What are the differences between different types of wills?
In a typical will, a person (testator) specifies how his or her property should be divided, who should receive what portions or specific items, and who will take care of any surviving minor children. A typical will may include a testamentary trust, which names a trustee to manage the property for any minor children’s benefit and distribute the property according to the testator’s instructions. When the child reaches a specified age, the trust funds are usually distributed and the trust ends. A will between a husband and wife is often executed in conjunction with a Community Property Agreement, which states that all separate assets will be made part of the community estate. A reciprocal will is one in which two people join together and leave the individually owned property and estate to the other. A living will, medical directive, or health care directive provides advance directives on an individual’s health care preferences in case of terminal illness or permanent unconsciousness. Livi
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