Four Types of Wills to Know About When Estate Planning
A will is a will, right? It’s a document that says who gets what when a person dies. Simple and done. Not quite. There are actually multiple wills. As estate lawyers in the Raleigh area, we work with our clients to see which type or types of wills best fit their situation.
Here are some types of “wills”:
Simple will: This is the type of will that most people think of when they think about estate planning. It’s a fairly simple document detailing who gets what upon the originator’s death.
Living will: This document is not an actual will, but it’s a big part of estate planning. A living will outlines a person’s medical care expectations in the event that they are close to death and unable to communicate their wishes. I often call this document the “Pull the Plug” document as it allows you to dictate whether you want to be taken off machines that are helping keep you alive if a doctor determines that you will probably not live for much longer.
Will with a testamentary trust: This document is basically a simple will that contains trust language that allows for the estate, or parts of it, to be put into a type of trust and be distributed according to the originator’s wishes. This type of document is typically seen when there is a possibility that a minor will inherit an estate.
Because each person’s situation is unique, it’s always a good idea to work with a qualified estate lawyer when setting up a will. This will ensure your estate (and legacy) will continue on as you wish. To see which type of will is right for your estate planning needs, contact Thornton Law Firm.