• Request a Consultation

    • This field is for validation purposes and should be left unchanged.
  • What Are the Different Types of Wills?

    Any attorney or financial advisor will tell you when you need a will. Various types of wills could meet your needs. You should consult with an experienced attorney to learn what may work best for you in your situation. You need to know some different wills when formulating an estate plan. Always work with an attorney who will help you draft and formalize your will.

    Simple Will

    You are most likely to have a simple will. This document would lay out your wishes for how you want your property distributed in the event of your death. The simple will begins by appointing an executor responsible for administering your estate. Then, the simple will would name beneficiaries for all of the property subject to the terms of the will. Just because something is called “simple” does not mean you should trust an online template to help you draft it independently. Much of your property may be distributed outside the terms of a will since you would have beneficiaries already named.

    Testamentary Trust Will

    Your will may not immediately and directly pass the property down to the beneficiaries. You may have reasons for not wanting to give them the property immediately. For example, your beneficiaries may be minors when you drafted the will. Then, you may place the property into a trust, which may be distributed to the beneficiaries later in time. The named trustee would manage the property until it is distributed. The will could state that the property will be distributed in installments or when the minors turn 18.

    Living Wills

    A living will is not a will in the traditional sense. The living will state your healthcare preferences if you become incapacitated. This document is your way of speaking now, so your wishes are known when you can no longer speak for yourself. For example, you may not wish to be resuscitated if it becomes necessary. You may want healthcare to be stopped at a certain point. A hospital or healthcare provider would have a copy of your living will and need to follow your instructions.

    Joint Wills

    It is essential that you get everything about a joint correctly. Once you execute a joint will, it is binding and cannot be changed. A joint will is executed by two people, almost always spouses, who want to name the other as the sole beneficiary. Each spouse will have their own will, nearly a mirror image of each other. Getting legal help before you execute and sign a joint will is crucial.

    You should always consult with a lawyer when you need a will. The last thing you want is any ambiguity or errors that could cause your loved ones stress and hassle during an already difficult time. A lawyer can draft the documents for your signature, ensuring they are correct and reducing the chances of your family members going through litigation.

    Contact Our Virginia Beach Estate Planning Lawyers at Anchor Legal Group, PLLC for Help With Your Will Today

    Our Virginia Beach estate planning lawyers at Anchor Legal Group, PLLC will work with you on a will or any other documents or legal arrangements. You should never leave anything to chance. Call 757-LAW-0000 or contact us online to schedule a consultation. Located in Virginia Beach, we serve clients in Chesapeake, Norfolk, Suffolk, Portsmouth, Newport News, Hampton, Williamsburg, and Eastern Shore, Virginia.