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Which will is best for you?
The simplest type of will is known as a mirror will. These are typically made by married couples and involve leaving the entire estate to the other when the first person passes away, and children, or other beneficiaries, when the second of the couple dies.
Alternatively, you could make a discretionary trust will. This type of will involves putting all or some of your assets into a trust which are ring-fenced and managed by trustees. The trustees have absolute discretion to decide who gets what and when.
The final type of will, which is usually made when entering into a second marriage, is a life interest trust will. These wills typically involve leaving your respective half share of your home, and any other assets, into a trust for the benefit of your spouse during their lifetime. After your spouse dies, the assets pass to your chosen beneficiaries. This type of will also ring-fences assets and helps provide certainty that your chosen beneficiaries will ultimately inherit your estate. These types of wills can assist in protecting assets when it comes to paying for care.
There is no “one size fits all” for wills and what is best for you depends on your own circumstances. This is why it is important that you take specialist legal advice to find out the best way to provide for your loved ones.
If you are unsure what will best suits your needs, a member of our specialist team can help you.