Everyone needs a will. If you do not have a will, you have no say over what happens to your assets when you die. But selecting the right type of will can be confusing. The information below will help you understand the different types of will and who they are best suited to.
What is a Single Will?
A single will is a great way to protect the estate of an individual. With a single will you are able to specify the family and loved ones that you would like to benefit from your estate after you die.
Singles wills are most suitable for those not in a relationship however for people in a relationship a single will may work if their views and wishes are different to your partners.
What is a Mirror Will?
A mirror will consists of two separate wills, commonly used by couples that share the same, or very similar wishes on how their estate and assets ought to be distributed.
A mirror will does not need to be identical for both parties leaving the topic for one person to leave specific gifts in their will that differ from that of their parters will. If you would like to leave your watch to a specific person in your will then you can do this in your will only.
With mirror wills, two wills are formed, each will signed by the respective person. With both wills likely having very similar wording, mirror wills are often more cost effective than a single will for each party.
Mirror wills are commonly purchased by couples whether they are married, in a civil partnership or unmarried cohabiters.
What is a Trust?
A trust is a very simple arrangement to ensure the assets you are leaving to your loved ones are looked after property during your lifetime and after you have died.
A trust is created by someone and entrusted to responsible people of your choosing (trustees) for the benefit of your loved ones (the beneficiaries). Your trustees and beneficiaries can be the same people.
There are a range of different trusts you can set up so take a look here to find out more
If you need any further information about the different wills and trusts we offer please take a look at our wills and estate planning page or simply give us a call on 01329 313 787 or 0800 043 9611
