A last will and testament is considered to be one of the most imperative estate planning documents you can create in your lifetime. It allows you to administer where your assets will be appropriated once you pass on, and also a sense of peace of mind during your lifetime, understanding that your occurrences will be handled in the manner that you specify.
A will is typically executed by someone over the age of majority who is of sound mind, depending on the state in which you reside. This person referred to as a “testator.” The testator selects an executor to handle the process of distributes the assets and estate. The testator is also required to sign and date the document, while in the presence of one or more witnesses, and depending on state regulations it must be notarized.
The four main types of wills are simple, testamentary trust, joint, and living. Other types of wills include holographic wills, which are handwritten, and oral wills, also called “nuncupative”—though they may not be valid in your state.
- Simple Will: A simple will, also referred to as a basic will, is one of the most common will types. In it, you state who you want to have your property and assets after you die. Some people think a lawyer has to write a will for it to be valid.
- Testamentary Trust Will: The testamentary trust is a provision within the will that outlines the estate’s executor and instructs that person to create the trust. However, the trust is not immediately established after the person’s death since the will must go through the probate process.
- Joint Will: A joint will is a legal document executed by two (or more) people, which merges their individual wills into a single, combined last will and testament.
- Living Will: A living will is a written, legal document that spells out medical treatments you would and would not want to be used to keep you alive, as well as your preferences for other medical decisions, such as pain management or organ donation.
You can contact Nevada Small Business Consulting today at (702) 758-4691 to schedule a consultation. We will ensure that you will implement the best combination of Living Trust and Estate Planning solutions to fit your distinctive asset profile, family dynamics, and specified budget. We can help you to develop and maintain amicable relationships with family members and beneficiaries to minimize any difficulties and disputes that may arise.