Understanding The Different Types of Wills
In the UK, there are several types of wills that individuals can create to ensure that their wishes are carried out after their death. Each type of will has its own advantages and may be more appropriate depending on the individual's circumstances.
In this article, we will discuss some of the most common types of wills in the UK.
Types of Wills
Standard Will
A standard will is the most common type of will in the UK. It is a legal document that outlines how an individual's assets and property will be distributed after their death. This type of will is suitable for most individuals who have straightforward estates and do not require any special provisions. A standard will typically includes details of the executor, beneficiaries, and how the estate will be distributed.
Mirror Will
A mirror will is a type of will that is created by a couple, usually spouses or civil partners. This type of will is created when both individuals want to leave their assets to each other and then to their children or other beneficiaries. The wills are typically identical, with each individual naming the other as their executor and primary beneficiary.
Living Will
A living will, also known as an advance directive, is a legal document that outlines an individual's wishes regarding medical treatment in the event that they become unable to make decisions for themselves. This type of will is used to provide guidance to family members and healthcare professionals about what medical treatments an individual wants or does not want to receive in the event of a serious illness or injury.
Trust Will
A trust will is a type of will that includes a trust, which is a legal arrangement in which assets are transferred to a trustee for the benefit of one or more beneficiaries. This type of will is commonly used when an individual wants to protect assets, such as property or money, for the benefit of their children or other beneficiaries. Trusts can also be used to minimise inheritance tax.
Holographic Will
A holographic will is a type of will that is entirely handwritten and signed by the testator. This type of will is not common in the UK, as it is generally considered to be less reliable than a professionally drafted will. Holographic wills are also more likely to be contested in court, as they may not meet the legal requirements for a valid will.
In conclusion, there are several types of wills in the UK, each with its own advantages and suitability depending on an individual's circumstances. It is important to seek professional advice when creating a will to ensure that it is legally valid and meets your wishes. A properly drafted will can provide peace of mind for you and your loved ones, and help ensure that your assets are distributed according to your wishes after your death.
