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Contents of a Will

If a person intends to leave his/her property to specific individuals or entities upon death, he/she should create a will. A will is also known as a "testamentary instrument."

Allowable Distributions
Types of property that may be distributed through a will include:

• Separate property (real or personal).
• Half of a spouse's community property.
• Half of a spouse's quasi-community property.

In some cases, a will may not be acceptable if it does not dispose of any property.

Property owned through joint tenancy is generally not disposable in a will.

Beneficiaries
In most states, beneficiaries of a will can be:

• Persons
• Charitable, corporate, or governmental agencies
  

If any part of a decedent's estate has not been allocated to someone else in the will, the remaining property will automatically be transferred to his/her next of kin (legal heir).

Varieties of Wills

Some examples of the different types of wills are:

• Individual will - A will that is separate and has no attachments to another person's will.
• Joint will - This essentially contains the property dispositions of 2 or more persons.
• Reciprocal will - Also known as a "mutual will." These are separate wills that 2 people make in favor of one another.

However, some states do not recognize joint or reciprocal wills. Your attorney can advise you about what types of wills are valid in your jurisdiction.

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The information presented in this site should not be construed to be formal
legal advice nor the formation of a lawyer/client relationship.