use of your estate. Learn more in today’s post from Pacella Law Group.

Simple Will

A simple will, straightforward by design, allows you to dictate how your assets should be distributed and appoint a guardian for minor children. Ideal for smaller, less complicated estates, it specifies beneficiaries for your possessions and appoints an executor to manage your estate’s distribution according to your wishes. While effective for many, those with substantial or unique assets may find it limiting.

Testamentary Trust Will

This type of last will goes a step further by not only distributing your assets but also placing part or all of them into a trust upon your death. This option is particularly beneficial for those seeking to set conditions on an inheritance or to provide for minors over time rather than in a single lump sum. Despite its advantages in asset protection and distribution, it’s important to note that assets within a testamentary trust typically go through probate, potentially increasing time and cost for the estate.

Joint Will

Common among spouses, a joint will is a single document that expresses the wishes of two people, usually ensuring that the survivor inherits the entire estate. Upon the death of both individuals, the estate is then distributed according to the terms laid out in the will. It’s important to recognize that a joint will becomes irrevocable after the first person’s death, which can complicate matters if the surviving partner wishes to alter their estate plan later on.

Living Will

Distinct from other types which focus on asset distribution, a living will (advance healthcare directive) outlines your preferences for medical treatment should you become incapacitated. This doesn’t distribute assets but instead focuses on your health care wishes, removing the burden of tough decisions from your loved ones. Requirements for a valid living will can vary by state, so make sure to consult with a local legal representative for professional guidance.

Holographic Will

A holographic will is one that is written entirely in the testator’s handwriting. Recognized in some states, including California, this type of will does not require the same formalities as other wills, such as being witnessed. However, the lack of formal oversight can sometimes lead to challenges in probate, particularly regarding the document’s authenticity and the testator’s intent.

Pour-Over Will

A pour-over will works in conjunction with a living trust, directing any assets not already in the trust at the time of your death to be transferred into it. This can be an efficient way to ensure that all of your assets are managed under the terms of your trust, even those you did not transfer into the trust while alive. However, like with a testamentary trust will, assets transferred via a pour-over will must go through probate before they can be added to the trust.

To be sure the one you choose works best for your situation, don’t hesitate to schedule a consultation with the Pacella Law Group. Call us at (818) 614-9245 or fill out this contact form to schedule your consultation.