A will is the most significant asset planning document. Not only it determines where will one’s property will go, but it can also bring satisfaction and peace of mind to the owner as he knows that financial affairs will be taken care of even if that person is not there.
Therefore, everyone should have a basic knowledge about Dubai wills and its different types. There are four types of wills that are used for different purposes. Thus, you need to know the details of these types of wills to determine the one you need depending on your circumstances.
Four Main Types of Wills
Primarily there are four main types of wills:
- Simple
- Testamentary trust
- Joint and
- Living
However, there are also sub-types of other wills, for example; holographic wills, handwritten, and oral wills. Let’s move on the points of differences between these wills, bringing you the information that will help you decide.
1. Simple Will
The most basic type of will is called a simple will. This type will states that who will receive the determined assets and also name a guardian for any minor children.
It is easy to write and you can also look up to online will forms that give you an excellent template. However, you should always consult legal advice.
2. Testamentary Trust Will
A testamentary Trust will puts a part of assets for a trust for the benefit of your beneficiaries and names a trustee to handle the trust.
This type of will is useful if you have beneficiaries who are underage or who cannot handle the assets on their own.
3. Joint Will
When two or more people sign a separate will for each testator, then it is called as Joint Will. It is also called as mirror will. Usually, this type of will are made for life partners for the favor of the other Partner. The term and conditions of joint wills such as, including executor, beneficiaries, and other provisions should not be altered even after the death of one of the tester. However, this inflexible nature makes this type of will a little problematic for the claiming partner.
4. Living Will
This type of will does not adhere to distributing a person’s property after his death. However, living will allows you to choose things such as, a type of medical treatments a person want to have if he gets ill. A person cam also name someone to make decisions on his behalf.
If you are a resident of Dubai then you can look into the more details of making wills in Abu Dhabi and other details.