What Type of Will is Right for Me?
When it comes to making plans for the future, few will be aware of the different types of Will available and which one is best suited to their needs.
Knowing and recognising you need a Will is one thing to ensure your estate is divided specifically based on your wishes. But what type of Will is right for you?
A Single Will is for any individual looking to state their wishes upon their death. It just means that you are the one creating it on your own. You don’t need to be single to have a Single Will. If you’re in a relationship, married or in a civil partnership, you can create a Single Will. If you are proposing to do this, in some circumstances it is still best to ask if your partner / spouse / civil partner should be making one too.
They may already have a Will or have different wishes and requirements to you, but don’t forget to think about each other and your needs. A Single Will would allow you both to reflect your wishes even if they are not entirely aligned.
These are better suited to couples who have very similar intentions for their assets once they pass away. Each person would still have a Will of their own but the majority of the content will mirror each other.
It is important to note there is still the option to individualise a Mirror Will in certain ways, including for funeral arrangements. Contact our team to find out more.
There are a variety of types of Trust Will, but all follow the same fundamental principles. A Trust Will is designed to hold assets of your estate rather than them going directly to beneficiaries upon your passing. They can be held by specified trustees, who are nominated in the Will.
Some typical types of Trust Will are:
- A Property Trust Will – This type relates to circumstances where you own a property. This type of Will guarantees who benefits from your share of a property when you pass away, regardless of circumstances beyond your control such as a partner remarrying after your death. In setting up a Trust of this type you need to ensure that any necessary changes are also made at the Land Registry.
- A Flexible Life Interest Trust Will – This version of a Trust Will helps if you have assets and/or investments that are substantial in value. If circumstances change after your death, the assets and investments can be specifically designated to your beneficiaries.
- A Discretionary Trust Will – This applies best to a situation where you need to appoint trustees to manage inheritance on behalf of persons or people who may be classed as vulnerable (for example if they lack the physical or mental capacity to look after their own affairs).
You can also create a Living Will which focuses on the advanced decisions which you may need to make regarding treatment when you no longer have the capacity to communicate for yourself. These are legally binding documents and a healthcare professional must follow the wishes as laid out in a Living Will as long as it meets certain criteria.
If you're not sure which type of Will is right for you, contact our specialist team today for the help and support you may need.
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Meet the Wills, Probate & Trusts Team
Rebecca Harbron Gray
Head of Wills, Probate & Trusts
For More Information
- Call Rebecca Harbron Gray and her team on 0800 915 2328.
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