Writing a will is important for several reasons; it protects your assets, allows you to choose how they’re divided and gives you the peace of mind that your loved ones will be taken care of. A will is a secure legal document which allows you to lay out how you’d like your estate to be divided after you pass, but which type of will is right for you?
There are several types of will available, and some may suit your situation better than others. It’s essential to ensure that you get the outcome you desire, so read on to find out more about the different types of will to help you decide which one you need.
This type of will allows an individual to state their wishes, but you don’t have to be single to make a single will. They’re popular amongst people with children from a previous relationship or if you have different wishes than your spouse. A single will lays out how you’d like to divide your assets, and you can also include details for your funeral or who you’d like to receive sentimental and personal items.
These wills are designed for couples with the same wishes; each individual gets their own will, but the documents ‘mirror’ each other. When one spouse dies, their estate automatically passes to the surviving partner and items are distributed according to the will once the partner has also passed.
Mirror wills require a lot of trust, and individuals should be aware that their partner can make changes to their will without the other knowing. The surviving spouse can also change their will after their partner has died, so it may no longer reflect the deceased’s original wishes.
Trust wills give an individual greater flexibility over how their property and assets are managed, and they offer extra security too. A discretionary trust allows you to leave part of your estate (or all of it) in a secure trust managed by appointed trustees. You’ll also need to name beneficiaries of the trust, and your estate won’t be divided until after you’ve passed. Trust wills often are used to benefit minor children or anyone in debt, as creditors can’t access funds in the trust.