A will is a formal document that specifies your wishes for your assets and possessions after death. It’s similar to leaving your loved ones with a set of instructions, saving them from having to guess what you would have wanted. This crucial legal instrument serves as your voice after you’re gone, ensuring your final wishes are respected and your loved ones are cared for. But there isn’t just one type of will; there are several, each designed to address different needs and situations. This blog will help you explore the various types of wills available and help you determine which one might be the best fit for your unique circumstances.

Will basics: your legacy’s blueprint:

At its core, a will is a legal document that outlines how you want your assets distributed after your death. It’s a powerful tool that can provide peace of mind, knowing that your final wishes will be carried out. However, many people harbor misconceptions about wills, believing they’re only necessary for the wealthy or elderly. In reality, anyone with assets or dependents can benefit from having a will, regardless of age or financial status. A will serves multiple purposes beyond asset distribution. It can name guardians for minor children, specify funeral arrangements, and even leave instructions for the care of beloved pets. By clearly stating your intentions, a will can prevent family disputes and ensure your legacy is honored as you intended.

Exploring different types of wills:

As already mentioned, there are various types of will available each specially crafted according to your needs. There are different wills like simple wills, testamentary trust wills, living wills, joint wills, mutual wills and pour-over wills. 

1.Simple will, as the name suggests, is the most basic form of a will. It is for those with uncomplicated families.  A simple will simply outlines how the assets are to be distributed and may include guardianship information for thee children.  This is not an ideal type of will for a hugefamily with countless assets and special needs. This is suitable for individuals with simple asset distribution requirements. 

2.A testament trust will creates one or more trusts upon the principal’s death, allowing for more complex and detailed asset distribution. For those seeking more control over their assets after death, a testamentary trust will might be the answer. Testamentary trust wills are particularly suitable for parents of minor children, as they can specify how and when their assets should be distributed to their children over time. These wills are also beneficial for individuals who want to provide for a spouse while ensuring children from a previous marriage are not disinherited.

3.A living will is not one of the traditional wills. It is drafted for how you need your assets to be handled when you are incapacitated. It is for handling your assets when you are living, so the name, a living will. When you develop a medical condition, your living will can direct what type of treatment or care you need and yourr end-of-life care when you’re unable to properly communicate. A living will helps prevent potential conflicts and ensures your healthcare aligns with your values and beliefs.

4.Joint wills are usually created by spouses when they want to create one single will that combines both their wishes rather than a separate one each. Sometimes joint wills are problematic as it does not account what happens after one is dead as it is crafted for whar happens after both of their deaths.

5.Mutual wills are similar to joint wills but they have a crucial difference: they create a binding contract between two parties. Each person agrees not to change or revoke their will without the other’s consent, even after one party’s death. While this might provide a sense of security, mutual wills can be overly restrictive. Life circumstances can change dramatically after a spouse’s death, and the surviving spouse may find themselves bound by outdated decisions

6.A pour-over will is a special type of will that works in conjunction with a living trust. Its primary purpose is to ensure that any assets not already transferred to your trust during your lifetime are “poured over” into the trust upon your death. This serves as a safety net for your estate planning, catching any assets that might have been overlooked or acquired after the trust was created.

Considerations to keep in mind while choosing a will

When contemplating which type of a will you want to create, you might find yourself in confusion. Here are some important factors to consider while choosing a will:

• Personal and Family Circumstances: Consider your marital status, children, and other dependents. Complex family situations may require more sophisticated estate planning tools like a testament trust will.
• Legal Requirements and State Laws: The UAE’s legal system is a mix of civil law and Islamic Sharia law. This dual system has significant implications for inheritance and will creation, particularly because the rules differ for Muslims and non-Muslims.
• Future Considerations: Think about potential changes in your life circumstances. There might be changes and additions to the family like a new marriage or a new heir. A flexible estate plan can adapt to life’s uncertainties.
• Professional Advice: Consult with an experienced estate planning attorney. They can provide invaluable guidance tailored to your specific situation.

Crafting a comprehensive will

The whole process of crafting a will is overwhelming. We always have this fear that we might have missed out on something or haven’t thought about all the possible ways things could happen in the future. You have to first take inventory of your assets and liabilities, then decide on beneficiaries and how you want assets distributed and choose an executor to manage your estate. You might want to consider any special provisions, such as guardianship for minor children and then lastly draft the will, either with an attorney’s help or using a reputable online service. 

We at POA Central help you draft your will in the easiest and economically feasible way. Simply choose the type of will you want and place an order online. Our team of skilled and expert drafters will create a custom will that checks all the boxes of your requirement. And lastly, once the drafting is completed, we will notarize the document to ensure its legal validity. 

Conclusion

Choosing the right type of will is an important step to ensure that your final wishes are honored and your loved ones are provided for. By understanding the various options available and considering your specific unique circumstances, you can create an estate plan that truly reflects your values and intentions. Remember that consulting with a legal professional can help you navigate the complexities of estate planning with confidence.

Frequently asked questions

1.What is the most common type of will?

The most common type of will in the UAE is a simple will. This type of will typically outlines basic asset distribution, names an executor, and may include guardianship designations for minor children.

2.What is the best form of will?

The best form or the most suitable type of will totally depends on your circumstances and requirements. It’s advisable to consult with an estate planning attorney to determine the most suitable option for your situation.

3.Can I write my own will without a lawyer?

Individuals can create a will completely by themselves. But it is advisable you get assistance from an experienced attorney or organisation so that your will is more comprehensive and is the best match for your needs.

4.How often should I update my will?

It is advisable to review your will once in a few years so that it is up to date with your current life situation that has gone through changes like marriage or divorce, birth or death of an heir, adoption of children, death of a beneficiary and change in assets and financial position