When it comes to talking with loved ones about living wills, it can be a sensitive subject. Many people are uncomfortable when it comes to making plans for their estate in the event of their death. Learn about how your family member’s will might impact you and how to explain the various types of wills to your loved ones.
There are many circumstances in which one might become the beneficiary of an estate – it’s usually when a spouse or relative dies and leaves it to them. If the person who owns the estate you are set to inherit does not have a clearly laid out plan, or will, you could end up losing the inheritance you are entitled to. Wealth and assets not covered by a will are often subject to dispute amongst family members. An estate without will and trust may also be subject to collection by debt collectors or settlements against the trustor. It is not uncommon that assets not protected by a will and trust are distributed against the wishes of the deceased.
What Types of Things Your Loved Ones Should Consider for a Phoenix Will
Simple Phoenix Will
The simple will is comprised of easy to follow instructions for distributing wealth, property, and other assets.
Oral Phoenix Will
An oral will is spoken, as opposed to being written by the trustor or person dictating for them. This will is recorded with the use of audio and/or visual equipment and may not be recognized as a legal document in many jurisdictions.
Joint Phoenix Will
A joint will splits assets of two people. This is commonly formed by married people or life partners.
Self-Proved Phoenix Will
The self-proved will is made in single form with the implementation of affidavits from the witnesses who are present.
Notarial Phoenix Will
A notarial will is one which is made by a notary.
Testamentary Trust Phoenix Will
The testamentary trust will is for establishing multiple trusts within your will.
Pour Over Phoenix Will
A pour over will allows the placement of certain assets into trusts which have been previously established.
Unsolemn Phoenix Will
The unsolemn will is a will that has an anonymous executor of the trustor’s estate.
Holographic Phoenix Will
A holographic will is one that is physically written by the trustor. This type of will is written without the presence of witnesses and may or may not hold up in court as most jurisdictions do not recognize this as a legal document.
Mystic Phoenix Will
A mystic will a will that is sealed off from speculation until the time of death of the trustor.
Summary:
When it comes to talking with loved ones about living wills, it can be a sensitive subject.
An estate without will and trust may also be subject to collection by debt collectors or settlements against the trustor.
What Types of Things Your Loved Ones Should Consider for a Phoenix Will
The self-proved will is made in single form with the implementation of affidavits from the witnesses who are present.
A notarial will is one which is made by a notary.
The testamentary trust will is for establishing multiple trusts within your will.
The unsolemn will is a will that has an anonymous executor of the trustor’s estate.
This type of will is written without the presence of witnesses and may or may not hold up in court as most jurisdictions do not recognize this as a legal document.
Need Help?
If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.
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