Wills

Running Head : WILL

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A Will is a Legal document that sates the right of the person who takes over one 's property at the event of death . It clearly states who takes what and the amount assigned to him or her . Everybody has a right that is protected by law of writing a will and it should be taken as a responsibility . Karen and Nigel ( 2004 ) explains that the main functions of a will includes , naming a guardian for children who

are minor , naming a trustee and giving him or her the responsibility of of handling an estate on behalf of minor children and naming representative to take care of all the decedent 's affairs from when he dies to the time when the estates are settled

TYPES OF WILLS

Barry ( 2006 ) states various types of wills which includes

Attested Will : The most common will that is witnessed by two witnesses and signed by the testator who is the owner and a witness

Conditional Will : It is a will with conditions and those conditions must be met . When there is no other will and the conditions stated are not met intestacy is applied . For example , A person may set a condition that if she dies of breast cancer 30 of her estate be donated to breast cancer research and the other 70 to her children . Amanda !997 explains that in situations where the lady do not have another will , the estate will be like one without a will and that is how it will be treated

Holographic Will : This is a handwritten will , written by the owner and it has no witness or a witness signature

Joint Will : It is a will involving two people who come together and make a single will . In situations like when one person dies , the will passes on the estate of the deceased to the partner

If both passes on the will show how the estates will be distributed This type of will prevents the

remaining partner from changing how the estates will be divided upon his or her death

Living Will : The will is used when the testator 's consciousness can not be restored due to illness or as a result of an accident

Mirror Will : An identical or almost identical will made up by two people . If one dies everything goes to the other and in situations when both dies the estates goes to their children or to the named beneficially

Mutual Will : Two separate wills sharing reciprocal provision . For Example , A married couple may have 2 identical wills , one signed by the wife with the other being signed by the husband

Nuncupative Will : This is spoken and not written will . It is done orally

Pour-Over Will : A will that explains how left out assets should be dealt with . It gives a provision of how left out assets are transferred to Trust assets . They will have to go through probate before going to trust

Testomentary...