Different Types of Simple Wills
LA Probate Law explains that there are a multitude of different simple wills and explains the differences between each one. The following will outline what different kinds of wills exist with a brief explanation of each one. Depending on your situation, you can decide which is best for you, but it is recommended that whichever you choose, it’s best to speak with an estate planning professional in order to avoid any unnecessary mistakes or snafus, exactly what you are trying to avoid by preparing your estate.
Statutory, Holographic, and Nuncupative Wills
A statutory will, LA Probate Law explains, is as simple a legal will gets. It is legally binding and excepted by most courts, but is good only in situations in which the signee has minimal possessions and no arguments of entitlement arise. Usually perfect for a young and single individual with little or no debt, as well as only a handful of possessions. Also, a statutory will is best when no property or children are involved. Besides a young single person, also works well for elderly persons, who have minimal possessions and finances are in order, especially when they rent an apartment or live with a relative. Holographic wills are even more elementary. They are usually handwritten, have no witnesses, and are not notarized. For obvious reasons, the courts are not all too pleased when presented with these types of wills. Some probate law institutions and courts do not even recognize this type of will, but if there are miniscule amounts of possessions and finances in regard to the deceased, they are sometimes, not always, better than nothing. Again, you are always better off having a brief consultation with an estate planning professional, afterwards, you will never have simply a holographic will and any concerns about the legality of your wishes, and you won’t have to worry. Finally, nuncupative wills are the toughest to fight in court, but are legally binding and when used, usually include little in terms of possessions. A nuncupative will is better known as a death bed statement and/or a battlefield declaration. Obviously if you are close to death and give someone a piece of jewelry or a note or declare that simple possessions are meant for a particular loved one you should have your wishes fulfilled. On the contrary, you may have problems if dividing a worthy estate. You can’t specify percentages of a large cash sum or bequeath property or care for children without anticipating legal snafus regarding such entities. Especially if someone contests your wishes and/or believe they are entitled to more than the nuncupative will messenger delivers. As usual, proper estate planning with a probate law professional is a much more prudent approach
Basic Wills and Property Trust Wills
Basic wills are the beginning and minimum of legally tried and true wills. While simple, relative to other options, they are more the standard that people expect. These wills list an executor as well as a list of beneficiaries and are legally binding and are easily understood and recognized by the court system. Your responsibility begins and ends with a visit to an estate planning professional such as LA Probate Law. Simply make an appointment, receive consultation on how to prepare for your meeting, draw up a rough draft of you posthumous desires, and go to your meeting with a probate lawyer and dictate your terms and desires. This is as simple as a will you can create without worry of legal repercussions for your loved ones. Property trust wills are designed for individuals whose main financial worth is tied to a property or home, usually related to the elderly. Many times mature adults borrow against their home for late life medical care and/or nursing home services. Regardless if debt is owed against the house, probate law professions explain that a property trust will dictates some terms of the home and property sale, as well as stipulating who gets how much of the capitol raised by the selling of the home. This can be dictated in terms of percentages or dollar amount. Many times it will stipulate both, for example stating that someone is entitled to ten percent or ten thousand dollars, whichever is more, or whichever is less. Similar to a basic will, this is not very intricate but very legally binding and leaves little to speculation. Obviously, even with the details outlined, you would have to name an executor.
These explanations and outlines pertain mostly to simpler estates where one anticipates bequeathing minimal possessions and doesn’t foresee much squabbling over particulars. Usually these previously mentioned wills are simple, quick and easy, but obviously the latter set of these simple wills are recommended by LA Probate Law for their legality. All of these listings and explanations pertain to the last will and testaments for single individuals with no minor children and minimal property and high valued possessions. Best examples of individuals fitting this description are young, single adults and older widowed individuals living alone or with a relative. In subsequent articles we will address wills designed for married couples and larger estates. Regardless of your age, amount of possessions, or individual situations, preparing your estate with a probate law professional can save your loved ones a lot of grief and expedite the dispersing of your property, as most people desire.
Different Types of Simple Wills