Long Island Wills Attorney 

The Three Most Common Types of Wills 

There are three very common types of wills that you may want to create. Below, we offer details about each. 

Last will and testament:

• The most common type of will
• Allows you to outline how to distribute assets after death
• Names an executor who will be responsible for carrying out your wishes

Living will:

• Describes medical care preferences in the event you become incapacitated and cannot actively make decisions for yourself

Joint will:

• Typically, an option for spouses 
• Allows you to name your spouse as the beneficiary of your estate
• Includes details about what to do when you and your spouse have passed

When Should You Create a Will?

Creating a will is something everyone should consider at some point in their lives. While it may be uncomfortable to think about your passing, having a will in place can comfort you and those you love.

So, when should you create a will?

The short answer is as soon as possible. It is never too early to create a will, especially if you have assets and dependents. We are always prepared to help people navigate the complexities of wills at Treglia Law. If you do not have a will, feel free to contact us. We would gladly assist you in creating one that clearly outlines your wishes and is legally binding. 

Can You Change a Will?

Yes, you can change your will. Only a will’s creator (the “testator”) can change it, and they must be alive and of a “sound mind” to do so. 

When Should You Review & Update Your Will?

After certain life events and milestones, it may be a good idea to alter your will to match your and your family’s evolving needs and wishes. 

Consider reviewing and updating your will after the following:

• Marriage or divorce: You may want to change who will receive your assets, serve as a guardian over children, or make healthcare decisions on your behalf once you get married or divorced.
• You have a child: Updating your will can determine who will care for your children if something happens to you and your partner. It can also ensure your children receive any inheritance or asset you want them to have.
• You acquire new assets: Without a will, your assets will be distributed according to state law, which may not align with your wishes.
• You face significant health issues: In these difficult times, knowing your estate plan aligns with your needs and desires can give you peace of mind and make life easier for your loved ones.

How do Wills Differ from Trusts?

As described above, a will is a legal document that outlines your final wishes for the distribution of property and assets after you pass. It can also designate guardians and name an executor to manage asset distribution. Your will goes into effect after you pass, and your assets will go through probate. 

A trust is a legal arrangement where you transfer assets to a trustee who will manage them for designated beneficiaries. Trusts can be revocable or irrevocable, meaning they can be permanent or changeable. Unlike wills, trusts go into effect once created. Plus, assets in trusts can avoid probate.