KINDS OF WILLS

Here’s a brief glossary of terms used in the law for various kinds of wills:

• Simple will. A will that just provides for the outright distribution of assets for an uncomplicated estate.


• Testamentary trust will. A will that sets up one or more trusts for some of your estate assets to go to after you die.


• Pourover will. A will that leaves some of your assets to a trust that you had already established before your death.


• Holographic will. A will that is unwitnessed and in the testator’s handwriting. Valid in about half the states.


• Oral will (also called nuncupative will). A will that is spoken, not written down. Few states permit these and they typically permit an oral will only if made during a last illness and only for personal property of small value.


• Joint will. One document that covers both a husband and wife (or any two people). These are often a big mistake.


• Living will. Not really a will at all--since it has force while you are still alive and doesn’t dispose of property--but often executed at the same time you make your will. Tells doctors and hospitals whether you wish life support in the event you are terminally ill or, as a result of accident or illness, cannot be restored to consciousness. See chapter 25.