It’s very easy to delay making a Will and many people think that it is only something you should do in later life. It’s actually one of the most positive, beneficial things you can do to protect your family’s future! A Will is a legal document that gives you complete control over what happens to your assets, money and possessions after your death. If you die without making a Will – intestate – the law will decide who will inherit your estate.
There are several types of Will and it is important to choose the right one for you. By doing this you can ensure that your estate is protected for your beneficiaries. Here’s a brief explanation of the different types of will available to you:
- Single Wills – this is a Will for single people and will name beneficiaries, executors who will administer the estate and any specific wishes.
- Mirror Wills – this is a Will for married couples including unmarried partners or those in a civil partnership and will reflect the similar wishes of the couple.
- Property Trust Wills – are for people who wish to protect their property for future generations. A surviving spouse or partner can be granted the right to live in the property for the rest of their life. The Trust also protects your share of the property should your partner re-marry or become liable for care home fees.
- Discretionary Trust Wills – this will protect vulnerable beneficiaries and appoint Trustees to look after their inheritance on your behalf. This type of Will could also be used to save Inheritance Tax for unmarried couples.
- Living Wills – allow you to specify the type of treatment that you would, or would not, like to receive should you become seriously ill.
- Lasting Power of Attorney – allows you to nominate another person or people to administer your assets in the event that you become unable to do so.
Julie Frampton is an experienced Wills Executive at Frettens; she comments ”Our Private Client Team are specialists in all areas of Wills and probate, estate administration, tax planning, trusts and dispute resolution can advise which is the best option for you. You can find more information on Wills on our website. Please contact us if you would like to arrange a free initial appointment to discuss what is best for you.”