While a testamentary will is the most common type of will around, and arguably the best, several other types of wills will proved you with varying degrees of recognition.
Holographic wills
Wills drafted and signed by the testator but not witnesses is widely regarded as holographic wills, from the less common secondary meaning of the term holography, meaning a document hand-written by its author. Holographic wills are often utilized when the time is short, and there are no witnesses, for instance, when the testator is trapped in a life-threatening accident.
Holographic wills aren’t approved in some states. However, in states that allows the documents, the will must meet minimum requirements, like proof that the testator wrote it and had the mental capacity to carry it out. Even then, the lack of witnesses always results to challenges of the will’s validity.
Oral wills
Oral wills aren’t really recognized. This is a will in which the estate owner speaks their wishes before witnesses. Without a written record, or at least one drafted by the estate owner, courts do not widely recognize this type of wills.
Pour-over wills
Pour-over wills is another type of will that is used in conjunction with setting up a trust not which your assets flow.
Mutual wills
This type of will is usually for a married or committed couple. After the death of one party, the other party is bound by the terms of the mutual will.
Mutual wills can be utilized to make sure that properties are transferred to the deceased’s children rather than to a new spouse. Due to state differences in contract law, a mutual will should be created with the help of a will attorney. A mutual wills shouldn’t be confused with a joint will even if the terms seems identical.
What is a Trust?
A trust is almost similar to a will. In fact, in some cases, a trust can take the place of a will. A trust is simply a fiduciary relationship in which one party, regarded as a trustor, gives another party, known as the trustee, the right to retain assets on behalf of the beneficiary. Unlike a will, a trust is completely free from probate. In addition, a trust can be created with the help of an experienced trust attorney, New York.
Do I need a trust in New York?
One of the main benefit of setting up a trust is to ensure that your family doesn’t experience the difficult, time-consuming and expensive probate process which is usually done after your death. However, come to think of it; do you really need to set up a trust? Is it really worth it?
New York doesn’t use the Uniform Probate Code, which adds ease to the probate process. Thus, it would be a wise decision to set up a trust to avoid New York’s complicated probate process.
New York has a less complex probate process for little estates (below $30,000). In the event that your net worth will be below this amount when you die, the probate process will be simple and very cheap, so you may not need to worry about skipping the probate process with a trust.
Who is a Trust Attorney?
A trust lawyer is a lawyer who helps individuals set up trusts for their estate. This professional also provide advice and recommendations to individuals who wish to set up trusts. A trust lawyer can help you set up a trust that aligns with your wishes.
Who is a Will Attorney?
A will attorney is a lawyer that specializes in the creating of wills for individuals. These professionals have the experience, knowledge and resources needed to help you create a will that mirrors your wishes and adheres to the guidelines of the state government.
Always have it in mind that a judge can deem your will invalid if it believes that it wasn’t created using the laid down principles. If this happens, it means it would be assumed that you died intestate (without a will). So, to avoid this, ensure you hire a competent will attorney, New York.