What type of Will is right for me?

There are four main types of Will: simple, trust, joint, and living.

A last Will and testament is one of the most important estate planning documents you can prepare. Not only does it allow you to choose where (and to whom) your property will go upon your death, but it also provides you peace of mind during your lifetime; knowing that your affairs will be taken care of in the way you want.

Different types of Wills serve different purposes, and the one you need depends on your specific circumstances.

Here is some basic information about the different types of Will available. Should you need further advice, please don’t hesitate to contact us for your FREE CONSULTATION. 

Simple Will 

A “simple Will” is typically the type of Will most people associate with the word “Will”. Put simply, it does what it says: provides a simple framework for you to decide and to detail who will receive your assets, and also name a guardian for any minor children.

Joint Wills (also known as Mirror Wills)

Joint Wills (sometimes known as “Mirror Wills”) are Wills that apply to two people, usually husband and wife. The Wills normally state that when one person dies, all the property will go to the other spouse. When the remaining spouse dies, the property will then be distributed according to what both parties to the Wills agreed.

Trust

A Trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. For example, you could put some of your savings aside in a trust for your children. There are several types of trust. The kind of trust you choose depends on what you want it to do.

Living Will

A Living Will (also known as an advance healthcare directive) allows you to choose what medical treatments you want to have if you become terminally ill, or if you lose the ability to make decisions for yourself. In a living Will, you may also name someone to make decisions on your behalf.

A Living Will is legally-binding but will only be implemented if you lose capacity or cannot communicate your wishes. It does not give someone else power to make other medical decisions on your behalf – for that, you’ll need to put in place a Lasting Power of Attorney.

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.

 01604 591242

 mark@mtls.co.uk

 mtls.co.uk