Are you thinking about writing a will? If so, you may wonder what types of wills are available and which is best suited to you. A will gives you peace of mind that your assets will be dealt with according to your wishes once you pass away, and you can write one at any time during your adult life. It is always best to be prepared; therefore, it is never too soon to write a will. Families and estates differ, and not every will has the same requirements. Some are relatively straightforward, and others may be more complex.
Here we look at the different types of will.
Single Will
A single will is the most popular will in the UK. This basic document outlines what the person wants to happen with their assets after their death. These wills are suitable for those who are not in a relationship, or both partners have separate wills or wishes. People who are married and have children from past relationships may also wish to write a single will to ensure those children are covered.
Mirror Wills
A mirror will is often made when a couple has the same requests about their assets. This will is made of two documents, one will for each person, but they will mirror each other. If a spouse passes away, the estate goes to the remaining partner, and once they die, it is distributed as per the wishes. These wills are built on a level of trust between the couple to respect their wishes.
Trust Wills
There are three key types of trust will. These are:
Discretionary Trust Will
This is used to leave all or a part of your will to a trust created in the will with named trustees. The trustees can manage what beneficiaries get from the trust and when. This is often used when children are beneficiaries. Creditors cannot touch these funds.
Property Trust Will
This lets someone benefit from property owned by the deceased while other beneficiaries can still benefit from it. This is often used when a partner dies and wants the property to go to their children, but only once the remaining partner has gone.
Flexible Life Interest Trust Will
The concept with these is similar to property trust wills in that they preserve an estate while a beneficiary receives funds from it. It includes your entire estate, rather than just your property, and allows someone to benefit from it in the form of a ‘life interest’ without assets leaving the estate.
For professional probate advice, contact Probate Forms on 0209 9859553.
