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What are the different types of wills?

Do not know what type of will suits you? Read on to learn the options for you and your family

Do you have a will? If you have not yet created this important property planning document, it could be due to one of three reasons:

1, You may not think you have enough assets to qualify for a will. (Which, even though we do not know your individual situation, is probably not true.)

2, Maybe you are late in writing a will because you think it will take a lot of time and effort (not even

3, Maybe you postpone writing a will because you do not know what type of will is best for you.

This is where Haven Life can help. Haven Life has partnered with Trust & Will to offer simple, streamlined service creation services – and Haven Term policyholders who use the Haven Life Plus driver can use these services to write a will at no extra cost.

What type should you write? The answer is simple – literally.

"A simple will is the kind of will that most people know," explains Patrick Hicks, legal director at Trust & Will. When you create a simple will, you create a document that instructs your survivors on how to distribute your t. miscarriages after your death – as well as the type of funeral arrangements you may prefer. If you have children or pets that may need additional custody, a simple will can also formalize these relationships.

A simple will is considered to be a final will, which is one of the two main types of wills. The second type is a Living Will, which is an advanced health care directive that states what should happen if you can no longer advocate on your behalf.

So before you learn how to create a will online, here's what you need to know about each type of will – and why you should consider creating both a final will and a living will.

In this article:

Last Will

"Ultimately, all last wills serve the same purpose," Hicks said. "A will has assets, nominates guardians for children and pets and specifies your final arrangements."

There are many different ways to create a final will. You can pencil on paper and print a holographic will – that's the official name of a handwritten will. You can also dictate your will and create an oral will (sometimes called a nuncupative will). Or you can work with a service like Trust & Will to create a tailored, state-specific Last Will and Testament.

Trust & Will offers qualified Haven Term policyholders the opportunity to write a simple will at no cost – a simple, easy-to-create document that addresses all three goals associated with a Last Will. "A simple will is a basic will," Hicks explains. "It is a written document, it is signed by the testator and it is witnessed by two people."

It takes about ten minutes to create a simple will through Trust & Will – which is about the same amount of time it takes to apply for an affordable life insurance plan through Haven Life.

"The thing about a simple will is that it's designed to be simple," Hicks explains. “It handles basic needs. If you have a more complex situation, you may need a more complex set of documents – but most have some form of simple will even as part of a complex property plan. Each toolbox has a screwdriver and each property plan has a basic final will. "

Living Testament

" A living will is actually a care document, "Hicks said. "It's an advance care directive." Unlike a last will, which clarifies what you want to happen after your death, a living will clarifies what you want to happen while you are still alive.

However, it is important to remember that a living will is different from a living trust. A living will is a legal document for medical matters, a living trust is meanwhile a legal document for financial interests.

In most cases, a living will will play out when you can not make decisions for yourself – if you were in a coma, for example. A living will not only identifies how your health care should be handled in that type of situation, but also which person is authorized to make health care decisions on your behalf. a power of attorney, you make sure you have a trusted person who can advocate on your behalf when you can no longer advocate for yourself.

"Everyone needs one last will," says Hicks. "Everyone also needs a set of health documents that contain a living will."

What is the difference between a will and a trust?

Trust & Will, as the name suggests, offers both trust and will – but does that mean you have to consider creating both a will and a trust? Not necessarily.

"Foundations and wills are two different classes of documents that can be used for property planning," Hicks said. Wills take effect after you die, but trusts take effect as soon as they are created – so you can plan your children's inheritance in advance, specify how a family business will be passed on to the next generation, or set aside funds to cover your own long-term care. A good trust can even help you protect your real estate or digital assets from property taxes or long processes in wills – and you can even name a trust as a life insurance policyholder. they have children who may need custody after their death. Trusts are more flexible and much more individualized – and while it may benefit you and your loved ones to build trust, you should start by creating a will.

It is actually a good idea to create both types of wills – a living will and a final will. That way, you have a document that specifies what happens to your property after your death, and a document that specifies what happens if you are unable to make health care decisions on your behalf.

Remember – a life insurance policy is not It is not the only way to protect and provide for your loved ones in a worst case. Creating a final will and a living will can also offer much-needed protection and security, whether you appoint a caregiver to help you take care of yourself or a guardian who can come in and take care of your children.

So let's ask that question again: Do you have a will?

If not, consider that it may be a long way to go to make one.

Our Editorial Policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that it is easy to navigate decisions about life insurance, your personal finances and your general well-being. ). We believe that navigating life insurance decisions, your personal finances and your general health can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life does not have the right to provide tax, legal or investment advice. This material is not intended to provide and should not be relied upon for tax advice, legal advice or investment advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Our information

Haven Term is a term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual. Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Life Insurance Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance forms and riders may vary by state and may not be available in all states. Our agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.

Haven Life Plus (Plus) is the marketing name of the Plus Rider, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made available under Plus Rider, which are provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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