One of the most important legal documents that you will make is your last will and testament, where this allows you to control what happens to your property and finances after you die. Without an official will your estate could be left in chaos, which may result in disagreements amongst business associates or family members.
To clarify your intentions, you should make a will with your solicitor as soon as possible, where this should be updated if your wishes or financial circumstances should change. There is more than one type of will on offer to suit a range of different requirements – read on to learn more about these different types and their importance.
Single Wills
This is the most common type of will, outlining an individual person’s wishes for their estate after they die. These are made by single people or those that have different wishes for their property than their spouse, where they are also utilised if a spouse already has a will.
Mirror Wills
These wills are used if a couple have the same wishes regarding their estate, where if one spouse dies everything passes to the surviving spouse. These wills depend on trust between the two parties, as it is possible for the surviving spouse to alter the will after the death of their partner.
Discretionary Trust
This allows you to leave part or all of your will to a trust, where named trustees will manage this and facilitate the transfer of contents to the trust’s beneficiaries. This is typically used to name young children as beneficiaries, or to provide for individuals in debt.
Property Trust
These wills allow a named person to benefit from a property whilst safeguarding it for other beneficiaries. This is especially useful for allowing a spouse to remain in a property whilst ultimately leaving it to your children.
Living Wills
Also known as Advance Decision, these wills allow a person to make legal choices about their health and care whilst they are still able to do so. This is typically used if someone wants to prohibit the use of lifesaving care in the future, such as ventilator usage or resuscitation.
Richards & Lewis: Dependable Will & Probate Support
At Richards & Lewis, we can assist you with a range of will related legal matters, whether you’re looking to create a brand new will or you need to speak to one of our probate solicitors about getting a will authenticated. We’re a leading solicitors firm in Ebbw Vale for wills and probate matters, so get in touch with one of our experts today to find out more about how we can help.
