A will is a legal testamentary document, primarily used to designate the allocation of the testator’s estate upon his or her demise. It is also used to specify the last wishes of the testator regarding their personal items, disposition of their body or any other request and wish desired.

Wills serve to provide for loved ones and to protect one’s legacy. They may be either in oral or written form. Oral wills, also known as nuncupative wills, are not as common as written wills, and may have several restrictions or qualifications pertaining to their validity – depending on the state. Wills can be drafted by individuals themselves, by a professional such as a lawyer or online by companies specialized in will-writing. Despite the means used, here is a list of the types of wills available.

Living Will

This type of will is also known as Advance Healthcare Directive. Here, the individual specifies the kind of medical treatment they would not like to receive, in respect to a medical emergency that may occur in the years ahead. It is commonly made where there is a reasonable apprehension that such an occurrence may ensue. They tend to ‘speak for’ the individual when the emergency occurs, and they are rendered unable to.

For example, a living will may prescribe that the individual does not want any life-sustaining treatment such as surgeries, CPR or amputations when they are faced with medical emergencies. Hence, any medical practitioner is legally bound to observe and respect these wishes.

Single Will

This type of will, offers a very straight forward testament on how the individual’s estate is to be handled upon their demise. It designates the executors, beneficiaries and the constituent parts of the estate that would be distributed. Due to this, it is particularly common among the unmarried or divorced persons, as their dispositions are generally deemed less technical and complex.

This however, is not always the case as these wills can be used by all kinds of persons, and best serve their purpose, where the intent and objective of the estate disposition is simple and straight forward. They may also be used to elaborate on desired funeral arrangements and disposition of any personal items.

Mirror Wills

Mirror wills are essentially two separate wills that are closely identical in content, that each will is said to ‘mirror’ the other. They are common with couples who have similar intents and desires about their estate planning.

These kind of wills tend to provide the same exact procedure in handling their estate and who the beneficiaries are. Additionally, they allow provision for more personal ‘individual decisions’ such as the disposition of individual personal items.

A unique characteristic of this will, is that each spouse retains the right to amend or completely alter the contents of their will, and is not legally bound to inform the other. This may be detrimental, in the instance where the common intention was that the whole estate pass to the surviving spouse and then to the children. The surviving spouse having altered their will, may provide that the estate may pass to them and their new families upon re-marrying, thus disinheriting the children.

Joint Will

A joint will is a single united testament of two individuals, commonly spouses, on how their estate will be dealt with. Contrary to mirror wills, a joint will cannot be altered without the approval of the other spouse.

However, this will is automatically revoked upon the demise of either spouse. It, therefore, may not be the best option to dispose of one’s property.

Testamentary Trust Wills

Trust wills are essentially trusts that are created by the instrumentation of a will. These trusts prescribe a fiduciary relationship between the trustee, who is the person to whom the trust is conferred on, and the beneficiary, who is the person for whom the trust is held.

Common characteristics of these types of wills are:

• The trusts are not formed until after the demise of the testator
• They are commonly long-term in nature and only terminate when the trust is discharged or revoked by the beneficiary, if they are allowed to
• These trusts go through probate

These types of trusts-in-wills vary in nature and form. They are adapted to suit varying circumstances and needs of the testator.

They include:

Property Trust Wills

These trust wills are exclusive to the property or assets held and owned by the testator. They are commonly used to preserve and protect these assets from any devaluation. For example, they may be utilized by an old couple to provide for home care expenses thus preventing them from ‘eating into’ the savings of the couple.

Flexible Trust will

It is also known as Life Interest Trust will. This type of will is famed due to its relative flexibility in disposition of property. The will allows and facilitates the distribution of future interests in land. For example, a testator may provide that their estate or part thereof go to person ‘A’ for life and upon their death, the residue passes to person ‘B’.

This type of will is suitable, where one intends to provide for a surviving spouse and their children. A house and investment savings may be assigned to the surviving spouse for the duration of their life time to use, and only upon their death would the house and remaining monetary investment amount pass to the children, who would then decide how they would want to deal in the same.

Discretionary Trust Wills

This type of will, creates a trust, appoints a trustee and designates a list of ‘potential’ beneficiaries of the trust. This trust gives the trustee full discretion in managing and administering the trust in order to realise the testator’s desires. The beneficiaries do not have a say over how the trust is administered and in whose favor the proceeds will be granted.

The trustee is not mandated to pay any proceeds of the trust to all beneficiaries but only to those they believe to be ‘deserving’. This decision is arrived at, by the trustee evaluating the financial status quo of each of the potential beneficiaries, medical conditions, treatment and any other relevant information.

Similarly, the trustee is not mandated to pay an equal sum to all beneficiaries. Again, this decision is made by the trustee, upon careful examination of all matters related thereto.