On August 8, 2013

Colorado residents might want to research the various types available when hey want to create a will. Creating a will is one of the most important measures that can be taken to secure a family’s future and financial security. However, when selecting a will, people should take care to ensure that they select the type of will that best suits their needs. Having the wrong type of will could lead to emotional and financial repercussions that could result in long-term family disputes and their estate not being divided up in the manner that they intended it to be.

A single will is the type of will that most people think of when they consider a will. It’s a single document that pertains to a single person regardless of their relationship status. There’s also a living will, which specifies an individual’s wishes concerning medical treatment if they become unable to make the decisions for their selves. There’s also a mirror will, which is similar to a single will, expect that it’s designed for couples who have the same or similar wishes regarding their estates.

An asset protection will is what people use to protect their shares in their property for their beneficiaries. This is especially ideal for those who want to protect their estates from being used to pay for care home fees. People can also create a discretionary trust will, which makes it so that their trustees can decide how the estate will be split depending upon the circumstances at the time. This type of will is ideal for beneficiaries who aren’t mentally or physically capable of managing their own finances.

Probate attorneys might be able to assist people in drawing up their wills by examining their assets and determining beneficiaries and trustees. They might also be able to help them determine which type of will best suits their needs as well.

Source: Your Money, “A grave issue: which will is right for you?“, July 30, 2013

Categories: Estate Planning

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