Private Client (Wills)
Preparing a Will is a big step for most people. Choosing the right advisors and having confidence in their advice is vital. It is always important to consider what will happen to your assets when you are no longer around, and we can offer advice and also the drafting of your Will to give you peace of mind that your assets are left to those whom you wish to inherit.
We appreciate how confusing choosing the right type of Will can be, which is why we offer a one-to-one Will writing service which is both convenient and competitively priced with the assurance that the Will you get is created by a qualified Will expert. We work with each client to provide the highest level of advice to ensure the best provisions are made for your family now and in the future.
Here are two standard types of Wills:
- Single Will – for individuals
- Mirror Will – for couples
Single Will: for individuals
A single Will is designed for one person to appoint their choice of trusted individuals to act as executors of their estate. This will also allow you to give specific gifts and nominate who will benefit from your estate. Critically, a single Will allows the appointment of guardians for minor children giving peace of mind for future care.
Mirror Will: For Couples
A mirror Will is designed for couples, whether married, unmarried or civil partners, who have similar wishes for the distribution of their estates. A mirror Will allows for the appointment of executors, making gifts of items or sums of money and the distribution of the remainder of an individual’s estate following payment of debts. A mirror Will can also contain provision for the appointment of guardians allowing couples to nominate those they feel best suited to care for their children.
What is a trust Will?
Trust Wills can offer increased protection of your assets such as property and possessions for loved ones. A trust Will enables one person or more to hold an individual’s property, possessions or savings subject to certain duties to use and protect it for the benefit of others.
Property Trusts (Rights of occupation)
A property trust offers all the benefits of a standard Will plus provisions for protecting the family home for future generations. A property trust can be useful to ensure that your share of the family home goes to those you wish to benefit in the event of your surviving spouse remarrying or making a new Will.
Life interest trusts (interest in possession)
A life interest trust can be useful for individuals or couples who wish to protect their estates for future generations. The purpose of a life interest trust in your Will is to appoint a person to benefit from the income generated from your investments, and to live in the property you own, perhaps to provide continued financial support to a surviving spouse or children, whilst protecting the capital for your chosen beneficiaries or future generations.
Discretionary trusts
Whilst offering all the benefits of a standard Will, a discretionary trust Will also includes the appointment of trustees to manage assets held on trust on behalf of a number of beneficiaries. This is another method of safeguarding assets for future generations. It can assist in the slow release of assets in a situation where the estate is considerably large. If a beneficiary of your Will has a disability, a discretionary trust may be useful as the arrangement can enable their needs to be met from the assets in your estate, without giving the disabled beneficiary an absolute entitlement.
For legal advice on a property Wills please contact us today.