There are the 4 Types of Wills but what are the differences?
1. Simple Will
A SIMPLE WILL is the one most people associate with the word “”will.”” Through a simple will, you can decide who will receive your assets and name a guardian for any minor children. Writing a simple will can be as easy as ABC.
2. Testamentary Trust Will
A TESTAMENTARY TRUST will places assets into a trust and names a trustee. This is useful if you have beneficiaries who are minors. You can put assets in trust and place conditions on the inheritance, based on age or other factors
3. Joint Will
A JOINT WILL or MIRROR will is executed by spouses in favour of the other spouse to inherit everything. The terms of joint wills CANNOT be changed even after the death of one of the testators. Joint wills can become problematic for the surviving spouse, as their wishes may change.
4. Living Will
A LIVING WILL allows you to choose what medical treatments you want to have if you become incapacitated. You can name someone to make decisions on your behalf
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