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Archive for July, 2011

July 25th, 2011

What is a Video Will?

(Estate Planners) - Customarily, when a person creates a last will and testament, or will, the will is drafted as a formal written document with specific language that is valid for the jurisdiction where the will is written. This will formally and legally dictates how the testator (the person making the will) wishes to dispose of and distribute their property and assets when they die.

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July 18th, 2011

What is a Testamentary Trust Will?

(Estate Planners) - A common estate planning tool is the testamentary trust will. This type of will is used to set up a trust or trusts that part of or all of your estate will be transferred into when you die. The testamentary trust will is sometimes just referred to as a ‘testamentary trust’ and is similar in structure to the family trust, but with some distinct differences that can be very advantageous over other types of trusts, particularly if you are planning on leaving your estate to minor heirs, young adults, or children with disabilities.

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July 11th, 2011

What is a Statutory Will?

(Estate Planners) - One of the simplest wills is the statutory will. The statutory will is a standard legal form that a testator (person making a will) completes by filling in particular information and checking boxes. The statutory will is binding and considering legally valid in only a handful of states, so simply downloading and printing a statutory will form and then filling it out certainly gives no guarantees that it will ever be accepted in the jurisdiction where you live, unless you have checked to be sure that your state recognizes such a form.

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July 4th, 2011

What is a Simple Will?

(Estate Planners) - A simple will is, as the name implies, simple. This type of will is usually either written out on one’s own, or by filling out a generic form, or by downloading a statutory “fill in the blank” form from a website online. The simple will is widely available and fairly easy to use, but it can be risky to make a will without first consulting an attorney or estate planner, even if your estate is meager and you are single.

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