Summary of Wills

A will isn’t necessarily something fun to think about, but it is something that you need.

What is a Will?

A will provides legal documentation of your assets and how they should be distributed when you die. There are four main types of wills. Below we’ve outlined each so that you can decide which one is for you.

Simple Will

A simple will is the most common type of will, and likely what you end up needing. A simple will lists your assets and how you’d like them distributed. It also has an executor or trustee who is responsible for handling tasks. An executor might have to settle debts, distribute assets, and more.

Temporary Trust

A temporary trust, or temporary trust will, is most useful if your beneficiaries are minors. This type of will places your assets into a trust that is accessible at a designated time. Again, a trustee will be responsible for doling out the trusts when the time comes.

Joint Will

A joint will is typically used by couples who want to name each other as beneficiaries. The couple creates nearly identical, separate wills that establish each other as the sole recipients of assets.

Living Will

Unlike other wills, a living will dictates what should happen to you and your assets while you’re alive. The living will is usually used to explain what medical procedures you’d like or not like. It also serves as a guide should you become medically incapacitated.

Do One Thing: Create a simple will so that you have some sort of plan in place when you die.