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Different types of wills

When considering means of estate planning, Floridians have many choices available to them. Wills are likely the most commonly known form of documentation utilized for protecting assets after death but many facts about them remain unknown by people. There are also different types of wills for different needs and understanding these is important for anyone looking to create a will.

The Florida Bar website notes that a will is a written directive that outlines select details for after a person dies. This can include the distribution of assets, giving of gifts, guardianship of children and more. People must be deemed of sound mind and free of mental incapacitation when developing a will.

According to Investopedia, some wills can be created by only one person at a time while others can be created by two or more people together. The most basic form of a will is called a simple will. This is created by one person who generally has a relatively small estate and minimal assets. If each spouse in a married couple creates their own simple will naming the other person as the beneficiary, this essentially creates a single reciprocal will. A husband leaves all of his assets to his wife and a wife leaves all of her assets to her husband. Joint assets are handled similarly.

Couples can also choose to create one single will that provides stipulations for the death of either or both spouses. These joint wills can also leave assets to third parties. If more than two persons are involved in setting up a will, they will create what is called a mutual will. Where a joint will is revocable until the person dies, a mutual will is irrevocable.

 

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