Different Types of Wills - Which Is Best for You?

Having a Will is one of the most important considerations you should make, helping to safeguard assets and protect your wealth for future generations. The presence of a Will also has legal significance too - it ensures that inheritance is distributed following your wishes, rather than through the Rules of Intestacy - where you die without a Will (intestate).

However, there’s not just one type of Will so it’s important that you choose the correct type for your needs . In this article we will explore the different types of Wills to help you find the most suitable for your needs; however, as always - if you need any help we would always recommend you contact our team so that we can use our expertise and knowledge to guide you.

What to Consider Before Drafting a Will

When writing a Will, there are several key considerations you should make to ensure it accurately reflects your wishes. These include:

• Who would you want your executor to be?
• What is your current relationship status?
• Who will be the primary beneficiaries of your estate?
• Would you like to leave a gift to a charity or certain individuals?
• Who would you like to have guardianship over your children?

The Different Types of Will Available

Standard Wills

Standard Wills are ideal for those with uncomplicated estates. They offer clear, straightforward instructions about what should happen with your wealth, ensuring that your assets are distributed as you wish. There are two main types of standard Wills: Single and Mirror.

Single Wills

Single Wills are the most common in the UK, often chosen by individuals who are single, have different wishes from their partner, or have a partner with an existing Will.
They typically involve the following aspects in relation to an individual’s wishes:

• Drafting a clear statement of wishes regarding asset distribution.
• Appointing executors to manage the estate.
• Naming guardians for any minor children.
• Addressing specific personal items.

Mirror Wills

Mirror Wills are essentially two almost identical Wills, typically created by those who are married, unmarried, or in a civil partnership, where each partner’s document mirrors the other’s instructions regarding asset distribution and care for children.

A common example is when one first partner leaves all their assets to the other partner, and vice versa; whichever partner passes away last leaves everything equally to their children. Here’s what is typically involved:

• Ensuring that both Wills reflect almost identical terms and conditions.
• Simplifying the process by coordinating wishes for shared assets and guardianship.
• Offering cost-effective planning for couples with similar estate planning goals.

Mirror Wills are not the same as Joint/Mutual Wills.

Trust Wills

Wills can incorporate a trust that comes into effect after you die, allowing you to set conditions on asset distribution. They are particularly beneficial for those with complex estates, such as high-net-worth individuals (HNWIs). Such Wills offer security and flexibility for the family, and often come in four types: Discretionary, Property, Life Interest, and Flexible Life Interest.

Discretionary Trust Wills

A Discretionary Trust Will grants trustees the discretion to decide when and to what extent beneficiaries benefit from the estate. It provides the reassurance that vulnerable family members will be assisted in the management of their share of inheritance, whilst preventing creditors from accessing the funds. They often involve:

• Setting up a trust within the Will with clearly defined powers for the trustees.
• Outlining parameters for discretionary distribution, allowing flexibility to adapt to beneficiaries' needs.
• Protecting vulnerable beneficiaries who might need guidance in managing their inheritance, such as young children or those with learning disabilities.

Life Interest Trust Wills

Life Interest Trust Wills (also known as “Interest in Possession Trusts”, or “Property Protection Trusts” where the trust asset is a property) allow a beneficiary to benefit from an asset (typically through income or use) for their lifetime, while the underlying capital is preserved for other beneficiaries after their death. The initial beneficiary who uses the asset is known as the “life tenant”, whilst the individuals who will inherit after the life tenant dies are known as the “remaindermen”. Let’s take a look at what they involve:

• Creating a trust that provides the beneficiary with a life interest, such as living in a property or receiving regular income derived from an asset.
• Ensuring that after the beneficiary’s lifetime, the remaining assets are transferred to the designated remaindermen.
• Balancing immediate support for a surviving spouse or dependent with long-term preservation of the estate for future inheritance.

Life Interest Trusts are often used where one or both parties have children from a previous relationship. The trust is created to allow the second spouse to remain living in the property (or receive the rent from the property) for the rest of their lives (or until a specific event occurs) but, at the same time, protecting the property for the children who will ultimately benefit from the property once the trust comes to an end.

Flexible Life Interest Trust Wills

These are similar to standard Life Interest Trusts but include additional flexibility, allowing trustees to modify benefits or terms based on their changing circumstances. These are often used by those with complicated family situations; for example, they allow children from a previous relationship to benefit from the estate. They usually involve:

• Drafting provisions that enable adjustments in distributions or conditions in response to beneficiaries’ changing needs.
• Empowering trustees with the ability to respond to unexpected events, such as financial situations or health requirements.
• Balancing ongoing support for a beneficiary with the ultimate goal of preserving assets for future generations.

Joint Wills (or Mutual Wills)

Joint or Mutual Wills are legally binding agreements between two individuals, usually spouses, ensuring that once one party passes away, the surviving party cannot alter the agreed terms - unlike a Mirror Will. This type of Will is ideal for those who want to ensure their assets are distributed according to a fixed agreement, even after one partner’s death. They involve:

• A pair of Wills (Mutual Wills) outlining identical or complementary wishes.
• A legally binding agreement preventing the surviving partner from changing the Will after the first partner’s death.
• Typically used to ensure assets pass to agreed beneficiaries, such as children from a previous marriage.
• Formal legal drafting to avoid disputes and unintended alterations.

Mutual Wills can have a number of unexpected consequences and so it is vital that professional advice is taken before entering into such Wills.

Statutory Wills

Statutory Wills are drafted and approved by the Court of Protection on behalf of an individual who lacks testamentary capacity (the mental capacity to make decisions about their estate). To arrange a Statutory Will, an application must be made to the Court of Protection by an authorised individual, such as someone with Power of Attorney or a Court of Protection Deputy.

This type of specialist Will involves the following:

• Providing evidence that the person does not have the mental capacity to create or update a Will themselves.
• The court assesses the individual's best interests, considering their previous wishes, family circumstances, and financial situation.
• A legally binding Will being drafted and approved by the court to ensure fair and appropriate distribution of assets.

Living Wills (or Advance Decisions)

Living Wills, also known as “Advance Decisions”, are not actually Wills, despite their name. This often leads to confusion.

Living Wills are legal documents that specify your preferences for medical treatment should you become incapacitated. For example, they could provide guidance over whether you’d like to be resuscitated or receive chemotherapy. Unlike Wills, they don’t deal with assets and won’t affect how your estate is distributed when you die.

Advance Decisions can include the following:

• Clearly outlining which medical treatments or interventions you do or do not want.
• Addressing decisions about life-sustaining treatments, resuscitation, and end-of-life care.
• Serving as a guide for healthcare professionals and reducing the burden on family members during important decisions.
• Ensuring your personal values and wishes are respected in scenarios where you cannot speak for yourself.

What Type of Will Do I Need?

The decision regarding the most appropriate type of Will lies with the specific requirements of each individual and family. You’ll need to consider your wealth, valuation of assets, and family relationships for the most accurate estate planning process. If you’d prefer a simple, straightforward distribution of inheritance, then a Standard Will may be best suited for your needs. On the other hand, if you have significant assets or more complicated family dynamics, incorporating a trust into your Will is recommended.

To get the best insight, we suggest you contact a team of Will-writing experts, such as Culver Law. Our legal professionals are familiar with the most appropriate options for the long-term planning of your estate and wealth, helping you to come to the most favourable conclusion for both you and your family.

How Do I Write a Will?

Although DIY Wills aren’t uncommon, it’s highly recommended that you consult an expert when writing a Will. Whilst we do not recommend a DIY approach, typically this is how the process works:

1. Inventory Your Assets: List all your property, investments, and valuables.
2. Choose Beneficiaries: Decide who will inherit your assets.
3. Appoint an Executor: Select a trusted person to manage your estate.
4. Draft Your Will: Clearly state your wishes regarding asset distribution and guardianship for minors, as well as if you’d like to establish a trust alongside the Will.
5. Sign and Witness: Sign the Will in the presence of independent witnesses as required by law.
6. Store Safely: Keep the original document in a secure place and inform your executor of its location.

Contact Us for Legal Assistance About Wills and Probate

It’s vital that you consult a legal professional when drafting a Will, and at Culver Law, we’ve got all the expertise needed to ensure it is both legally sound and accounts for all your wishes. Certain types, such as Joint Wills, can be particularly technical; through our guidance, we’ll assist you in navigating this complex process.

To arrange a consultation with a member of our Wills and trust experts, simply get in touch with us today, and we’ll answer any questions you may have.