Types of Will Explained
Flint Bishop are pleased to offer four types of Will application. We have a "Basic Single Will" for individuals with straight forward requirements and "Basic Mirror Wills" for spouses, civil partners and cohabities.
"Property Trust Wills" and "Discretionary Trust Wills" applications are for those with more complex estates or those wanting to protect a share in the family home from the effects of long term care or remarriage.
To help you find the right type of Will for you, we have written the simple guide below.
Basic Single Will
A Basic Will is suitable for people who wish to have a straightforward Will in place
to ensure that their assets pass to whom they wish.
By preparing a Basic Will, you can choose who you wish to appoint as your executors, trustees and guardians of children under 18. You can also make specific gifts of money or property and decide who is to receive the remainder of your estate. Funeral requests can also be included.
It may be that you have an existing Will in place already, but that your personal circumstances have changed and you need to update your Will.
Basic Mirror Wills
If you are married, in a civil partnership or cohabiting, you may prefer to make Basic Mirror Wills so that both estates are covered.
Property Trust Wills
Property Trust Wills can be prepared to protect at least one half of the value of your
home from care fees in the event that the survivor of joint home owners requires
residential/nursing care later on in life.
Property Trust Wills can also be used to protect your children's inheritance in the event that your spouse/partner re-marries after your death.
Discretionary Trust Wills
Discretionary Trust Wills can be prepared to protect assets or the interests of beneficiaries
themselves (i.e. if one of your children has learning difficulties or is having matrimonial
or financial problems).
Discretionary Trust Wills are also appropriate where there are business interests, to maximise the availability of Inheritance Tax relief without compromising your long term aims for the family.