A will or testament is a legal declaration where an individual, called the testator, determines by name that another individual or individuals will take care of and manage his/her estate and takes care of the transfer of property at the time of death.
Normally a will has only been applied to real property, where “testament” has been known to apply to personal property (this is where the popular title of the document known as “Last Will and Testament” has come from), however today, this distinction is very rarely observed. A will may also create a testamentary trust where only after the death of the testator will it go into effect.
Types of wills generally include:
- Nuncupative (non-culpatory)
- Serviceman’s will
- Reciprocal/mirror/mutual/husband and wife wills
- Unsolemn will
- Will in solemn form
Who can create a will
Contrary to what most perceptions may be during, you do not need an attorney to help in drafting a will. As long as the testator is over 18 and has a sound mind, he/she can do it them self. Requirements may differ and depends upon the jurisdiction where the testator lives.
Please contact your Assisted Living Services Of Florida advisor immediately to get free financial guidance that will help you prepare for the future.