19 Nov 2024

Diiferent types of wills

A will is a legal document which states what we wish to happen with our estate when we pass away. But when we think about leaving assets to our loved ones, what are the different types of wills to consider?

In this article we’ll explain the types of wills available in the UK, though it’s worth noting that different rules apply in Scotland and Northern Ireland.

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Every family is different, with various factors at play – from the marital status of the parents to the number of children and other dependants. So unsurprisingly, there are different types of will to reflect the fact that no two families are the same.

There are significant consequences to dying without a will, as your property and assets would be distributed according to a legal default known as intestacy. So if you’re thinking of getting some protection for your loved ones, below are the various types of will (available in England and Wales) to consider.

Single will

A single will is the most common type of will. It’s used by individuals to outline their final wishes, such as who they’d like assets to be passed onto; the plan for the funeral; and any arrangements for looking after children under 18.

Single wills are often used by people who aren’t in a relationship. However, there are circumstances where they’re arranged by people who are married or co-habiting with a partner. For example, you might use a single will if the following applies to you:

You’re married but have children from a previous relationship
You have different wishes to your partner
Your spouse already has a will.

Mirror wills

Mirror wills are used when a couple has very similar ideas about what their will should contain. These types of will are two separate legal documents which include almost identical information.

When one partner dies, the estate automatically passes to the surviving partner. After the second death, the estate is distributed according to the wishes detailed in the mirror will.

These types of will can be changed without the other person knowing, so they rely on a high degree of trust between partners.

Trust wills

Some people choose to set up a trust as part of their will. You can also write your life insurance policy ‘in trust’ .

Trust wills are often used for a variety of reasons, such as:

To help with Inheritance Tax planning.
To make specific provisions for a loved one, such as adult children with disabilities.
To protect a property’s value for future generations.

But what are the different types of trust will?

Discretionary trust

This is where you appoint trustees to manage the inheritance of a loved one who would be incapable of managing their finances, including children and vulnerable adults.

The trustees have the right to make decisions on various issues, including the money that gets paid out, the frequency of payments, and any conditions on the beneficiaries.

Property trust

This type of will enables you to specify who should benefit from your share in your property. For example, if you’ve remarried, you might want to grant your partner the right to live in the property after your death, while stipulating that other people – such as your children – should ultimately inherit the home.

Life interest trust wills

A life interest trust will lets you give another person the right to benefit from your assets during their lifetime after you die. But in this case, they have the right not just to occupy a property, but to derive income from cash assets and investments.

You can also get a ‘flexible’ life interest trust will if your family situation is complicated; for example, you might want children from a previous marriage to be considered as part of the will.

Living wills

A living will, sometimes known as an ‘advance decision’, is a written document which allows you to express your future care preferences. For example, it can be used to inform healthcare workers of any medical treatments you wish to refuse in the event you’re unable to make decisions or communicate your wishes.

By speaking to a professional, you can decide which type of will is the best option for you.

While our lives can be unpredictable, there are different stages in life which may inform the type of will you need. Here are some questions to consider:

What is your relationship status?

If you’re married, in a civil partnership or with a long-term partner, you might want to take out a mirror will. But if you’re not in a relationship, or you have different wishes to your partner, a single will may give you the individually tailored solution you desire.

What is your budget?

If you’re budget-conscious, you might be able to save money with a mirror will compared to writing two single wills. However, the cost of a will isn’t just determined by the ‘type’ of will; for example, some charities may be able to provide will services at a reduced rate.

What are your family dynamics?

Since mirror wills can be changed without the other partner knowing, they may be less appropriate when family dynamics are more complicated. For example, could the presence of children from a previous relationship persuade a surviving spouse to change their mirror will?

Do you have dependants?

If you have dependant children, including adults with disabilities, you may get the reassurance you need with a discretionary trust will.

How complicated are your finances?

If you have complicated financial and business interests, you might want to speak with a professional and look into ‘will trusts’. This arrangement would give named trustees control over your assets on behalf of your beneficiaries.

Many things in life are outside of our control. But when it comes to important matters like your money, property and belongings, writing a will gives you the ability to assert your preferences, make provisions for your loved ones, and reduce stress. The future is never certain, but writing a will can give you and your family stable foundations and some peace of mind.

How do I write a will?

Speak to an expert

It’s often a good idea to get in touch with a licensed lawyer who specialises in wills and probates.

Consider other resources

You could reach out to charities, who sometimes offer will writing services, or speak to an adviser at your local bank branch (although this approach may prove to be expensive).

Make a decision

Once you’ve done your homework, you’ll be ready to decide whether to use a solicitor, a professional will writer, or other will writing service. Some people even decide to write a will themselves, but this is inadvisable if you’re not a legal expert.

Find out more about Over 50 Life Insurance

Meet our expert

Thomas May

Senior Propositions Manager, Retail Protection, Business, Tax and Trusts

Thomas oversees all tax, trust and business protection matters for our Retail Protection business at Legal & General. Thomas is our senior trust and estate administration expert and leads the development of new products, ensuring they comply with relevant regulations. Thomas joined us in 2006 and has a wealth of experience working across different parts of the business. He’s proud to support good outcomes for customers, particularly at claims stage when our help is most needed.

More about Thomas

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