If the world going through a pandemic taught us anything, it is that tomorrow is never assured. No matter who we are or where we come from, we all want our legacy to be passed down, regardless of how big or small.
A Will lets you decide what happens to your finances, property and possessions when you pass and gives you the peace of mind that those decisions are respected and adhered to.
Talking about death is still a taboo subject for many, but knowing how to draft a Will and making sure it is validis critically important regardless of how uncomfortable it may be to consider our own mortality.
Choosing a solicitor and ensuring your Will is drafted by an expert is an important way you can guarantee your family, spouse and even pets are looked after when you pass away..
This article will help you understand the most common types of Wills and how each works, so when it’s time for you to write one, you have the confidence and understanding that you are handling your estate properly.
Types Of Wills
A single Will, aptly named, is the most common, as it is suitable for any person that wants to outline their wishes and how they want their assets distributed when they pass away. Single Wills are generally for those who have uncomplicated circumstances and estates.
They can be used by single or divorced individuals. Single Wills are also useful if you are married and have children from a previous relationship because this will help divide your estate between your current family, your children from both relationships and your former spouse. A trust may be needed if there are special circumstances to consider for your children/family, more details below. .
There are many different types of Will trusts and they can be made for many different reasons. A trust can be made to benefit a child, spouse or a person with special needs.
Will trusts should be considered if you have children from a different marriage and you have remarried or are cohabiting with a new partner.
Will trusts are not always straightforward but offer protections that other types of Wills do not. You may not know if a Will trust is the right type of Will for you so it is important to take legal advice from an experienced solicitor who can help with all the options.
Mirror Wills are normally used by married couples. They usually appoint each other as Executors and give each other their estates and name their children if they have any as common beneficiaries. Mirror Wills are normally straightforward, but you should always seek legal advice to ensure you consider all the options to protect your family when you pass.
Regardless of which option is best for your needs, it is important that you create a legally binding Will for the sake of your loved ones and your peace of mind.
Drafting a Will all on your own can be difficult which is why it is always recommended that you consult a solicitor to ensure that it reflects your current circumstances.
Need help writing your Will?
Visiting a solicitor to draft a Will should be an easy and warm experience. At Elizabeth Middleton Solicitors, you can be assured to get that kind of treatment as soon as you walk through the door. Your wishes will be listened to as we give our expert advice during your time with us.
Elizabeth Middleton Solicitors are at the ready with an experienced legal team ready to assist you. Contact us for more information about writing your Will, as well as your other legal needs for Probate, Lasting Powers of Attorney, Equity Release, and Settlement Agreements.