3 Types Of Wills To Consider When Planning Your Estate

With the recent passing of the rock star, Prince, you've been given a prime example of why you need to have a will. Unfortunately, it appears that Prince died intestate – or without a will – which means that the courts must now intervene and decide what will happen to his estate. That type of intervention isn't always what's best for the estate or the potential beneficiaries, who must now wait to see what the courts will decide and how the estate will be divided.

If you don't have a will, you need to get one, especially if you own any real estate or personal property that will need to be divided – or you have children who will need to be cared for. If you're not familiar with wills, here are three types you may decide to use.

Joint Wills

If you're married, you may be interested in how a joint will works. This type of will allows both spouses to enter into one unified will. The problem with this type of will is that once the will is enacted, it can only be changed through an agreement by both parties. That means that if one spouse passes away before the other one, the surviving spouse cannot alter the contents of the joint will. Before you and your spouse consider a joint will, you should sit down and speak to an estate attorney. They'll be able to help you decide if this is the best option for you.

Simple Wills

Simple wills are probably the most common form of wills. They are a single individual document designed to specify things such as beneficiaries and executors, as well as any written instructions you'd prefer to include in your will. The benefit of the simple will is that spouses can work together to create their own wills that work in unison with each other but that can be changed should it become necessary.

Holographic Wills

If you don't have a will, but want to make sure your wishes are known, you can create a holographic will. This type of will is actually a hand-crafted will that you can write in your own words. For the holographic will to be recognized as a legal document, it must be completely hand-written and signed by you. It's important to note that the holographic will is not legally recognized in all states, so you'll need to make sure your state recognizes it before you proceed.

You want to make sure that your family is taken care of when you pass away. If you don't have a will, you need to have one drawn up for you. To ensure that your estate is properly divided should you pass away, you need to sit down with an estate planning attorney. They can help ensure that your estate will be protected. 


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