What type of wills are there?
Different types of wills can be written depending on the person’s circumstances. Every kind of will has unique characteristics and choosing the right one helps ensure that your wishes are correctly executed.
A single will is intended for individuals who are not looking for a Trust Will. Instead, this will is meant to record only the personal or own individual wishes of the person. This is the most straightforward type of will and is also the most common. Before having a will written, consider the following:
- Who will be the beneficiaries of your estate?
- In case the intended beneficiaries pass before you, where will your estate go to?
- Who will be listed as legal guardians of children under 18?
- Are you going to leave any money for charity?
- Do you intend to make specific arrangements for your funeral?
- Who will be the executor or executors of your estate?
Once you have made these decisions, you can hire the services of a professional will writing service or your solicitor.
This type of will is intended for couples who have the same wishes. You and your spouse or partner should decide on what you want to be written on your mirror wills. While the wishes in the will are supposedly identical to each other, minor differences are allowed. For example, each of the parties can have different funeral arrangements or bestowal of gifts for sentimental reasons.
This type of will is chosen by individuals who want to put a portion of the estate into a trust. How this works is that the asset placed in a trust will be held and managed by a trustee and released to the beneficiary at a given time. This is a good option if the intended recipient is not yet capable of managing his affairs such as in the case of minors, persons with disability, or someone with a severe illness.
There are different types of trusts to choose from namely: discretionary trust, property trust, and a life interest trust. You can speak with an expert before deciding on the type of trust you want. This is very important because trust wills must be explicitly worded.
You can get your will professionally written by our expert advisers in as little as two weeks. We can also schedule face to face consultation if preferred by the client.
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