What is a Will? Types of Wills and How to Have One Created

Why Draft a Will

If you happen to be one of the 6 in 10 adults who do not have a will or living trust, allow me to convince you. Having a will allows you to give a person, likely a loved one, sole control over the distribution of your assets following your passing. With an expertly drafted will in place, you can avoid the costly and complicated process of determining the allocation of everything that once belonged to you, a process that varies based on the state in which you reside.

The Different Types of Wills

Here’s a look at some of the common forms of wills.

Self-Proving Will

A self-proving will is the most commonly used form of a will. This document details what should be with a person’s belongings and assets following their passing. In most states, all that’s required is for this document to be prepared, signed, and witnessed. Some states require this document to be notarized. Additionally, it’s always helpful to seek legal advice when preparing these documents to ensure the validity and comprehensive nature of your will.

Joint Will

Designed for two people, a joint will is a great solution for spouses. This type of will, drafted with two parties in mind, ensures that should one pass, everything will be left to the other. It also denotes who will inherit their assets once the second person passes away. Depending on your preference, this document can be designed so that the surviving partner may or may not make changes in the wake of the first party’s death.

Living Will

Commonly referred to as an advanced directive, a living will is a written document that notes one’s wishes for continued healthcare in the event that they become incapacitated, terminally ill, or otherwise unable to properly communicate their preferences.

It’s important to note, however, that this type of will does not address the issue of allocating assets after death. A living will is designed exclusively for medical directives during your lifetime.

Holographic Will

A holographic will is similar to a self-proving will in that it delineates the distribution of assets in the wake of a death. The main difference, however, is that a holographic will is written and signed by the individual absent of witnesses. Many states don’t recognize holographic wills as legally binding, so be sure to check your local laws before relying on this type of document.

Deathbed Will

As the morbid name implies, a deathbed will is one made (often hastily) when a person realizes they are close to death. While these can sometimes work as a last-ditch resort, I’d advise against this type of will and to choose one of the previous documents. Since these wills are made when a person is under great stress and/or pain, it’s easy for their mental acuity to be questioned in court.

Reviewing and Revising Your Will

Before you move to a senior living community, you should absolutely take another look at your will. Often, when people move to one of these communities, they downsize from their previous home, which can mean specific items and property listed in the will are no longer owned.

If your will gives the total value of all your possessions and property to your children, this will likely pose no issues; however, let’s say you have designated a specific item for a child (for example, a home or car). If this item was sold when you downsized, then you will need to revise your will to account for this change.

While reviewing your will, you’ll also want to consider where you live when the will was written compared to where you live now. The law that governs the interpretation of the will is dictated by the state in which you live at the time of your passing. Many people move several times throughout their life, especially during retirement. Finding a local attorney can help ensure that your wishes will be executed in your state of residence.

There also are several things you can do to make your executor’s job easier. The executor is the person responsible for carrying out your wishes after you die. Meet with this person to discuss your will and your wishes. During the meeting, you may even want to tell the executor where you keep important information and documents. This includes contact information for the beneficiaries listed in the will, financial and nonfinancial asset lists, and important documents like Social Security cards and password lists for any accounts. It also is wise to include a list of professionals you use, such as your lawyer, accountant, and financial planner.

Safe Deposit Box for Wills

Once you’ve got your will squared away, you should consider putting it in a safe deposit box, which protects the document from theft, fire damage, and misplacement. When a person passes away, their safe deposit box will remain locked until a probate court order allows an executor to access it. Therefore, you should consider storing your will with your attorney or executor, or somewhere safe that will be easily accessible after your death. You can also put your executor’s name on the safe deposit box as an owner and give them a key to avoid this issue.

Wills and Funeral Planning

Most people know, at least in a general sense, who will be in charge of planning their funeral. If you have specific requests, write them down and share the notes with your loved ones. Alternatively, you may even wish to plan everything yourself with a local funeral director. Just be sure that if you prepay for any services, you keep your loved ones in the loop so that they can properly carry out your wishes.

Similarly, if you wish to be an organ donor, you should tell any and all relevant parties when moving into a senior living community. This may need to be documented by signing a form, carrying a card, or wearing a medical bracelet. Timing is usually very important to ensure a successful organ donation. If this wish is not discovered until the reading of your will, it is far too late.

Additional Documents To Have in Place

When moving to a senior living community, the staff may ask if you have a living will or advance directive. This is not a traditional will; rather, it’s a document that answers questions regarding end-of-life decisions such as resuscitation, life support, burial, etc. Through a living will or advance directive, you explain how you would like doctors to proceed if you are not well enough to tell them.

Keep in mind that you also can choose to enact a durable healthcare power. This allows you to name a trusted individual to make the decisions regarding your care if you are unable to do so. Remember, though, that these documents expire at death and the will takes over as a guiding document at this point.