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Making Sense Out of Dollars

Will It?

Joel Lerner, Columnist
Posted 1/22/21

Part 3 of 12

WHAT TYPES OF WILLS ARE THERE?

Several different types of wills are described below. Since states differ in the types of will used, check with an attorney to make sure the type of …

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Making Sense Out of Dollars

Will It?

Posted

Part 3 of 12

WHAT TYPES OF WILLS ARE THERE?

Several different types of wills are described below. Since states differ in the types of will used, check with an attorney to make sure the type of wills you are making is accepted in your state if you are doing your own will.

Simple Will

A simple will is one that provides for the outright distribution of assets for an uncomplicated estate. You can buy an easy to fill out form for a simple will from a stationery store, or take one out of a book; however, I do not recommend this form of procedure. Next week a full discussion of this.

A Pour-Over Will

A pour-over will “pours over” property into a trust when you die. Property left through the will must go through probate before it is placed into the trust.

Joint Will

A joint will is one that two people make together, each leaving all of their property and assets to the other. A joint will also stipulates how the assets will be distributed when the second person dies.

Living Will

A living will bears no relation to a conventional will and is not used to leave property at death. A living will is a document that allows you to state what type of medical treatment you do or do not wish to receive should you be too ill or injured to communicate your wishes. It may also be referred to as an advance directive or a declaration.

Ethical Will

It may be just as important for you to bequeath your values, as it is your valuables, while a traditional will tells your loved ones what you want them to have, an ethical will tells them what you want them to know. In an ethical will, you can share with your family and friends your personal values and beliefs.

What might you write about? Ask yourself the following questions:

1. What would you like your family to know?

2. What was your biggest regret and your proudest moment?

3. What role had religion played in your life?

4. What do you want your family to do when you have passed on?

THOUGHT FOR THE WEEK

Do you wonder why baby diapers have brand names such as “Luvs”, “Huggies” and “Pampers” while the same type of product for seniors are called “Depends”? When babies poop in their pants, people are still going to “Luv” em, “Hug” em, and “Pamper” em but when seniors poop in our clothes it “Depends” on who is in the will.

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