Types People Eslpod Wills Assets Terms Beneficiary Required

In the United States, there are many different types of wills. Most people "opt for" (choose to have) a "simple will," which is also known as a "statutory will." People can "adapt" (modify; change) a "template" (a document that can be customized to meet one's needs) by filling in the "blanks" (empty lines) to make sure that their will meets the state's legal requirements. These types of wills work best for people with an "uncomplicated" (simple) "estate" (everything one owns at the time of death).

Wealthier individuals sometimes opt for a "pour-over will," which "pours" (transfers) assets into a "trust" (a special type of account with named beneficiaries), and then those assets can be distributed "in accordance with" (according to) the terms of the trust.

A "conditional will," also known as a "contingent will," is "contingent" (dependent) on certain events happening. For example, a beneficiary might be required to have reached a certain age, or a beneficiary might be required to not have had a divorce. If those "conditions" (requirements) are not met, the other terms of the will are not followed.

A "living will" is a completely different type of document. It does not deal with the distribution of assets, but "rather" (instead) indicates what type of medical treatment an individual wants to have. For example, an older person with many health problems might create a living will stating that he or she does not want to "be resuscitated" (brought to life or kept alive after one has stopped breathing).