What Are the Types of Wills? Which One Is Better for You?

Did you know that more than 67% of Americans do not have a Will? That’s right! Even though Wills are important legal tools that protect your assets and your family, most people avoid creating one. But making a Will doesn’t have to be scary or complicated.

This guide will explain the different types of Wills, how they work, and help you decide which one might be best for you. Whether you're starting a family, buying a home, or thinking about the future, a Wills attorney can help you make the right choice.

What Is a Will?

A Will is a legal document that explains what should happen to your money, property, and belongings when you pass away. It can also name a guardian for your children and even leave special gifts to friends or charities.

Creating a Will gives you control over your legacy and helps prevent family conflicts. It can also make the legal process smoother and faster for your loved ones.

Why Are There Different Types of Wills?

Not everyone has the same needs. That’s why there are different types of Wills to fit different life situations. Some are simple and quick to create, while others offer more control and protection.

Let’s explore the most common types of Wills used in the USA:

1. Simple Will

A Simple Will is the most common type. It’s perfect if you have a straightforward estate and want to name who gets what.

Best For:

• People with few assets.
  
  
• Parents who want to name guardians for children
  
  
• Anyone who wants a basic plan in place.
  
  

Pros:

• Easy to create.
  
  
• Inexpensive.
  
  
• Covers basic needs.
  
  

Cons:

• Might not offer tax or asset protection.
  
  
• Not ideal for complex family situations.
  
  

2. Testamentary Trust Will

A Testamentary Trust Will creates a trust after you pass away. It helps manage how and when your assets are given to your beneficiaries (like your kids or spouse).

Best For:

• Families with young children.
  
  
• People who want to control how money is used.
  
  
• High-value estates.
  
  

Pros:

• More control over asset distribution.
  
  
• Can help protect money from being wasted.
  
  
• Good for minor or special-needs beneficiaries.
  
  

Cons:

• More complex.
  
  
• May involve more legal fees.
  

3. Living Will (Advance Directive)

A Living Will is a little different. It doesn’t talk about your money or property. Instead, it explains your medical wishes if you become too sick to speak for yourself.

Best For:

• Everyone.
  
  
• People with health concerns.
  
  
• Those who want to reduce burden on family members.
  
  

Pros:

• Helps doctors follow your medical choices.
  
  
• Reduces confusion during emergencies.
  
  

Cons:

• Only applies to healthcare, not assets.
  
  

4. Holographic Will

A Holographic Will is handwritten and not usually witnessed. Some states accept these, but others do not.

Best For:

• Emergency situations.
  
  
• People without access to legal help.
  
  

Pros:

• Quick and easy to write.
  
  
• No legal help required.
  
  

Cons:

• May not be valid in all states.
  
  
• Can cause confusion or legal challenges.
  
  
• Risk of being lost or questioned in court.
  
  

5. Oral Will (Nuncupative Will)

An Oral Will is spoken aloud in front of witnesses, usually when someone is very sick or dying. These are rare and often not accepted by courts.

Best For:

• Last-minute situations only.
  
  

Pros:

• Easy to make in emergencies.
  
  

Cons:

• Not valid in most states.
  
  
• Very difficult to prove in court.
  
  

Which Will Is Better for You?

There is no one-size-fits-all answer. The best Will for you depends on your family, your finances, and your future goals. Here’s a quick guide:

Why You Need a Wills Attorney

Creating a Will may seem easy, but small mistakes can lead to big problems. A Wills attorney knows your state’s laws and can help make sure your Will is valid and complete.

Working with a professional ensures:

• Your Will is legally sound.
  
  
• Your wishes are clearly stated.
  
  
• Your family is protected from court issues.
  
  

Many people try to use online templates, but they may not cover everything you need. It’s always safer to talk to a Wills attorney, especially if your situation is complicated or involves large assets.

How Often Should You Update Your Will?

Life changes, and so should your Will. You should update your Will when:

• You get married or divorced.
  
  
• You have a child.
  
  
• You buy a home or move states.
  
  
• Someone named in your Will dies.
  
  
• You change your mind about your beneficiaries.
  
  

Reviewing your Will every 3 to 5 years is a smart idea.

What Happens If You Die Without a Will?

If you pass away without a Will, it’s called dying intestate. This means your state’s laws decide who gets your property. Your family could face delays, extra costs, and even arguments.

Without a Will:

• You don’t choose who gets what.
  
  
• The court may pick a guardian for your children.
  
  
• Your loved ones may face stress and confusion.
  
  

Final Thoughts

Making a Will is one of the most important things you can do to protect your family and your future. With so many types of Wills available, it’s easier than ever to find one that fits your life.

Whether you need something simple or more advanced, talking to a Wills attorney will give you peace of mind and help make sure your wishes are followed.

Need help deciding which Will is right for you? Contact our experienced Wills attorneys at the Law Office of Mary E. King, PL today to schedule your consultation.