528,918 views
21 votes
21 votes
Explain what a will is and the things that can be in a will.

Explain the difference between solely owned assets and jointly owned assets.
Explain the 6 types of wills listed in the reading material and why they would be used.
Explain what a trust is and the different kinds of trusts.
What is the difference between a revocable and irrevocable trust?
Explain the key differences between a Will and a Trust.
What would be the benefits of having both a will and a trust together?
After gaining this knowledge, do you believe there is are reasons why to use one or the other or a combination of both a will and trust? Please explain your answer.

User Ahlem Jarrar
by
2.8k points

1 Answer

20 votes
20 votes

Answer:

a will is a legal document that coordinates the distribution of your assets after death and can appoint guardians for minor children.

sole ownership means that a property solely and separately belongs to the title holder. ownership, also known as joint tenancy with rights of survivorship (JTWROS), specifies that tenants hold equal ownership rights.

Living Will- event you become incapacitated for any reason and you can’t let doctors or loved ones know what you want, a Living Will can speak for you.

Testamentary Trust Will- They are written inside a Will and can be used to direct asset distribution after your passing. This type of Trust differs from other Trusts in that it isn’t actually formed until after your death. Testamentary Trust Wills can be a good option if you need to set up long-term care for Beneficiaries.

Pour-Over Will-Pour-Over Wills work in conjunction with Revocable Living Trusts. They are designed to offer more privacy than a regular Last Will and Testament and work by “pouring over” any assets that don’t directly go to a Beneficiary into your Trust after you pass away. Pour-Over Wills are useful if you haven’t put everything into your Trust.

Simple Will-Simple Wills, much like the name suggests, are simple in that they do not contain a lot of clauses. However, just because they’re simplistic in nature doesn’t mean they can’t be effective. You can do much of your basic planning in a Simple Will, including designating a guardian for minors and appointing an Executor.

Joint Will-Joint Wills are a Will within one document for two people. They can be used in cases where spouses want to initially make each other Beneficiaries after one passes, and then establish final Beneficiaries being a child or children once both partners are gone.

Deathbed Will-Deathbed Wills are not desirable for several reasons. The biggest one being they are not as effective as other types of Wills. Made on a deathbed, and most of the time under dire circumstances, there are often questions about mental stability and how comprehensive a Deathbed Will is.

A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can't be changed without a court order or the approval of all the trust's beneficiaries.

A living trust can avoid probate and help maintain privacy while preserving your assets by avoiding unnecessary fees. A trust gives you control, even after you pass away. A will gives you control of who you leave your assets to, but not how or when they get those assets.

Step-by-step explanation:

User Dwix
by
3.0k points