Alfano Law Office, PLLC

Alfano Law Office, PLLC
Phone: (603) 856-8411 • Fax (603) 290-5521
4 Park Street, Concord, NH 03301
  • Home
  • Real Estate Law
    • Road Law
    • Commercial Real Estate Law
    • Tax Abatements
    • Business Law
  • Estate Planning
  • About Us
    • Paul J. Alfano, Attorney
    • John F. Hayes, Attorney
    • David Howard, Attorney
    • Ariana Baldasaro McQuarrie
    • Privacy Policy
  • Articles
  • Contact Us
    • Directions
  • Road Law Guide
  • NH Tax Abatement
    • Tax Abatement Team
    • Grounds for Abatement
    • Municipal Application
    • Owners of Properties Outside New Hampshire
    • Transfer Tax Allocation
    • Recent Laws and Rulings
  • Resources and Links
    • Calendar and Key Dates
    • Equalization Ratio
    • NAPTA
Home » Blog » The Top Three Types of Wills and the Differences Between Them

The Top Three Types of Wills and the Differences Between Them

Are you planning to leave the property of your estate to family members or friends after you die? If so, you’ll need to prepare a document called a “last will and testament” or “will” so you can leave different parts of your estate to the people you care about the most.

A will lets you specify who you want to receive various properties you own upon your death. These can include real estate, royalties, cars, bank account funds, personal items, etc. Preparing a will is a great way to give peace of mind to you and your loved ones in the event that you pass on. You don’t have to be an older person to have a will either. People of all ages should consider where their assets will go if something takes their life prematurely.

Different state laws govern how wills are executed in their respective states. Generally, any adult of sound mind who is 18 or older may create a will. The person making and executing the will is considered the “testator.” Their job is to select an executor to manage the distribution of their assets after they die. The will document must be dated, notarized, and signed by the testator in front of a notary and up to two additional witnesses.

There are three primary types of wills to consider creating for the distribution of your assets upon death. Each type serves a specific purpose based on various circumstances you might face. Some states may allow you to execute oral or handwritten wills, but not all of them do. Therefore, it is always better to have a typed-out will that abides by your state’s laws.

1) Simple Will

The most popular type of will is a “simple will.” For example, if you want to decide who gets your assets upon your death, you would list these specifications on a simple will document. In addition, you can also use this document to grant guardianship of your minor children to someone else too. Filling out a simple will is relatively straightforward. In fact, many people download a simple will form online and fill them out on their own. However, it is always better to consult an attorney for legal advice to ensure you’re doing everything correctly.

2) Testamentary Trust Will

A testamentary trust will lets you move your assets into a trust. You’ll have the power to name a trustee to manage the trust and the beneficiaries who are entitled to receive the assets in the trust upon your death. A testamentary trust will is a popular choice for people who want to leave their assets to minors and children not old enough to manage the assets on their own through an inheritance. Then, once they come of age, the trustee is instructed to distribute the designated assets from the trust to the beneficiaries.

3) Living Will

A living will is a different kind of will because it doesn’t concern the distribution of your assets to family members or beneficiaries upon your death. It actually doesn’t have anything to do with your death. Instead, it allows you to specify which medical treatments you’d like to be given if an injury or illness causes you to become unconscious and incapacitated for an extended period. You can also use a living will to specify which people you’d like to make healthcare decisions for you while you’re incapacitated. Different states have different laws regarding healthcare directives like a healthcare power of attorney, proxy, and living will. It is best to consult a lawyer in your state to learn more about these laws.

Multiple Wills

You don’t need to settle on just one will. Most state laws allow testators to have multiple wills simultaneously, such as a simple will and a living will. An estate planning attorney is the most qualified type of attorney to advise you on your state laws regarding wills. They can also help you choose the best will or wills for your circumstances.

You can contact Alfano Law Office by calling (603) 856-8411 or at this link.

Filed Under: Estate Planning, General

The above information is for informational purposes only and does not constitute legal advice.

Locations

Bedford

Concord

Keene

Portsmouth

Subscribe to the Alfano Law Property Rights Alert

Sign Up Now

For Email Newsletters you can trust.

NH Tax Abatement

  • Road Law Guide
  • NH Tax Abatement
    • Tax Abatement Team
    • Grounds for Abatement
    • Municipal Application
    • Owners of Properties Outside New Hampshire
    • Transfer Tax Allocation
    • Recent Laws and Rulings
  • Resources and Links
    • Calendar and Key Dates
    • Equalization Ratio
    • NAPTA

NH Real Estate Law Articles

  • Airbnb
  • Common Neighborly Legal Issues
  • Court Updates
  • Dealing with Neighbors
  • Easements
  • Estate Planning
  • General
  • Historic Designation
  • Legal Documents
  • Legal Terms
  • Legislation
    • Business Law
  • Living Trust
  • New Hampshire Property Tax Alerts
  • Private Road Maintenance
  • Private Roads
  • Property
  • Property Investments
  • Property Rights
  • Property Tax
  • Property Tax Law
  • Quieting Title
  • Real Estate Law
  • Revocable Trust
  • Road Law
  • Tax Abatement
  • Taxes
  • Zoning Boards of Adjustments

Recent Articles

Appeal of Town of Amherst

Housing Appeals Board Decision Affirmed by New Hampshire … [Read More...]

VT Telephone Co. v. FirstLight Fiber Inc.

Denied! Superior Court for the Northern District of … [Read More...]

What Is Road Acceptance?

(This is an excerpt from our Road Law Guide. To read more … [Read More...]

Why Developments Use Ponds to Prevent Stormwater Damage

If you have ever driven through newer developments, you may … [Read More...]

Article Archives

  • Facebook
  • LinkedIn
  • Twitter

Alfano Law Office, PLLC, 4 Park Street, Concord, NH 03301 USA | Phone: (603) 856-8411
Copyright © 2023 · Alfano Law Office, PLLC. All Rights Reserved · Website design by InterActive Synergy, LLC