Just about everyone has heard of the basic estate planning document called a will or last will and testament. This is a document that you can use to record your final wishes with regard to the distribution of your monetary resources.
Before we look into the other types of wills that are used in the field of estate planning, we should point out the fact that a will is not always the best choice. There are various different trusts that can be used, and in many cases, a trust of some kind would be a better option.
The ideal tool will depend upon the circumstances. If you discuss all of your options with a licensed estate planning attorney, you can go forward in a fully informed manner and ultimately create a custom crafted estate plan that ideally suits your needs.
Now let’s look at some of the other wills that are often utilized.
Living Wills
There is another type of will called a living will. This document has nothing to do with financial matters. You state your preferences regarding the utilization of life-sustaining measures in your living will.
When you have this advance directive for health care in place, doctors would follow your instructions in the event of your incapacitation, and your true wishes would be honored.
Ethical Wills
An ethical will is another type of will that you could potentially include in your estate plan. This will is not legally binding, but it can still be a very meaningful part of your estate plan.
Going back to biblical times, people have shared moral and spiritual values in ethical wills. When you create this document, your loved ones will have a resource to draw from when they are looking for guidance, even after you are gone.
Pour-Over Wills
The last will that we will look at here is the pour-over will. If you use a living trust instead of a last will as your vehicle of asset transfer, you should also include a pour-over will.
This type of will would allow the trust to absorb assets that were in your direct personal possession at the time of your passing.
Learn More About Wills
We have prepared a special report on wills that will provide you with more detailed information. The report is free, and you can visit this page to access your copy: Special Report on Wills.
Schedule a Free Consultation
There are many different tools in the estate planning toolkit, and you should become apprised of all of your options before you make any decisions. If you would like to discuss things with a licensed professional, our firm can help.
We offer free consultations, and you can contact us through this page to schedule an appointment: Hartford CT Estate Planning Attorneys.
- Planning for the Sandwich Generation - March 31, 2020
- Whom Do You Want to Get Your Assets? - March 26, 2020
- Joint Tenancy Pros and Cons - March 24, 2020
