What are the different types of Will?

Single Will 

Single Wills are probably the most common and familiar option. A Single Will is suitable for any individual person. They are generally for people who are not in a relationship or are divorced, but they’re also used in circumstances when your wishes differ from your spouse; or if they already have a Will.

Single Wills are particularly useful if you’re married but have children from a previous relationship.  A Single Will enables you to divide your estate between your spouse and your children. 

(If you’re considering making special provisions for loved ones, a Trust Will might be a better option)

Mirror Wills

Mirror Wills are as they imply; two documents, one for each person, that ‘mirror’ each other. 

These are designed for couples who have the same wishes.

In a Mirror Will the estate is distributed as follows:

• When one spouse dies the whole estate is passed to the surviving spouse
• When they die the estate is distributed according to what is laid out in the Will

A point to be aware of with a Mirror Will is that there is an element of trust involved from each party. For example, the surviving spouse would be within their rights to change their Will. This could mean cutting out anyone previously stated by the other half. 

If you have children from previous marriages, or your surviving spouse re-marries, this could be a problem.   There have been instances of surviving spouses cutting out step-children and leaving their estate to their own children, or changing their Will to benefit their new spouse.

Documentation is drawn up at the same time, but either partner can change their Will with no legal requirement to inform the other partner.

Trust Wills

There are different types of Trust Wills. These can give you greater flexibility over your property and assets, and how they’re managed.

A Discretionary Trust is used to leave your estate (or part of it), to a trust created in your Will. This only comes into play once you pass. You can choose people to manage the trust (known as Trustees) and name the people who are beneficiaries of the Trust.

In our experience, some people wish to delay inheritance based upon multiple factors. This could be protecting against future divorce, bankruptcy, or a the personal circumstances which may mean a child would be better protected receiving money at a later stage of life. 

A Discretionary Trust can last for up to 125 years from the death of the parent, during which time the appointed Trustees will be guided by written advice provided by the deceased parent, as to when income and capital can be paid to a child. 

A Discretionary Trust can also be useful with potential inheritance tax (IHT) savings on their own future deaths and does have it’s own IHT charges. These are known as “periodic charges” and payable every 10 years, if the value of the trust exceeds the IHT allowances.

Discretionary Trusts are useful for providing funds for minor children or beneficiaries who aren’t able to manage their own finances, such as adults with learning disabilities.

A Property Trust Will does as it says, and protects property in your estate. This allows someone to benefit from the property held in the Trust, while at the same time preserving all (or part of) for other beneficiaries. 

This type of Trust is useful if you have remarried but want your home to pass to children from a previous marriage.

An example; if you would like your home to pass to your children but you want your surviving spouse to remain in the house until they die.

A Living Will is another type of Will that is legally referred to as “Advance Decisions”. This is a document which outlines any medical treatments you don’t want in future, if you are unable to communicate otherwise. 

A Living Will is typically used to refuse life-sustaining treatment. For example, such as being resuscitated or being put on a ventilator. They can also be used to outline what treatments (such as surgery) are not to be used to treat long-term diseases.

We will listen to your needs and be able to offer professional, legal advice regarding your personal situation. As a member of the Institute of Professional Will Writers, you can be sure that you’re in good hands when you employ MT Legal Services.

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