January 16, 2023
Different Types of Wills
PlanEasy's Quick Bites
- Most people likely need a “simple will,” which says whom you wish to be: 1) the guardian of your kids and 2) who gets your property after your death
- For most couples, having “mirror wills” likely works - 2 simple wills that are duplicates but swapping out each spouse’s name
- After getting simple/mirror wills, most need a “living will, a.k.a. Advance Healthcare Directive” - a document saying your end-of-life healthcare preferences and who can make medical decisions for you
Simple wills - Basic last will and testament saying whom you want to have your property after your death, as well as naming a guardian for your kids
Here are the types of wills that most likely may be relevant for you:
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Simple wills
Basic last will and testament saying whom you want to have your property after your death, as well as naming a guardian for your kids
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Mirror wills
Identical duplicate wills made by couple/domestic partners where each partner leaves the estate to the other person upon death (i.e., to put the partner’s financial security first before passing the estate to heirs; can potentially be changed post-death of the other person)
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Living wills
Not actually a will but more of an end-of-life healthcare preferences/instructions list going into effect if you’re critically injured or unconscious (i.e., which medical treatments/medications you want so your loved ones are relieved of difficult decisions; also known as advance healthcare directives or AHCDs)
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Joint wills
Similar to mirror wills but is a single document that the couple signs together with any changes requiring joint agreement (i.e., can’t be changed post death of one of the partners, so lawyers sometimes prefer mirror wills instead)
Here are some other types of wills:
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Holographic wills
Basic will written and signed by hand, sometimes without witnesses. Most estate lawyers warn against holographic wills as not all U.S. states accept them, and state regulations vary. The executor of the will may need to prove deceased person wished this document to serve as a will. The absence of witnesses may allow family members to challenge the validity of the will
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Nuncupative wills
Nuncupative wills are wills spoken aloud (i.e., deathbed will or oral will). Requirements to ensure the legality of these wills vary from state to state (i.e., number of witnesses, requiring transcription into writing, etc.), with some states not considering them legally binding whatsoever
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Pour-over wills
Pour-over wills are used with a living trust and state that any assets not named in the trust should transfer to the trust once the maker of the will dies. However, any assets not in the trust upon death will go through costly/time-consuming probate court before their transfer, even if there is a pour-over will
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