Types of Wills in the UK
A Basic Will is suitable for people who wish to have a straightforward Will in place to ensure that their assets pass to whom they wish. By preparing a Basic Will, you can choose who you wish to appoint as your executors and guardians of children under 18. You can also make specific gifts of money or property and decide who is to receive the remainder of your estate. Funeral requests can also be included
This is a suggested a mirror of a basic single will
If you are married, in a civil partnership or cohabiting, you may prefer to make Basic Mirror Wills so that your spouse or partner’s assets are protected too.
Property Trust Wills can be prepared to protect at least one half of the value of your home from care fees in the event that the survivor of joint home owners requires residential/nursing care later on in life. Property Trust Wills can also be used to protect your children’s inheritance in the event that your spouse/partner re-marries after your death.
Discretionary Trust Wills can be prepared to protect assets or the interests of beneficiaries themselves (i.e. if one of your children has learning difficulties or is having matrimonial or financial problems). Discretionary Trust Wills are also appropriate where there are business interests, to maximise the availability of Inheritance Tax relief without compromising your long term aims for the family.