Types of Will
Types of Will
There are more types of Will than you might think.
Below you'll find brief descriptions of the various Wills
which may be what you are looking for.
Single and Mirror Wills
Single Wills are designed for one person, whereas Mirror Wills
are for couples who have similar or identical wishes. Mirror Wills
can be issued to couples who are married, unmarried or in a civil
partnership.
Through Single or Mirror Wills you will be able to elect
Executors to manage your estate, appoint Guardians for children and
give details of who you wish to receive specific
possessions. You can also set out any wishes regarding donations to
charities or funeral arrangements.
Property Trust Wills
Property Trust Wills are geared towards those with a particular
interest in protecting the value of a property for future
generations. The advantage of this type of Will is that the
value of the property will not be diminished by care fees and can
be protected to pass on in its entirety to children after the
remaining survivor of a marriage dies. This type of Will may be of
interest to couples who don't want their house to be sold to pay
for possible residential care for the surviving partner.
Flexible Interest Trust Wills
Similarly to Property Trust Wills, Flexible Interest Trust Wills
cater for those with property, but also to those with large
savings. It allows one to use the income generated by one's
investments to support another person (such as a surviving spouse)
until their death, while protecting the capital value of those
investments for future generations. As with the Property Trust
Will, it also protects the estate from being eroded by care home
fees.
Discretionary Trust Wills
As well as all the features of a regular Will, a Discretionary
Trust Will helps to safeguard the inheritance of vulnerable loved
ones through the appointment of Trustees, who will act on their
behalf. This can give you the peace of mind of knowing that these
vulnerable loved ones will be given adequate assistance in
receiving their share of your estate from people whom you trust as
a Trustee.
Vulnerable beneficiaries who could be helped in this way
are:
- Those who are mentally or physically incapable of managing
their own affairs
- Those who are in debt or struggling financially
- Those with disability whose entitlement to state benefits may
be jeopardised by receiving inheritance
Living Will
A Living Will is a means of declaring what you want to be done
regarding medical treatment if your health should
deteriorate to the point where you can no longer express your
wishes. A Living Will gives you and your family the peace of
mind of knowing that you will be treated in a way that you would
approve of. When questioning life-sustaining treatment, you can
reject its use through a Living Will. Such refusal of
treatment is legally binding, but requests for specific
treatment or therapy are not.
Nevertheless, it can still give guidance and reassure families
that the Will maker is willing to try anything to extend their
life and that they are not prolonging the life of the sufferer
against his or her wishes.
Lasting Power of Attorney
A Lasting Power of Attorney (formerly known as Enduring Power of
Attorney) is a legal document through which you can
invest others (attorneys, not necessarily solicitors) with the
authority to handle your financial matters on your
behalf. These are useful when somebody feels they no longer have
adequate mental or physical capacity to make crucial decisions or
when someone is stationed abroad and too distant to properly manage
their financial dealings. As the name suggests, the validity
of the document persists even when the issuer of the Power of
Attorney becomes unable to make decisions for themselves.
If not given the legal green light through a Lasting Power of
Attorney, your relatives may find it very difficult to deal with
your financial affairs if your health starts to
deteriorate.