Categories Of Wills
It is very important for any person owning properties and have kids to always have a will so that in case he or she dies anytime, then the heirs will have proper guidelines for dividing the properties among themselves. A will is generally a legal document whose validity must be approved by the court of law in order for it to be active even after the death of the property owner and for it to be considered as a valid document by the court, it has to meet some standards laid by the same court.
Any person who is below eighteen years is not ion a legal capacity to write a will according to the legal systems of many countries especially in Kenya as they are not considered to have sound mind for making the right decisions. The person writing a will is known as the testator and he or she also needs to have an executor who will explain to the heirs how the property is to be divided according to the wishes of the testator. Wills come in four major categories and thus important to learn about them first before you can write one. Here are some top types of wills that you should know about so as to have a clear guide of the best type of a will to write.
Simple wills are the most often types of wills thus making them very popular compared to other types of wills. Just as the word suggests, simple wills distribute simple assets to the beneficiaries. It is important to understand that simple will must be in writing and typed. The most common elements of this type of a will include name, address and marital status of the testator as well as the instructions of how the property is to be distributed. It is the testator and the executor who is the witness that are required to sign date of the will in the court of law.
Testamentary trust will is another common type of a will that you can write depending on the circumstances. In this wills, the estate is placed into a trust and based on the terms of the trust the assets are therefore distributed to the testator’s beneficiaries. The other common type of a will is known as a joint will which are used by couples or spouses who want to leave the property to another.
It is important to note that once the testator dies, a joint will cannot be revoked. Living wills are other common types of wills that provide the testators choice of medications and treatments to be used when he or she is unable to communicate the wishes for him/herself.