Kinds of Wills
Here's a brief glossary of terms used in the law for various kinds of wills:
Simple will. A will that just provides for the outright distribution of assets for an uncomplicated estate.
Testamentary trust will. A will that sets up one or more trusts for some of your estate assets to go to after you die.
Pourover will. A will that leaves some of your assets in a trust that you had already established before your death.
Holographic will. A will that is unwitnessed and in the testator's handwriting. About 20 states recognize the validity of such wills.
Oral will (also called nuncupative will). A will that is spoken, not written down. A few states permit these.
Joint will. One document that covers both a husband and wife (or any two people). These are often a big mistake and are especially inadvisable for estates larger than $675,000.
Living will. Not really a will at all--since it has force while you are still alive and doesn't dispose of property--but often executed at the same time you make your will. Tells doctors and hospitals whether you wish life support in the event you are terminally ill or, as a result of accident or illness, cannot be restored to consciousness. See chapter twelve.
ABA Guide to Wills and Estates
Copyright 1999, 2000, 2002 American Bar Association
