Manchester, United Kingdom – If you’re one of the many millions of UK adults without a will, then you should think about writing one as soon as possible to ensure your loved ones are protected once you are gone.
There are many different types of wills available and you should seek professional advice to make sure you choose the right will tailored to your individual circumstances.
Below is a handy guide from The Co-operative Legal Services to some of the different kinds of wills and who they’re suitable for. This information does not constitute advice; you should always seek advice from a professional will writer which will be tailored to your individual circumstances.
- Single will
A single will is a will designed for one person. It allows you to appoint people you trust to be executors of your estate, appoint legal guardians for any children you have under 18 and name family and friends who you wish to inherit from your estate. It also allows you to record any specific wishes regarding charities, pets or your funeral arrangements.
- Mirror will
The main difference between a single will and a mirror will is the fact a mirror will is for couples who have similar wishes.
A mirror will allows you do all the things a single will does, however the wishes are mirrored between the couple for example, a husband chooses to leave his entire estate to his wife and the wife chooses to leave her entire estate to the husband and then onto their mutual children.
- Life interest trust will
A life interest trust will can be helpful in situations where you would like a loved one to benefit from your assets during their lifetime but ultimately you want to ensure that those assets are passed to individuals you choose.
For example you may decide to make your home the subject of a life interest trust; this will mean that you can nominate someone to live in that property for either the rest of their life (or a lesser period) but once that individual passes away, rather than that property passing under their Will, the property Will be inherited by those individuals you named in your Will.
Wills of this type are particularly useful in cases of second marriages where you have children from former marriages; it allows you to take care of your new spouse whilst ensuring that your property is ultimately inherited by your children. This type of trust is also widely used in cases where people have concerns regarding their partners re-marrying or in cases where individuals wish to limit the impact of care home fees upon their estate.
- Discretionary trust will
A discretionary trust will is often used to protect vulnerable loved ones when you pass away. For example, you may be leaving your estate to one of your children with a disability. The discretionary trust will ensures they will get help in looking after their inheritance in the right way.
- Living will
The main purpose of a living will is to allow you to record what you would like to happen regarding any future medical treatment or care that you may receive in the event that you cannot communicate those wishes at the time.
It is important to remember that a living will only deals with your wishes regarding medical treatment when you are alive. You should ensure that a will is also in place to handle your affairs in the event of your death.
- Lasting power of attorney
Although not a will, a Lasting Power of Attorney can be very helpful during your life time.
There are two main types of lasting power of attorney; property and financial affairs and health & welfare.
A power of attorney is a legally binding document which allows you to appoint people you trust to make decisions on your behalf concerning your property and financial matters, health & welfare or both.
A lasting power of attorney can be written to take immediate effect upon registration if you feel you’re no longer capable of making decisions about these matters, or it can be scheduled for a point in the future stated by yourself.
A lasting power of attorney can be useful if you are abroad, physically or mentally incapacitated or simply want someone to help you manage your affairs.
The Co-operative Legal Services help people decide which type of will is right for them, as well as provide a professional will writing service for UK residents.
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