Which Will, is right for me and my family?

There are several different types of Wills, and here is a guide to help you understand which Will, will be right for you.

A Will for you

This Will is suitable for one person making a Will, this Will includes:

  • Appointing of any Executors you wish to have
  • Noting any gifts to beneficiaries i.e. money, jewellery
  • Nominating a beneficiary who will receive the residue of the Estate after all other beneficiaries have received their inheritance and all amounts outstanding to creditors have been paid.

 

A Will for a couple

A mirror Will produces two Wills that will be mostly identical in words, but will mirror each other. A married or civil partnered couple usually makes this Will.

This Will is suitable for people who intend to leave their Estate to their spouse and then to alternative beneficiaries on the surviving spouse’s death.

A Trust Wills

A trust is an arrangement whereby assets are handed over to a number of persons to hold and invest on behalf of someone.

A Property Trust

Your share of the property is put into trust to safeguard the value of it for your beneficiaries. This is very effective if you are concerned about protecting your Estate and want to shelter it from being used to pay for care home fees for your spouse after your death.

A Flexible Trust

Flexible Trusts allow someone to benefit almost immediately on your death whilst protecting the value of the assets for others. This type of arrangement is becoming more common as people divorce and remarries.

A Discretionary Trust

Instead of deciding now how you would like your Estate to be split, you can leave it up to the trustees to decide depending on the conditions, as they are when you die. These can also be very useful if you have a beneficiary in receipt of state benefits. This places their inheritance into a discretionary trust and therefore does not affect their entitlement to means tested benefits. These trusts are also sensible with disabled beneficiaries.

A Living Will

A Living Will allows you to specify your wishes with regards to medical treatment should you lose capacity, in particular with regards to refusing life sustaining treatment. While this Will does not have to be followed by the doctor, a Health and Welfare Lasting Power of Attorney that specifically deals with your wishes regarding healthcare and treatment is binding.

If you’re still unsure why not speak to our specialist Wills and Probate solicitors. They will be able to look at your circumstances and make sure that you write your Will to protect you and your loved ones for the future.

Call us on 0151 735 1000 and ask to speak to a member of our private client department, our alternatively complete our call back request form and one of our Liverpool solicitors will call you

 

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