Basic Wills or Standard Wills
A will is a legal document the testator (the person making the will) makes to indicate how he would like to distribute the property owned by him at his death. A basic will or standard will is used when the testator does not have a living trust as part of his estate plan and therefore does not want a pour-over will designed to be used in conjunction with a living trust.
Joint Wills
A joint will is a will for two people, such as a married couple, set forth in a single document. In a joint will, both testators usually leave everything to the other. After the death of the first testator, the surviving testator is generally prevented from revising the joint will, revoking it or making a new will. Using a joint will may result in costly estate litigation, probate delays or financial difficulties for the surviving spouse or other heirs, so they are not recommended. For more details, see Joint Wills.
More Information on Types of Wills
For a review of the best selling books on how to make a will and which type of will is suitable for your needs, see Will and Trust Books.
Quicken Willmaker Plus 2012 Edition: Book & Software Kit. With Nolo's will book and software, you can make a basic will at home to name a guardian for minor children, appoint an executor of your estate, gift specific property, and forgive loans to heirs. It also includes other essential estate planning forms and provides access to Nolo's living trust package.
Pour Over Wills
A pour-over will is made by someone that is using a living trust as part of his or her estate plan. When a living trust is part of an estate plan, all assets of the grantor (the person making the living trust) are usually transferred to the living trust. The pour-over will is made to cover any assets of the grantor that were not properly transferred into the living trust. For example, if the grantor bought a vacation home several years after making a living trust and titled it in his own name rather than in the name of the living trust, the vacation home would pass according to the terms of his pour-over will. The pour-over will is made to ensure property is distributed according to the grantor’s wishes despite passing outside the living trust. A pour-over will is subject to probate in the same manner as any other will. A pour-over will provides that the assets left by will pour-over into a trust, however, they must first pass through probate.
Holographic Wills
A holographic will is a will written entirely in the testator’s own handwriting. Holographic wills are rarely used today and are not recommended because they often result in estate litigation after the testator’s death. While many states recognize holographic wills if the requirements of applicable state law are met, holographic wills are invalid in many states. For more information, visit our Holographic Wills page.
If you are interested in making a will right away, you can purchase Quicken WillMaker Plus 2012 and get the forms you need to execute a will, along with other forms to prepare your estate plan.
and get the forms you need to execute a will, along with other forms to prepare your estate plan.