6 Most Common Types of Wills and Who Should Use Them

Making plans for what happens after you’re gone can be uncomfortable and even frightening—but in the long run it’s one of the most important things you can do for your loved ones. Leaving behind a will is the best way to ensure your wishes are followed and that your family isn’t left making difficult decisions with no guidance. 

Wills are essential tools in estate planning, and there are several different types to be aware of. Choosing the right type of will depends on your own personal, financial, and familial circumstances. 

Not all wills are the same; different types serve different purposes. For example, a simple will might be sufficient for some people, while others may need more complex solutions involving trusts or special clauses to meet their specific needs. 

In this article, you’ll learn about the different types of wills and how to choose the one that’s best for your circumstances.

What is a will? 

A will, or last will and testament, is a legal document that specifies how an individual wants their property and assets to be distributed after their death. In addition to property distribution, a will can also appoint guardians for minor children and name an executor to administer the estate. 

In short, a will is the best way to ensure your wishes are carried out after your death. 

If you die without a will—which is called dying intestate—your estate will be subject to the probate laws in the state where you lived. This means that, effectively, a court decides who gets what. Dying intestate can have a number of consequences for your family and loved ones, like incurring unnecessary legal and court fees, creating conflict among descendants, and adding stress to what’s likely already an emotionally taxing situation. 

Wills can range from simple to highly structured depending on an individual’s needs, family, finances, and other factors. 

The 3 most basic types of wills

Different life circumstances may require different types of wills—there’s no one-size-fits-all approach to creating a will. It’s important to consider your personal situation, the complexity of your estate, and your wishes for your assets when determining which type of will is best for you. 

Let’s get into the different types of basic wills. 

Simple will 

A simple will is a straightforward document that names an executor for the estate and lists who you want to inherit any assets like money, property, accounts, personal items, etc. 

Why do you need to name an executor in your will? 

The executor is the person who’s responsible for settling your estate, handling the probate process, and carrying out the terms of your will. Choosing an executor is an important part of writing a will, and it should be someone you trust and who understands your wishes and values.

Simple wills are best for uncomplicated estates. For example, a single person or a married couple with few assets and no special conditions. 

The key benefits of a simple will include: 

• Ease of creation
• Cost-effectiveness
• Naming guardians

There can be limitations to a simple will though, which might include: 

• It does not avoid probate
• Unsuitable for complex estates 
• Offers no asset protection from creditors, etc.

While a simple will may be sufficient for your circumstances, it’s important to check with an estate planning attorney to identify potential pitfalls of choosing this type of will. 

Testamentary trust

A testamentary trust is a trust created within a will and does not go into effect until after the person’s (the testator’s) death. 

In contrast to a living trust, which is established during the person’s lifetime, a testamentary trust is established through the terms of the will itself and only becomes operational after the testator dies. 

Like other types of trusts, a testamentary trust can help minimize estate taxes and manage assets post-death for beneficiaries.

A testamentary trust allows a person to control how and when their assets are distributed to beneficiaries, and are often used to provide for: 

• Minor children
• Beneficiaries with special needs
• Adult beneficiaries who lack financial responsibility

A testamentary trust might be best for people who want to: 

• Control how and when their beneficiaries receive their inheritance
• Protect young or financially inexperienced beneficiaries from burning through their inheritance too quickly
• Handle blended families or complex inheritance scenarios

The key advantages of a testamentary trust include: 

• It offers more control for the testator than a simple will does
• It can help minimize estate taxes in certain cases
• It can add a layer of protection for young or vulnerable heirs

Living will

A living will is a legal document that allows individuals to specify their wishes regarding medical treatment and end-of-life care in the event that they become incapacitated and unable to communicate those preferences. 

Unlike many other types of wills, a living will isn’t for distributing property at their death; a living will communicates an individual’s wishes regarding medical care like resuscitation, feeding tubes, palliative care, and life support. 

A living will is so-named because it contains your wishes for while you’re alive but incapacitated, rather than after your death. 

Typically, a living will includes a person’s preferences for things like: 

• Life-prolonging measures
• End-of-life treatment 
• Pain management and organ donation 

A living will, sometimes known as an advance directive, is especially important for a person who wants to have control over their own healthcare in the event of incapacitation, rather than forcing loved ones to guess at your wishes or make difficult decisions about medical care without guidance. 

Like with all estate planning documents, living wills should be reviewed periodically and updated as needed to reflect changes in the individual’s health, values, or preferences. Usually, a living will should be created alongside a healthcare power of attorney, and both of these documents should be shared with doctors and potential decision-makers. In many jurisdictions, living wills have legal authority, which means healthcare providers are required to honor the individual’s documented wishes. 

Other notable types of wills

We’ve outlined the four most common types of wills, but there are a few other less common but still important types of wills that can be applicable to certain situations. While most people’s needs can be served using one of the four basic types of wills, some scenarios and circumstances may require a will format that can serve more niche needs. 

In this section, we’ll offer an overview of the four less common types of wills. 

Mirror will

Mirror wills are separate but nearly identical wills made by two people, usually a married couple who want to leave their estates to each other and/or to the same beneficiaries. 

The key benefit of mirror wills is simplicity. Either person can revise their own will at any time. 

While mirror wills are often used by married couples, they don’t bind the surviving spouse, since each spouse has their own will and change as they wish.The ideal use case for mirror wills is a couple who have aligned wishes and plans for their estate but want to retain individual legal control. 

Holographic will

A holographic will is a handwritten document outlining how someone wants their estate to pass upon their death. In essence, it’s simply a handwritten last will and testament, typically created by someone who hasn’t been able to get a formal last will and testament or is in immediate danger of death, often without witnesses.

Some states do not recognize the validity of holographic wills due to lack of formal execution, and holographic wills can be easily contested even in states that do accept them. 

While a holographic will may be better than nothing, it’s not a recommended option. Concerns with holographic wills include worries about the testator’s mental capacity when creating the will, allegations of undue influence or coercion, ambiguity in the document’s language, claims of forgery or fraud, and more. 

For all of these reasons, a holographic will should only be used as a last resort, and formal planning is a better option. Still, it’s important to understand whether the state you live in accepts holographic wills and how they are treated. 

Nuncupative will

A nuncupative will is an oral will, typically given during a person’s final illness or imminent death. Nuncupative wills are rarely valid and are only recognized under strict conditions in a handful  of states. Factors for the validity of a nuncupative will include the dollar amount in question, the witnesses present, and more. 

This type of will is highly vulnerable to legal challenges and should not be relied upon. Additionally, a nuncupative will cannot override an existing documented will, no matter what the testator says. 

How to choose the right type of will

Because there are so many types of wills, it’s normal to feel uncertain or overwhelmed when choosing the type and creating a will for yourself. 

To choose the best type of will, consider the factors of your circumstances by asking questions like: 

• How complex is my estate? 
• Do I have minor children or dependents who need to be cared for? 
• Do I want control over how my assets are distributed long-term? If so, how much control? 
• Am I planning in alignment with a partner or spouse, or individually?

For many people, a simple will is enough. But if you have special conditions—like a blended family, business interests, significant assets, young heirs, etc.—you should consider consulting with a professional. 

Fundamentally, the “right” will is the one that reflects your values and helps you and your family avoid future conflict. 

How often should I update my will? 

A will should not be written and filed away forever. Estate planning is an ongoing process regardless of your wealth level. Laws change, families grow, and financial circumstances fluctuate. 

Regardless of your situation, you should review any type of will every three to five years, or after any significant life event like: 

• Marriage or divorce
• Birth or adoption of a child
• Death of a beneficiary or executor
• Major changes in assets
• Change in residence (moving states or countries)
• Tax law changes

Many updates can be made with an amendment (or codicil), but sometimes a complete rewrite is necessary. While revisiting a will may not feel like a priority, it’s the only way to ensure that your true, current wishes are reflected as life changes. 

Learn more: Why You Need to Periodically Update Your Estate Plan (and the Risks of Not Doing So)

Conclusion

Everyone—regardless of wealth level, age, and family circumstances—needs a will in some form. While a simple will can perfectly serve many people’s needs, some situations require more advanced planning. 

There are several key types of wills that serve different purposes and needs, and it’s important to choose the one that best serves your situation and family dynamics. Having a solid, up-to-date will in place brings peace of mind, proper execution of your wishes, and can ease the burden on loved ones later on. 

If you’re uncertain which type of will to choose, consider consulting with a professional for guidance to ensure you have a suitable plan in place for incapacity or death. 

 

The information provided here does not constitute legal, financial, or tax advice. It is provided for general informational purposes only. This information may not be updated or reflect changes in law. Please consult with an estate attorney, financial advisor, or tax professional who can advise as to your particular situation.