Many people do not know that several different types of Will can be used to distribute their assets and property after their death and protect their loved ones. Your personal circumstances and the size and complexity of your Estate will determine which type of Will is right for you.
- A Simple Will – This type of Will is most common in simple family situations with low value or non-taxable Estates. It simply outlines your wishes for your Estate, appoints Executors and Beneficiaries.
- A Will Trust – A Trust within your Will protects your property and/or cash assets for the benefit of your chosen Beneficiaries. This type of Will is typically used by those with young children, vulnerable Beneficiaries who are may be unable to manage their own finances, and blended families.
- A Living Will – Also known as an Advanced Directive, a Living Will outlines your wishes for medical treatment if you become incapacitated and unable to make decisions for yourself. These are less commonly used now due to the introduction of Lasting Powers of Attorney for Health and Welfare.
- A Mutual Will – This type of Will is typically used by a couple who are married or in a Civil Partnership and wants to ensure that their assets are distributed in accordance with the wishes of both individuals. A Mutual Will is unable to be amended on the first death.
It is important to seek professional legal advice to ascertain which type of Will is best for you and to ensure that your wishes are carried out in the event of your death. During a Will appointment, you are able to discuss the pros and cons of each type of Will and find the one which meets your needs.