A Will is a document that allows you to leave money, possessions, or assets to certain people after your death. These people are known as beneficiaries. You can also leave gifts to charities in your Will, and you can include funeral wishes in your Will. Therefore, making a Will is important to ensure your wishes are followed.

There are three types of Will you can make. These are:
• Single
• Mirror
• Trust

Single Wills

A single Will is a Will that one person makes. In a single Will, you have full control of where your money, possessions and assets go when you die. You can also decide how you want your things to be split between them. It allows you to decide who will protect inheritance to any children under 18, and who will look after them. You can also have control over who you want to sort out your Will after your death.

Mirror Wills

This Will is commonly used by married and unmarried couples who have similar wishes about where they want their possessions to be left. Mirror Wills are two separate legal documents that are practically identical in every way, only differing in the name and possibly the funeral arrangements. However, after a mirror Will has been made, either person can subsequently change or update their Will. This is the same after one of the people has died, as there is no legal obligation to keep the original mirror Will.

Trust Wills

These types of Will can offer increased protection of your assets for your loved ones. The purpose of a Trust Will is to hold the money you would like to leave to a particular beneficiary in a trust. Commonly, they are used in examples such as: if you remarry but have children from a previous marriage, or if you wish to leave something to a disabled or vulnerable person in your Will.

There are a few different types of Trust Wills. These are:
• Property
• Life Interest
• Discretionary

Types of Trust Will

Property Trust Wills can guarantee who benefits from your share of any property you own with a partner. This includes if they remarry or write a new Will. They can also help reduce the potential impact of residential care fees on the property value.

Life Interest Trust Wills can help if you have significant investments or assets. They can help you guarantee who benefits from your investments and assets, and who benefits from any income generated from these investments.

Discretionary Trust Wills allow you to appoint someone to manage inheritance on behalf of a vulnerable person. It guarantees that vulnerable loved ones are given help in managing their inheritance. Also, it reduces the risk of the inheritance affecting their state benefits. Vulnerable people include people with a disability, both physical and mental, people who lack the mental capacity to make their own decisions, and people who may be struggling financially.

Making A Will to Protect Children

If you have children under the age of 18, then making a Will allows you to name who you would like to look after them when you die. This person will also be responsible for their finances and education. For children over the age of 18, making a Will can ensure that they get the maximum benefit of their inheritance. Additionally, you can choose when they receive their inheritance and how much they get.

In a case where you have stepchildren, or children from a previous relationship, then naming them in your Will can also ensure that they are correctly provided for. The children must be named correctly in your Will, because, if you die without a Will, then they may not receive anything.

If Someone Dies Without Making A Will

In England or Wales, if someone dies without making a valid Will, then the law decides who gets what. If you have no living relatives, then all your property, money and possessions go to the Crown. Also, if you have children under 18, then other people can make decisions about who will take care of them and manage their finances, education and living arrangements until they turn 18.

If You Own Property with Someone Else

There are two different ways you can own property with someone else that can affect your Will. These are joint tenants and tenants in common. If you own property with someone as joint tenants then your share of the property automatically goes to the other person. This is despite what you may state in your Will. Being tenants in common means you may leave your share of the property to someone other than the other owner.

The Role of an Executor in Making A Will

Executors are people you name in your Will to carry out your wishes after you die. They are responsible for all aspects of your affairs after you die. Their responsibilities include arranging your funeral, notifying organisations that you have died, dealing with any tax bills, and distributing your Estate to the beneficiaries listed in your Will.

How We Can Help

Here at The Inheritance Experts, we work with solicitors who have a wealth of experience dealing with Wills. Contact us today by filling in our contact form or by calling us on 01614138763 to speak to one of our friendly knowledgeable advisors.