Written by Layla Nash- Cree and Kelli Pimm. 

What is a Will?

A Will is a legal document which allows you to specify how your property and assets are distributed after your death.  It can also be used to appoint guardians for minor children.

Without a Will, your estate would be dealt with under the intestacy rules, which might not be what you want and can take longer to process.

There are many different types of Wills and deciding on what suits you best depends on your circumstances.

Simple Will

This type of Will allows one person to set out in simple terms how they would like their estate to be distributed after death.  It can appoint executors, gift specific items, appoint guardians for children, set out funeral wishes and how you want your estate to be divided between friends, family or charities.

Simple Mirror Wills

Often prepared by couples, these are two separate, simple Wills which mirror each other. For example, a couple may leave everything to the survivor of them when the first of them dies, with the estate then being divided equally between their children when the second of them dies.

Mirror Wills can be more cost effective than two single Wills.  If you prepare mirror Wills, you are each still free to change your Will at any time.

Wills containing a Trust

These types of Will are more complex.  A Trust is a legal structure to hold assets and offer increased protection for beneficiaries.  Some reasons you might include a Trust in your Wills are: –

  • To protect children from a previous relationship
  • To protect children in the event of remarriage
  • To protect assets for a vulnerable or disabled beneficiary
  • To protect assets for future generations
  • To help with inheritance tax planning.

Some key types of Will Trust are: –

Life Interest Trust Wills

These Wills can be used to place assets into Trust to provide a benefit or income to beneficiaries during their lifetime.  You can leave a life interest in property or other assets.  For instance, you may want to grant your partner the right to continue living in your property after your death while stipulating that other beneficiaries should ultimately inherit the property.

Right of Occupation

A type of Trust which can be used to provide a beneficiary with a right to occupy property but limited to a certain period of time.

Discretionary Trust Wills

A flexible Trust which can be used to benefit a number of potential beneficiaries.  They can also be used to protect assets for a vulnerable or disabled beneficiary.  Trustees are appointed to look after the assets and decide when and how to release these to beneficiaries.  Trustees can consider changes of circumstances after your death and you can provide a letter of wishes to guide them.

If you are looking to make a Will or would like to discuss in more detail, please get in touch so that one of our experts can guide you through the process.