Why make a Single Will
A single will is designed for you as an individual. It allows you to: appoint executors, people whom you trust to carry out your wishes after you are gone; name beneficiaries of your estate including specific gifts; appoint guardians to any children aged under 18 years old at the time of your death; and detail and specific requests such as your funeral arrangements, arrangements for pets and donations to charity.
Why make a Mirror Will
Whether you are married, unmarried or in a civil partnership, a mirror will is ideal if you and your partner have similar wishes. You both make individual wills that are almost identical, they mirror each other. A mirror will (like a single will) allows you to appoint executors, people whom you both trust to carry out your wishes after you are gone; name who you would both wish to be beneficiaries of either specific gifts or your death; detail any specific requests such as your funeral arrangements, arrangements for pets and donations to charity.
Why make a Property Trust Will
If you and your partner own a property together and wish to protect it for future generations, a property trust will is the ideal will for you. With a property trust will you can state whom you would like to benefit from your share of the property as your beneficiaries can inherit a percentage share while allowing your partner the right to remain in the property for the course of his or her lifetime. This guarantees that the person or persons you wish to benefit from your share of the property will inherit even if your partner remarries of makes a new will. This can also help lessen the impact of residential care home fees should your partner be in need of residential care after you are gone, as he or she will be assessed on only their 50% share of the property.
Why make a Life Interest Will
A Life Interest Trust Will ensures that the financial legacy from your assets, property and other investments goes to ultimate beneficiaries of your choosing even if your surviving partner remarries or has a new will written after your death. The surviving partner has a life interest in the assets but on his or her death the assets go directly to the children or other chosen beneficiaries. This type of will is particularly useful for couples who have children from a previous relationship, they ensure that their new partner is financially secure but ultimately ensure that their own children benefit on his or her death.
Why make a Flexible Life Interest Trust Will
A flexible life interest trust will ensures that the financial legacy from your assets, property and other investments goes to ultimate beneficiaries of your choosing even if your surviving partner remarries or has a new will written after your death. The surviving partner has a life interest in the assets but the trustees have the power to appoint property away from the spouse in favour of the other beneficiaries. This type of trust tends to be more tax efficient than a discretionary trust. Flexible life interest trust wills ensure your surviving partner has the benefit of your joint property whilst lessening the impact of care home fees on the total estate should he or she need residential care after you are gone.
Why make a Discretionary Trust Will
Discretionary trust lost favour after the introduction of the transferable nil band between spouses and civil partners. There are however situations and circumstances where a discretionary trust will is beneficial if, for example, you have complex family arrangements with stepchildren or children from second or subsequent marriages, or assets which are likely to grow in value after your death or are eligible for agricultural of business property relief. They can also help couples who are not married or in a civil partnership with inheritance tax planning as these couples do not benefit from the transferable nil band rate.