Yes, there are different types of wills for different types of estates. A simple will for instance, is perfectly fine for people who want to leave a straightforward bequest as to how their possessions should be distributed. Even though it is basic, a simple will must comply with state law.
If you have a living trust, the assets listed in it are exempt from probate. A pour-over will names the trust as your beneficiary and will mean that any property that you own at the time of your death but is not accounted for in the living trust, will automatically transfer to that trust.
A “conditional” will is contingent on certain stipulations. An example could be that the beneficiary named in the will must be married in order to receive the inheritance. If this provision is not met, and there is no other will to be found, the conditional will is considered to be null and void.
There are wills drafted specifically for couples. A mirror will arranges for everything owned by one partner to be left to the other, and vice versa. There is also a provision in the will naming an alternative beneficiary in the event that the partners die together.
A joint will stipulates that if one partner dies, his assets will go to the partner who lives on. It also designates who will be next in line to inherit what remains in the estate after the death of the original beneficiary. Once in place, a joint will cannot be changed by the first survivor.
A mutual will is actually two separate wills. Each will also leaves the assets of the deceased to his partner, but unlike a mirror will, a mutual will stipulates that neither partner is allowed to make changes.
A holographic will is one that is written out by hand and signed without witnesses present. Colorado law accepts this kind of will, but its validity could easily be challenged in probate. A holographic will is more widely accepted under circumstances of war, but will be considered invalid upon military discharge.
It is important that you have a will so that your personal wishes will be known and can be carried out after your death. Parker Lawyers is experienced in all aspects of estate law. Call for a consult – 303-841-9525.