Wills are not "one size fits all." Several different types of wills exist, and if you have decided that you want to have a will prepared, you need to be aware of the various wills available. The type of will you choose may depend on the state you live in -- not all states recognize all will types. With this information, you can then decide exactly which type of will best suits your needs.
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The simple will is the standard document that dictates your wishes regarding distribution of your assets and guardianship for your children after your death. You have the option of drawing up a will yourself by utilizing a legal document preparation service or having one drafted by an attorney. When you prepare a simple will, you appoint an executor -- that is, a trusted person who will ensure that your wishes are carried out as stated in the will.
In a video will, you read the information contained in the will aloud on camera and the video is played after your death. Financial Web notes that video wills are recognized in most states. Video wills are used to prove that the deceased did indeed wish for her assets to be distributed per the instructions in the will. However, a video will is not intended to be used in lieu of a written will, cautions the American Bar Association. Video wills are best used as supplements to a written will and the will can be signed on camera.
A living will is a kind of advance directive that dictates how you want to be cared for medically in the event you become incapacitated. For example, a living will might specify whether you wish to be kept alive by artificial means such as a respirator or feeding tube. A living will is typically prepared in conjunction with a document known as a medical power of attorney. In a medical power of attorney, you designate the individual -- known as a health care agent of proxy -- who will carry out your wishes if you are unable to.
Testamentary Trust Will
A testamentary trust will establishes one or more trusts in order to distribute your assets. When preparing this will, you can state that you wish for funds from your estate to go into a trust and those funds will be distributed in the manner designated in the will. If you have minor children, you may wish to state that you want specific funds from the testamentary trust to be divided equally among your children once they reach a certain age.