A
will is a document that outlines how your property will be distributed once you are deceased.
There are various types of wills:
1. Single Will
This is a will for anyone wishing to put down their wishes. If you are married or in a relationship, this can also work in the event that your partner/spouse already has a will or has different wishes.
2. Mirror Wills
This is for couples who have the same wishes on how their wealth should be distributed.
Although there are two separate documents produced in this will, the contents of the will are similar to each other.
3. Trust wills
This is when you give a spouse or other beneficiaries a right to benefit from your property for the rest of their lifetime. You will need to appoint trustees to your estate/property and choose a beneficiary(s). The trustees determine when and how beneficiaries receive their benefits.
4. Wills for young children
This is when the main beneficiaries in the will are young children. Parents appoint guardians/trustees who will look after property/estate until their children are old enough to do so themselves. Parents can either go for professionals e.g. solicitors or alternatively people they trust.
5. Specialist wills
Although other beneficiaries are listed or trustees appointed, in this type of will, clients ensure that property is passed along the bloodline of the family.
Special wills can also be written to include trust for disabled or vulnerable people.
