Most americans don’t realize that there are many different types of wills including video, deathbed, joint, pour-over, statutory, holographic and many others. This section describes nearly a dozen different types of wills and provides information on the requirements of wills in general, how testamentary trusts operate and answers frequently asked questions about the will process.A Will is a written or oral communication by an individual stating how they want their property disposed of at death. Before you prepare a will, you should understand that all wills must meet certain general requirements as follows:

You must be at least 18 years of age or an emancipated minor. You must be of sound mind: a) Know what a Will is and what it does; b) Understand the relationship between you and your immediate family members; c) Know what property you own; d) Understand who the people are to whom you are leaving your belongings (who your beneficiaries are). You must expressly state that this document is your Will. You must sign and date the Will. You must have the Will signed (”attested”) by at least two or three witnesses – the number of required witnesses depends on your states law. In addition, many states require that the witnesses are not related to you and are not beneficiaries. You must have substantive provisions that: a) Nominate a legal guardian for any children; b) List who inherits specific items; c) State what happens to remaining property (residue) not mentioned in the will. You must appoint an executor who will be: a) Responsible for supervising the distribution of property; b) Responsible for paying all of your debts and taxes;

A testamentary trust Will sets up one or more trusts that part or all of your estate assets will go into at the time of death. Like most Wills, it leaves your estate, or part of your estate, to your beneficiaries. In the case of a testamentary trust Will, one or more of the beneficiaries is the Trust itself.

The assets go into the trust for beneficiaries named in the Trust. Multiple testamentary Trusts can be established in a Will. The trustee of the Trust is sometimes the executor of the Will, but not always.

The terms of the Trust can provide for payment of income or turning over property to the beneficiaries of the Trust; with distribution either fixed in the Will or left to the discretion of the trustee or trustees if more than one.

Although the beneficiaries have an interest in the Trust, the trustee is the legal owner of the property held in the Trust and has the legal authority to manage the assets. The trustee’s obligations include investment decisions and preparing and filing tax returns on behalf of the Trust.

A testamentary Trust created by a Will has no power or effect until the Will of the grantor (deceased) is probated. Unlike some other Trusts, this type of Trust does not avoid the need for probate, but it can accomplish other estate planning goals. For example, a testamentary Trust can be used to reduce estate taxes on the death of a spouse or provide for the care of a relative or a disabled child.

Many of us set up a testamentary Trust to ensure their minor children, in the name of a guardian, receive a steady income. Since the Trust is considered its own entity, the Trust itself will be taxed separately from the beneficiaries & beneficiaries will not be taxed individually.