A will is a powerful legal instrument that allows you to decide what should be done with your belongings and assets after you’ve passed away. Because no two situations are ever exactly alike, the law makes several variations available that provide varying degrees of control or additional protections for your spouse. Understanding the different types of wills will help ensure your estate plan is ideally suited to your needs.

4 Common Types of Wills

1. A Simple Will

Although their powers are somewhat limited compared to other instruments, simple wills are more than sufficient for most people. Simple wills allow you to leave detailed instructions regarding the distribution of your assets after your death, name an executor to handle your affairs, and nominate a guardian for your children if something happens to both you and your spouse.

2. Testamentary Trust Wills

Upon your death, a testamentary trust will establish a trust that distributes your belongings to your heirs through a legal entity controlled by a trustee. A trust allows you to bypass probate, saving your beneficiaries time and money, and put conditions on their inheritance.

3. Joint Wills

When married couples enter a joint will, both parties leave their share of the estate to the other, with further instructions describing how remaining assets should be distributed if the surviving spouse passes away. Before entering a joint will, both parties should understand that the document can’t be amended once one of them dies.

4. Living Wills

While other wills deal with property, living wills ensure that your wishes regarding medical treatment and end-of-life care are respected. In your living will, you can reject or approve certain medical treatments, describe acceptable outcomes, and express your opinion on extraordinary life-saving measures.

For over 20 years, the Michael A. Newland Law Office in Hamilton, OH, has been putting clients first, providing personalized service and solutions tailored to your needs. You can rely on him to help decide which type of will you need, identify problems before they arise, and ensure your documents are legally valid. To schedule a consultation, visit the website or call (513) 887-9595, and follow on Twitter for more legal tips an insight.