While many people will know what a Will is in relation to leaving behind assets for loved ones when you are gone, few people realise that there are in fact different types of Wills that exist in the U.K.
Therefore, if a loved one passes away and leaves a different Will type from the standard type that many people are used to, it can leave family members feeling confused and frustrated.
In this article, the 4 different types of Will which are commonly seen in the UK will be explored and broken down into simple language by probate solicitors. Enjoy!
Standard or straightforward Will
This is (as the name suggests), the most common or straightforward Will type that exists.
If you are over the age of 18 and are looking for a way to protect your loved ones when you pass away, the majority of probate solicitors near Portsmouth will help you to complete this type of Will.
This Will allows you to name beneficiaries (people, organisations or charities who will receive your assets when you die), and can also allow for the disbursement of personal or sentimental possessions.
Mirror Wills
Commonly used if you are in a married couple or civil partnership, mirror Wills are useful if you and your partner have similar wishes regarding what will happen to your shared assets when you die. Probate solicitors from Portsmouth are also able to draw up this Will type if you are a married couple, who also have shared assets.
Whichever person in the partnership passes away first will have all of their assets transferred to the other person’s possession, due to laws surrounding this Will and laws concerning next of kin. Once the second person who completed a mirror Will passes, then their shared assets are distributed accordingly.
Living Will
This Will type allows you to decide in advance which medical care you wish to receive, should you lose the capacity to make such decisions later in life. The desire to have this kind of Will completed could be influenced by religious beliefs or may be pre-emptive if you have been diagnosed with a neurological, degenerative disorder such as Alzheimer’s. Your family and doctors are legally obliged to uphold the wishes pertained in a living Will.
Will trust
While this Will type is actually quite rare, it still counts as valid under UK law.
A Will Trust is frequently set up by parents who have been diagnosed with a terminal illness and have young children, but still, wish to provide for their futures. This Will type can protect any property or assets from being sold until your oldest child reaches the age of 18, at which time they can legally access it.
This Will type also involves naming a Trustee, who may be a family member, a solicitor or a friend, who will ensure that all the assets mentioned in this Will type are managed correctly, and are eventually inherited by the children in the Will.