Making a Will.
Making a Will can be an emotional and reflective time, when you consider your wishes and decided what you want to happen to your estate when you are gone. Our expert Wills & Probate team can support you for every step of the Will-making process, to make sure your wishes are carried out exactly as you want them to be.
What is a Will and why do I need to make one?
A will is a legally binding document that sets out instructions for who will inherit your estate and what should happen after you die. It states how you would like your possessions (your ‘estate’) to be distributed when you die and can also include details such as who you want to bring up any children you have, and what kind of funeral you might like. It can also be known as your last will and testament, and it is a legally binding document.
When you make a Will, you ensure that your estate passes to those you wish it to when you are gone, giving you peace of mind and certainty for the future. Ensuring you have made a Will can save many complications for your loved ones at a time that is already filled with emotion and stress.
This handy blog shares more information on why you should make a Will, and where to start.
Watch: Why you need a Will
Types of Will.
Here, we’ve explained the main types of Will you can make and what each one entails.
Single Will - a Single Will is perhaps the most familiar and suitable type of Will for any individual person to outline their wishes. While Single Wills are generally for people who are not in a relationship or are divorced, they’re also used in circumstances when your wishes differ from your spouse, or if your spouse already has a Will.
Mirror Wills – Mirror Wills are designed for couples who have the same wishes. There are in fact two documents produced, one for each person, but each Will reflects the other, hence the term ‘mirror Will’.
Trust Wills – there are different types of Trust Wills, which gives you flexibility over your property and assets and how they’re managed. These different types are a Property Trust Will, which protects property in your estate, and a Flexible Life Interest Trust Will, which is similar to a Property Trust Will but protects assets.
Living Will – another type of Will is a Living Will, legally referred to as Advance Decisions. This is a document that outlines any medical treatments you don’t want in the future and it will only be used if you are unable to make or communicate those decisions. Living Wills are commonly used to refuse life-sustaining treatment such as being given CPR or being put on a ventilator, or to outline what treatments are not to be used to treat a long-term disease such as cancer, for example, by refusing surgery.
Advance Decisions are legally binding in England and Wales, and if a healthcare professional knows you have one, they must follow it.
For more information or to make your Will, contact our team today.
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