There are many types of wills and all of them carry legal significance. There are simple wills, codicils, pour-over wills, and holographic wills to name a few.
Most people have heard of a simple will. That is the most common document used to transfer wealth, assets and property from one generation to the next. However, times are changing and the efficacy of these documents for transferring certain property and significant wealth is limited.
A codicil is simply a will-like document that either amends, adds to or revokes part of an existing will. These are handy tools to making additions to wills however they commonly cause problems during probate if they are not kept with the original will.
Pour-over wills are utilized by Revocable Trust Attorney. We use them as a safety measure and catch-all to ensure that the main controlling document, the Trust, holds ownership and title to all property that you wish to pass down to your beneficiaries.
Will with Testamentary Trust Language
A testamentary Trust is actually a Will that directs part of or all of your probate estate funds a trust after your passing. They can be used to form bifurcated estates where a cash distribution to one beneficiary is desired but another should be held in trust to be managed. It also allows trust like control on the beneficiaries inheritance while simultaneously including the probate court process to make it fair and equitable.