Types of Wills

There are four main types of Will:

Basic Single Will

Includes the appointment of executors, appointment of guardians, gifting of specific gifts or legacies, the gifting of the remainder of the Estate, funeral
directions. This type will is suitable for individuals who merely want to ensure their assets pass to beneficiaries of their choice.

Basic Mirror Wills (for couples)

Involve the same as a Basic Single Will but they are designed for spouses, civil partners, or co-habiting partners. The Wills are basically identical, but
for the name of the partner.

Property Trust Wills

To help protect the value of your home from the effects of long term care or remarriage. If the possibility of your home having to be sold to pay for care
fees concerns you or the thought of your Estate passing to someone other than your children through remarriage worries you, then you should consider
creating Property Trust Wills.

Discretionary Trust Wills

For those with large estates, where you can protect assets or the interests of your beneficiaries themselves. 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.

Previously, Discretionary Trust Wills were primarily completed by people wanting to mitigate their Inheritance Tax liability. The changes in the rules have
reduced their necessity to a certain extent but, if you want to have long term asset protection whilst still retaining your options to mitigate Inheritance
Tax (particularly if you have business assets), then Discretionary Trust Wills are still an appropriate planning tool.

 

Read more about making a will:

 

Contact us about your probate matter 02071830084 or email probate@olaleslie.com

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