In the United States there are four types of Wills you need to be aware of.

1. Simple Will:  This is the basic Will everyone should have.  This type of Will spells out how your assets are to be distributed and gives special instructions to your Executor of your wishes.  This Will also must detail how minor children are to be cared for and who will by their guardian.
2. Testamentary Trust:  TYou may want a trust in your Will for a minor or perhaps someone who is not financially responsible enough to manage their assets.  This ensures the proper management of your assets.  Often times the trust recipient/beneficiary will receive the entire trust once they reach a certain age or have met a particular condition.
3. Joint Will:   This is joint agreement (usually between spouses) where they have decided to leave their assets to each other.  This Will should also spell out what happens to the estate once the second person dies.  This type of Will can only be changed or dissolved if both testators are living.  The last survivor will inherit everything.
4. Living Will:  This is a document that you use while you are still alive and really not a traditional Will at all.  This Will provides instructions to those people necessary (doctors, friends or family) should you become incapacitated or unable to coherently speak and make decisions.  You may want a Living Will if you are critically ill or near death.

Christine’s Tip:

You do not have to do up a Will with a lawyer – but it is advisable.  In order for your Will to be lawful, it must be in written format, it must have your (the testator) signature and it must have the attestation of two people who are over 18 years of age.  Another thing that is important to remember is, the witnesses cannot be the beneficiaries named in the Will.