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A well-thought-out plan must go into the making of a Will. It is an important part of the process to ensure the future of your loved ones.
Estate planning can feel complicated with its numerous rules and steps. If you feel stuck, several Will dispute lawyers have expertise in this field and can help you.
Before you start planning the distribution of your estate, you must learn about their types and how they function. In this article, we will talk about five types of Wills.
Commonly, Wills can be divided into five types. Each of these types has different features, advantages, and disadvantages. It is important to weigh their specialities to recognize if they fit your needs.
The simple Will is exactly what its name suggests. It is created as a skeleton document that lists how your assets will be distributed. This type of Will does not require any specific format. You can write down the list of beneficiaries, your appointed executor, and other essentials on a piece of paper.
You can tear it off if you need to change or withdraw the Will. But this does not make simple Will any less legal.
A living Will is made for a person who can no longer make their medical decisions. In cases like these, another person will be designated as the decision-maker who will make decisions on your behalf.
The living Will will contain necessary information about your health. Your appointed decision-maker must be trusted to understand your values and health issues.
A testamentary Trust Will is a great choice to preserve your assets and funds well. These Trust Wills are specifically made to protect your assets by revoking access from the beneficiaries challenging a Will. This prevents your funds from being wrongfully claimed.
Testamentary Trust Will is flexible, which means it can preserve your choice of assets until your death. According to your instructions, they will protect your belongings, including investments, lumps of money, land, and work.
This type of Will is a joint Will sealed by a contract. Mutual Wills can be set up between family members, close relatives, friends, partners, or anyone with consent. Spouses or even ex-partners mainly use these.
Mutual Wills are contract-bound, which requires ensuring both partners’ consent if any change is needed.
Much like the mutual Will, a mirror Will is also set up for partners. However, this type of Will has specific criteria to fulfil. You can create a mirror Will with your partner if you have children together and are currently married to each other. You cannot create a mirror Will if your children are from a different marriage.
You must choose the format that caters to all your needs from the list of specified types of Will. If you have a partner, you can create a joint Mutual Will, and if you want to ensure the protection of your assets from being claimed early, you can choose the testamentary Trust Will. To create any Will, here is what you need to do.
Making a Will is overwhelming. But you can ease the process by thoroughly understanding the types of Wills and how to make one.
Besides the types above, you can also create your Will online by following a few steps. Though time-consuming, creating your Will can help you protect your assets better.
If you are still determining which type of Will suits you, the best Wills lawyers in Perth will aid you. Seek guidance from lawyers with expertise in this field and learn about the Writing process.