What Are The Different Types Of Last Will And Testament?

A Last Will and Testament is a type of document that is legally binding and contains details about the assets, estate and properties of an individual (testator), indicating management, planning and distribution of the same based on his specifications and instructions. Last Will & Testament for an individual or a married couple can be in 2 different forms addressing significant and distinct roles about the management and treatment of the estates, assets and funds of the testator. Please visit this website for more info about last will and testament form.

 

 

Will-based Plan

This generally assists people in deciding how his assets will be distributed by enlisting – in a clear way – every detail about who gains what and in which situation when the testator is no more. The plan consists of all the significant points that mainly cover points such as choosing a Personal Executor, power to grant to the executor, the scope of authority and identifying the parties or people who will acquire the assets and properties by inheritance. This type of plan also outlines all the important details, such as mode of transfer, conditions, terms etc.

Trust-based Plan

It is the other type of form that covers the Revocable Living Trust of an individual and deals with all the points that are mentioned in the will-based plan. In such cases, the Successor Trustee or Administrator is a Personal Executor equivalent when the testator who actually owned the assets is no more. The Revocable Living Trust helps in managing the unfinanced properties of a person and the same person has to fund his assets to the trust before his demise. Thus, the trust agreement may become effectual when it comes to taking action about his assets following his demise. If it has not been executed, a sample last will and testament for married couple would be necessary to deal with the unfinanced asset and direct the same to the trust. 

This kind of a document has to be designed as well as made and documented as per the jurisdiction of an attorney who may offer objective guidance to the owner of the assets via estate distribution intricacies and all the associated legal conditions.

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