Types of Wills

A Will is intended to be a legally binding document in which a person can state their final wishes for personal assets at the time of their death. A Will allows a person to name beneficiaries, guardians and trusts.

There are a number of different types of personal wills and one should consider one’s needs carefully before choosing.

Types of Wills

The legal Will is personally drawn up by a lawyer who has taken into account the needs of the Testator. The document will be signed by typically two witnesses, the Testator, and dated.

A holographic Will is one that is handwritten by the Testator and signed in their hand. Many sources agree that this is usually a sound legal document, but basic, at best. When complicated family situations and extensive assets are involved, most attorneys recommend against a holographic Will.

The self-proved Will is one that is prepared by the Testator, does not necessarily need to be handwritten, but must be signed by the Testator, required witnesses, and dated. Also, many states have nuances of statutes pertaining to a legal self-proved will, so those opting for this type should be clear about what the resident state requires in such a document.

Statutory Wills can be picked up in most office supply stores. Available either in hard copy or software packages, these ready-made documents lay out a basic Will that the Testator simply fills in with the required information.

Parts of a Will

Regardless of the type, a Will generally contains information common to all.

Within the document itself, there will be the name of the person whose Will it is, called the Testator. The distribution or disposition of assets is the section of the document in which the Testator can name their beneficiaries, or those people to whom property and assets are being left. Assets might also be left to charitable organizations, and often legal documents will have space for those items. A legally prepared Will usually names an Executor. The Executor is the person who has been chosen to be responsible for the business of following the wishes of the deceased and finalizing all business and end-of-life matters. The Testator will also name Guardians for any minors under the age of 18 and possible financial trusts for them. Finally, most legal Wills require the signatures of typically two witnesses chosen by the Testator.

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