• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » What Type of Will Is Best for Me?

What Type of Will Is Best for Me?

July 17, 2019Wills and Trusts

Indianapolis estate planning lawyers

You undoubtedly know that a Last Will and Testament serves as the foundation for most estate plans. What you may not know, however, is that not all Wills are created equal. In fact, there are several different types of Wills from which to choose when creating your estate plan. The Indianapolis estate planning lawyers at Frank & Kraft offer a brief explanation of the various types of Wills to help you decide which type of Will is right for you.

  • Simple Will — a Simple Will is what you likely think of when you hear the term “Last Will and Testament.” This is what most people who have relatively modest, uncomplicated assets choose to execute. A Simple Will is appropriate to distribute a modest estate that includes uncomplicated assets. A Simple Will is also used to avoid intestate administration of the estate.
  • Pour-Over Will – you may decide to use a trust agreement to distribute the majority of your estate assets instead of a Last Will and Testament. If so, you will also need to execute a Pour Over Will. A Pour-Over Will is used to “pour over” the estate assets into the trust at the time of your death. You will establish a testamentary trust that does not take effect until your death at which time the terms of the Pour Over Will dictate that all estate assets be poured over into the trust. The terms of the trust are then used to actually hold and/or distribute your assets. A Pour-Over Will can even be used in conjunction with a living trust to catch any assets that did not make it into the trust prior to the Settlor’s (your) death.
  • Living Will – the term “Living Will” is a bit deceiving because this is not a document that facilitates the distribution of your estate. Instead, a Living Will is a type of advance directive that allows you to make healthcare decisions in advance in the event you are unable to make them yourself because of your own incapacity at some later point.
  • Holographic Will — A holographic Will is a written document that you signed and dated in your own handwriting, but that is not witnessed. Most states no longer consider a holographic Will to be valid. The Indiana statutes governing Wills do not specifically address holographic Wills; however, they do require any Will to be witnessed.
  • Oral or Nuncupative Will — A nuncupative Will is an oral, or spoken, Will that the Testator tells someone (a witness) prior to death. Most states no longer recognize nuncupative Wills; however, the State of Indiana will recognize a nuncupative Will under certain circumstances. The Testator must be in imminent peril of death and must then have died from that peril. Only personal property can b disposed of using a nuncupative Will.
  • Reciprocal or Joint Will — Spouses who intend to leave all of their property to one another often create reciprocal or joint Wills. The surviving Testator will inherit everything upon the death of the first spouse.  The idea is that when the surviving Testator passes away, the remaining estate will be distributed to the couple’s chosen beneficiaries, pursuant to the terms of the Will.  Reciprocal Wills may be changed by the Testator, even after the death of one spouse; however, if you execute a joint Will, the terms cannot be modified or revoked after the death of the first spouse.
  • Conditional or Contingent Will – this is a type of Will that only takes effect upon the occurrence of a condition or event. A common example of a condition is a beneficiary reaching the age of majority. If the condition is not met, the Will does not take effect and the Testator’s estate is probated as an intestate estate if no other valid Will exists.
  • International Will – if you own property in another country, you may need an international Will in order to avoid considerable confusion during the probate of your estate. In 1973, the International Institute for the Unification of Private Law (UNIDROIT) held a Convention Providing a Uniform Law on the Form of an International Will. Wills that meet the requirements are recognized by participating countries.

Contact an Indianapolis Estate Planning Lawyers

For more information, please download our FREE estate planning worksheet. If you have additional questions about what type of Will is best for me, contact the experienced Indianapolis estate planning lawyers at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
  • Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
  • When Do I Need to Update a Trust Agreement? - January 19, 2023

Other Articles You May Find Useful

Carmel area trust attorneys
Can I Sell My Interest in a Trust?
Indianapolis estate planning attorneys
Can I Do Anything to Prevent Someone from Contesting My Will?
Indianapolis trust administration attorneys
Can I Be Held Personally Liable for Mistakes I Make Administering a Trust?
Indianapolis trust attorneys
Can the Proceeds of a Life Insurance Policy Be Paid to a Trust?
Indianapolis estate planning attorneys
Is It Time to Update Your Living Will?
Not All Wills Are the Same — Which One Is Right for You?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us