Writing a will can seem like something you never want to think about, though you will need to get it in order eventually! This is your legal affairs after all.
In the UK, there are many different kinds of Will you can write about different circumstances and different situations. For most people, the standard will is all that is required. Though if you own excess amounts of property overseas or have a business, you may need to seek help when writing the appropriate will for you.
Without further ado, here are some of the most common will types available in the UK.
Simple Will
When it comes to Wills and Probate, a simple well is the most popular option. It is also the most appropriate. As the name suggests, it is a will that is simple! It usually pertains to the simple division of assets when someone passes away. It rarely involves passing on properties. It will also often list family members as beneficiaries.
If you are looking to leave money to your loved ones after you die, it is well worth writing a simple will. This will ensure that this occurs without issue. Also, the laws of intestacy do not come into play.
Mutual Will
Mutual wills usually apply to husbands and wives or business partners. They are similar in many ways to mirror Wills, but they usually have more conditions.
For example, if a business partner dies, the surviving partner may not be able to sell the business. Even if they desire to or it is in their interest to do so. Similarly, a wife may be unable to spend money left in her husband’s estate if it is written in the mutual will. Mutual wills are only really recommended for complex business partnerships. Or for those who share property.
Mirror Will
A mirror well is, in essence, a simple will that includes the wishes of both the husband and the wife, or those who are in a civil partnership. These wills usually mean that the husband or the wife will leave their assets to the other partner. Changing a mirror will need the signature of the other party, just to ensure that they agree to the terms.
Mirror wills are best suited for couples who have children grandchildren. Or properties that they may wish to distribute after they die.
Living Will
People are living longer, which is great! Though it does mean that there is an added need for people to ensure that their needs will be met. Particularly if they are no longer capable of making the decisions for themselves. The writing of a living will ensure that somebody will be able to dictate in advance what they wish to happen to them. This provides obvious benefits, especially when it comes to degenerative disorders such as Alzheimer’s disease, or other forms of dementia. It can also be beneficial if somebody suffers from a stroke. Or a heart attack. They will then need their executor to make decisions on their behalf.
