what a will doesn t do
there are several situations after death for which a will isn t useful any property that your will directs should go to certain beneficiaries whether people or organizations most likely will be tied up in probate court for months before it can be distributed according to your wishes in addition to time and effort the probate process involves legal fees relating to a lawyer the executor and the court a will shouldn t contain directions for funeral arrangements that s because normally it won t be reviewed for some time after death be sure to leave instructions for funeral arrangements in a separate document that s easily accessed by the executor or a family member gifts that you bestow through a will can t come with strings attached in certain cases for instance they can t be contingent on the marriage of a recipient a will doesn t allow you to reduce or avoid taxes that will be owed on your estate pets can t own property so if your dog cat or other pet is important to you you can consider leaving them to a trusted individual who will provide them with a loving home or find one for them your will can provide that person with money to help them care for your pet s to provide long term care for a loved one with special needs it s best to set up a special needs trust the trust can direct the care and provide ongoing income without affecting the benefits they can also receive through government programs 1addenda to the will such as a power of attorney or a medical directive can direct the court on how to handle matters if a person becomes physically or mentally incapacitated last will and testament requirementsa valid will requires that you be over the age of majority understand what property you have and what it means to leave property to others after your death a will requires you to identify the assets and property that are to be bequeathed as well as the identities of the intended recipients known as named beneficiaries a will should designate an executor to carry out the will s instructions according to the wishes of the deceased 2parents of minor children can also designate a legal guardian in their wills to care for them for a will to be considered valid it must be signed many jurisdictions also require that the signing of a will be witnessed by at least two unrelated individuals age 18 or over check your state laws for this information types of willsthe four main types of wills are the simple will the joint will the testamentary trust will and the living will use a simple will to list your assets and the beneficiaries who should receive them you can also designate the executor and a guardian for any minor children a simple will is one that can be done easily online using one of various templates be sure to get any legal advice you feel you need a joint will is one document that involves two people generally spouses when one dies the will is executed in favor of the other spouse as defined in the will the provisions can t be changed by the surviving spouse which can be a problem if that spouse s circumstances change joint wills aren t as common as they once were because of this inflexibility this will contains one or more testamentary trusts that take effect after your death and the probate process unlike for example a living trust which takes effect during your lifetime it is used in instances where beneficiaries such as minor children and or those with special needs need specific care over a long period of time the trust distributes all or a portion of your assets after you pass this type of will only concerns your medical care and decision making should you become incapacitated it is a legal document that provides instructions for your care and among other things the termination of medical support 3it does not deal with a distribution of your property to beneficiaries or other such final wishes you don t need a lawyer to create a legally recognized and accepted living will in fact medical facilities or your state government can provide living will forms to you each state has specific legal requirements for valid living wills be sure that you understand them before creating one 4wills vs trustswills and trusts are both important estate planning tools but they differ in important ways trusts are legal entities created by individuals known as grantors also known as trustors or settlors that are assigned assets and instruct in the disposition of those assets a trustee is designated by the trust document to manage and distribute those assets to beneficiaries according to the wishes of the grantor as detailed in the document a trust can be created for a variety of functions and there are many types of trusts overall there are two categories living and testamentary a will can be used to create a testamentary trust you can also create a revocable living trust for the primary purpose of avoiding probate court a will becomes active only after one s death a trust on the other hand becomes active the day you create it trusts tend to be more expensive to create and maintain than wills importantly unlike wills trusts do not go through a probate process and are not usually a matter of public record a trust however can only deal with property or assets that are assigned to it 