Types of Will
Single Will
A Basic Single Will valid in England and Wales typically covers the following:
- appointing guardians for your children
- appointing executors
- allocation of specified gifts or legacies
- allocation of the residue of the Estate
- funeral instructions
This kind of will is suitable for individuals without complex arrangements.
Mirror Will
A mirror will is designed for your spouse, co-habiting partner or civil partner. A mirror will is basically identical to the original single will but for the name of the partner.
Property Trust Will
A Property Trust Will is a good option if you want to have more control over your property after your depth. This is relevant if you are concerned about your house being passed to someone other than your own children through remarriage.
Discretionary Trust Will
If you are looking for long term asset protection that doesn't significantly affect your options to mitigate Inheritance Tax (especially if you have significant business assets), then a Discretionary Trust Will could be a good choice.