When I first got my Texas Life Insurance license, I was amazed by the number of clients who never spoke to their loved ones about two of the most important financial topics: life insurance & wills.
What Is a Will?
A will is a legal document making your wishes and desires known to others. It informs those who handle your belongings and resources upon your death what to do with your assets, affairs, and other things you may care about, such as property, pets, children, money, and perhaps, your favorite baseball card collection.
Types of Wills
To make the topic even more confusing, there are several types of wills. Don't worry. We like to keep things simple at DollarOtter.com.
There are basically 4 Types of Wills:
1. Simple Wills
Usually, the most common and most natural, a Simple Will applies only to you if it is your will. Sometimes it is just referred to as "Simple." However, it is essential to recognize that it is not a joint will for you and your spouse.
A Simple Will is created and signed, identifying what needs to be distributed and to who. Read Article