The 3 Different Types of Wills

Many people don’t think about writing a will until they’re old and sick. The truth is anyone who is above 18 years and is of sound mind can make a will. Anyone who is worth something should provide a way to distribute their property after death or incapacitation to avoid conflict.

When writing a will, it’s important to seek the counsel of property solicitors in Townsville. They will help you understand all the legal matters involved. Here are some of the types of wills:

Simple Will

A simple will is the most basic type when all that’s needed is directions to distribute simple assets to beneficiaries. This should include the testator’s name and address, marital status, instructions for the property distribution, and the name of the executor. It must be in writing and signed by both the testator and a few witnesses.

Testamentary Trust

If the beneficiaries are too young or deemed financially irresponsible, the testator can place their estate into a trust. The assets will be distributed to the beneficiaries gradually by the trustee, depending on the terms of the testamentary will. The most common type of testamentary trust is a spendthrift trust, and it must also be written, dated, and signed like a simple will.

Joint Will

Couples who want to leave their property to each other in case one of them dies, use a joint will. If both of them die, the property will go to the couple’s chosen beneficiaries who are clearly stated on the will. A joint will is legally binding and cannot be revoked after the first testator dies.

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No matter what type of will you choose, it’s essential to work closely with a property solicitor to ensure that the will is legally binding and valid. You must also select and name a trusted executor who will be in charge of making sure that the terms of the will are followed. Leaving a will ensures your desire for your estate is done and saves your family from a lot of stress.