What are the Types of Last Will and Testament Agreements?

Posted by Carl Glendon on October 15th, 2019

A legally binding document, the Last Will and Testament agreement is a type of paperwork which indicates the distribution, management and planning of the properties of a person, as well as his assets and estate, on the basis of his specifications and approved instructions. These types of documents can be of two types, and address major and distinct roles related to the management and treatment of the estates, assets and funds of an individual. Know about the types of these agreements that are in existence.

Will-based plan

It generally assists an individual in determining how his assets would be distributed by enlisting clearly all the information about who will get what and in which specific condition, if there is death. This type of plan covers all the important points, and mainly covers the choosing of a personal executor as well as the scope of power and authority to be bestowed on the person, as well as identifying the parties or individuals who would inherit the assets and properties. This type of plan also outlines mode of transfer, conditions, terms and other important details related to such a plan. For more information about getting last will and testament in Wisconsin, please visit this website.

Trust-based Plan

This is another type of Last Will and Testament legal document that covers the Revocable Living Trust of an individual and cares about the points that the will-based plan outlines. In such a situation, a Personal Executor’s equivalent happens to be the Successor Trustee or Administrator when the person who owns the assets meets with death. The Revocable Living Trust is used for the unfunded property management of a person, and the same person has to fund his assets into the trust before his demise. If this is not done, there is need for the last will and testament to look after the unfinanced asset and then direct it to the trust. Please visit this site to get last will and testament in South Carolina.

Author Resource:-

Carl writes often about affidavit, bill of sale and last will & testament to help the people in needs. You can find his thoughts at last will and testament sample blog. To learn more about drafting last will and testament in Kansas online, visit this website.