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What is a Will?

A will is a written or oral communication by a person stating how they want their property disposed of at death.

Self-Proving Will
A will that has been witnessed and signed with all of the formalities required by provincial or state law. This is the most common will.

Holographic Will
A will that is hand written without the presence of witnesses. Very few provinces and states recognize these types of wills, and only in limited, specific circumstances.

Oral Will
This type of will in an unwritten disposition of property, whereby the individual orally communicates his of her wishes. Oral wills are only recognized in a few states and usually only in compelling situations.

Living Will
A living will allows you to decide whether you desire life support under certain circumstances, not in all sates or provinces.
A Trust is a legal property interest held by a person (trustee) for the benefit of another (beneficiary).

Living Trust
A trust that is created while you are alive. A living trust allows the trustee and beneficiary to avoid the probate process.

Testamentary Trust
A trust established through a will. A testamentary trust generally must go through a probate.

Revocable Trust
A trust that can be terminated at any time by the grantor for any reason.

Irrevocable Trust
A trust that cannot be changes or terminated for any reason.

Note: Some states and provinces may be different.