A will guides your assets and your loved ones through your final chapter. But not every will suits every situation; each has advantages and disadvantages. Let's explore some of the most common types of wills and their purposes in estate planning.

1. A simple will: The most common type in estate planning, it outlines your final wishes, from naming your personal representatives and beneficiaries to settling any debts.

Pros:

• Easy to write and adapt (depending on your situation)
• Ideal for will-makers with few assets
• Gives parents the opportunity to nominate guardians of minor children

Cons:

• Not suited for complex estate plans
• Covers only the essentials

2. Will with Testamentary Trust – This type of will would establish a trust upon your death that manages assets for beneficiaries and comes into full effect after any required probate is complete. It's often created for underage beneficiaries or to distribute an inheritance gradually (e.g., for minor children coming into a substantial inheritance - most parents wouldn't want an 18-year-old inheriting a million dollars). A supplemental or special needs trust, which protects assets for persons with disabilities, is a specific type of trust that can be established in a will with a testamentary trust. 

Pros:

• Protects and distributes assets to an unlimited amount of will beneficiaries
• The assets included can increase in value

Cons:

• Probate is necessary and can add to final expenses
• The trust document and beneficiaries become public information
• Personal representatives have more duties; they might make decisions that differ from the creator's wishes
• The trust can't be changed after the will-maker dies
• Possible delays in receiving assets

3. Pour-over Will with Revocable Trust: A so-called "pour-over will" is one that is paired with a revocable trust as part of a complex estate planning strategy. The revocable trust is set up such that you can transfer assets to it during your lifetime or after your death through a pour-over will. 

Pros: 

• A revocable trust may allow your heirs to avoid probate entirely
• A pour-over will can help you keep your estate plan private 
• Especially useful for estate tax minimization and for blended families

Cons: 

• Relatively complex - really ought to be drafted by a lawyer
• Relatively expensive - especially compared to a simple will

Special type - Living Will: A living will isn't a "Last Will and Testament," but rather a document that details your preferences for health care while you're alive but can't communicate with loved ones or medical professionals.

In Maine, an "advance health care directive" combines a health-care power of attorney and living will. The health-care power of attorney part lets you name someone to make health-care decisions for you if you can't make them yourself. The second part gives your instructions for life-sustaining treatment and end-of-life care.

Pros:

• Reduced pressure on loved ones
• Can include a variety of medical decisions
• May list treatments you want and wouldn't want to have
• In Maine, individual instructions can be oral or written and be limited to take effect only under certain conditions. An oral direction is valid only if it's given to a health-care provider or a surrogate.

Cons:

• The creator must show they're of sound mind or capable of creating a living will

Different types of wills are valid in different states. Only written wills, whether typed or handwritten (aka holographic) are valid in Maine. Handwritten wills might fail legal challenges. 

Your Will, Your Way: Factors to Consider in Choosing One

Choosing the right will is like picking the right outfit -- it should suit your goals and lifestyle. Factors to consider:

• Your goals: What do you hope to achieve with your will? Are you protecting loved ones, preserving assets, or planning for certain needs? Your ambitions, along with the advice of an experienced estate planning attorney, can be your guide.
• Family dynamics: Consider the structure and your relationships. A blended family might have different needs than a single parent. Your will should reflect these ties to foster fairness and harmony.
• Your future: Will you need to update your will easily? Some wills offer more flexibility than others.

A will is more than just a legal document; it's the instruction manual for your heirs to carry out your final wishes. If you pass away without one, instead of finding solace in shared memories, the challenges of handling your estate could burden your loved ones. A well-crafted and regularly updated will removes the guesswork, protecting your legacy and ensuring a smooth transition.

Find the will that best suits your needs or get advice on choosing the right one to secure your future. Contact us online or call (207) 377-6966 now for a free consultation.