Is there really much difference between the 2 different wills?
When people think of wills, they only think of it as just that: a will. But people never really think if any wills are any different. There are some differences to a will, which usually are classified into 2 kinds:
- Comprehensive Will
- Basic or Simple Will
Not everybody needs a comprehensive will, but everyone should have at least a basic will. You may think “are there really any legitimate differences between a comprehensive will and one that is not?”
Short answer: yes. There are differences between a comprehensive will and one that’s a basic will.
Difference Between The 2 Wills
Let’s establish the basic understanding of the 2 wills for you first.
A basic will usually include all the entitled people (called beneficiaries) who will be legally entitled to your assets after you have passed away. Basic will usually do not have a lot of monies and assets listed in them. A lot of the clauses are pretty simple and straightforward.
It also can include a guardian for any underage children you have. In some basic wills, the will owner can also include a trustee, though it’s kind of not so popular.
A comprehensive is one that includes everything a basic will has, and more. Comprehensive wills are usually more complicated as there are many facets to tackle. A comprehensive can be further divided into many kinds of wills. However, here are some of the more popular comprehensive wills.
- Testamentary Trust Will
A testamentary trust will put some assets into a trust “in favor” for your named beneficiaries. In this kind of will, you will name a trustee to handle and oversee the trust. Most times people name a trustee in their will is because they still have underage kids. The will owners fear that they themselves will die before their underage kids become of legal age.
In these kinds of wills, you can put your assets in trust and put multiple conditions in the inheritance. The conditions can be gradual based on beneficiaries’ age and factors.
- Joint Will
Joint wills are wills that are signed by 2 people or more. Each testator will have a separate will but mirrors a partner’s will. It can sometimes be called mirrored wills typically executed by spouses in favor of the other spouse to inherit everything.
You will be unable to change executors, beneficiaries, and other provisions even after your spouse has passed away. Due to this inflexibility of joint wills, it can be seen and experienced as problematic for the surviving spouse. Since that the surviving spouse’s wishes may change after the death of his or her spouse.
- Living Will
A living will isn’t one that distributes your property when you have passed away. Rather, it allows you to choose what medical treatments you’ll want to have when you become incapacitated. You could have a living death disease that renders you “functionless” when the disease gets worst. Or maybe you’ve gotten into a life-changing accident that you no longer can function as a proper human being.
Then, in this case, you will have a living will in place. In this same will, you can name someone to make decisions on your behalf. You can also include advance healthcare directives for any of your future health issues.
Which Will Should I Go For?
If you have more assets and monies, then a more complicated will should be a better fit. It should make sense anyway since that you have more things to include and to think of.
Not every will is for everybody. But there is a specific will for everyone with varying and specific assets in mind.
Note that different wills can co-exist with each other. They can all be valid since they all have different purposes.