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Understanding the different types of wills

On Behalf of | Nov 9, 2018 | Wills And Trusts |

When planning your estate, it is likely that you will have read about the different types of trusts. But the differing types of wills are less frequently discussed and explored.

If you are looking into the different options for your estate plan, it is a good idea to read more about the wide range of wills that are possible.

Self-probating wills

One of the biggest downsides of standard wills is the fact that they are subject to probate before the assets can be distributed to beneficiaries. This can take time and money, which is less than ideal. Self-probating wills, however, include an affidavit that makes it legally possible for the probate process to be bypassed.

Holographic wills

A holographic will is a very informal way of making a will, and it is usually handwritten. The downside to holographic wills is the fact that they are not recognized as valid by all states. However, some people deem them more reliable and more difficult to forge since they were made in the estate planner’s unique handwriting.

Oral wills

Not everyone has the time to make a formal will before the end of their life. This is why oral wills are accepted under certain circumstances. Oral wills are commonly made by armed service members and witnessed by their peers.

If you are considering making a will in the state of Massachusetts, it is important that you understand the laws that govern wills and trusts. The right estate planning strategy for you will depend on your specific circumstances, both in terms of your relationships and your financial situation.

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