When it comes to planning for the future, few tasks are as important as creating a will. Choosing the right type of will is key to protecting your loved ones and distributing your estate according to your wishes.
The right type of will depends on things like your family situation, the size of your estate and your specific wishes. Single wills suit individuals, mirror wills work for couples, and trust wills are good for protecting property and other assets.
If you are unsure, it’s important to get professional advice to make sure your will meets your needs and legal requirements. In this article, we’ll look at what you need to consider to help you make an informed decision.
For one-to-one advice on estate planning, talk to our expert, or to start building your will today, use our secure online will-writing service.
What to consider when choosing a will
Here are five important considerations when deciding which type of will is right for you.
1. Family and dependents
Your family dynamics are a major factor in choosing a will. If you have children, dependents with special needs, or if you are part of a blended family, your will may need to be more detailed to protect everyone you care about.
For example, when one partner has children from a previous relationship, asset distribution needs to be handled carefully to avoid potential disputes after death.
2. Estate size and complexity
The larger and more complex your estate, the more detailed your will should be. Complex estates involving property abroad, business interests, or multiple income streams require a different approach from a straightforward estate consisting mainly of a single property and savings. In some cases, it might be necessary to set up a trust to manage certain assets (see more on this below).
3. Tax implications
Good estate planning includes thinking about how to minimise inheritance tax. Setting up your will in a tax-efficient way can help maximise the money passed on to your beneficiaries.
With professional advice, you can explore ways to protect your assets and reduce the inheritance tax burden on your loved ones.
4. Specific wishes
Your will must clearly reflect your specific wishes about how particular assets or family heirlooms are to be distributed. You should name your beneficiaries and set out your intentions to give you peace of mind and avoid uncertainty and distress once you are gone.
5. Legal considerations
Whichever type of will you choose, it must meet certain legal requirements to be valid. You must be over 18, have mental capacity, clearly state your wishes, and sign the document in front of two witnesses who are not beneficiaries and not related to you or anyone mentioned in your will.
Different types of wills and how they are used
Here is a straightforward overview of the most common types of wills and who they are often suitable for.
Single wills
A single will is suitable for an individual making a will independently. This type of will is perfect if you are single, or have specific wishes that don’t align with, or are separate from, your partner’s. It deals with your individual asset distribution and sets out who will receive your property, money, and possessions after your death.
Mirror wills
Mirror wills are ideal for couples who have very similar wishes for how their assets are distributed. Each partner creates a will that mirrors the other’s. For example, one partner leaves everything to the other, and vice versa, and then to the children if both partners pass away. Mirror wills are a practical choice for married couples and civil partners, but do remember that either party can change their will at any time.
Family PPT Wills
Family PPT Wills (Property Protection Trust Wills) are best for people who want to protect property for their family, particularly in blended family situations. They can help ensure that children from previous relationships receive their inheritance while still providing for a surviving partner. These wills are often used when careful planning is needed to manage family dynamics and protect assets.
What is the best way to make my will?
There are several ways to create a will, and the best method often depends on the complexity of your estate and your personal circumstances. Each option has its benefits, and it is important to decide based on the level of support and reassurance you need.
- In-person wills – Making your will in person with a Professional Will Writer means that you can get advice, ask questions and be assured that your wishes are clearly understood. This is particularly useful for clients with complex estates, blended families, or specific concerns about inheritance tax. Find out more about home visit wills.
- Online wills – Online wills are a more convenient and often more affordable option, and are more suited to people with straightforward needs. MW Legal’s online will-writing service is secure and allows you to create your will securely and within minutes, simply by filling in a questionnaire. However, if your estate is more complex, an online will may not provide the flexibility you need, so it’s best to consult a professional by calling us directly.
- Telephone wills – Telephone wills are increasingly common and ideal for those who are unable to attend face-to-face appointments or don’t have the confidence to make a will online. Telephone wills are drafted following detailed discussions over the phone with a professional will writer. They still need to meet all the legal requirements, including the signature of the person making the will and two witnesses, to be valid.
Need more guidance? Contact MW Legal Services
Choosing the right will requires careful consideration. If you are unsure about any aspect of making a will, the friendly and knowledgeable team at MW Legal is here to assist you. Whether you have straightforward needs or a complex estate, we can offer professional advice and draft your will to meet your wishes and all legal standards.
If you would like to create a new will or review your existing will, contact us today or start building your will using our secure online service. We can also help with lasting power of attorney and probate services.
Frequently asked questions about types of wills
What is the difference between a simple and a complex will?
A simple will is generally suitable for straightforward estates, with clear instructions about asset distribution to a small number of beneficiaries. It is often used when there are few complications, such as a single property and no trusts involved.
A complex will is necessary when there are blended families, business assets, overseas property, trusts, or specific conditions attached to inheritances. Complex estates require detailed drafting to ensure that all elements are addressed properly.
Is a living will the same as a last will and testament?
No, they are two very different legal documents. A living will (also called an advance decision) documents your wishes regarding medical treatment if you become unable to make decisions during your life. A last will and testament deals with asset distribution after death. Both documents serve important but separate purposes in planning for your future.
When should I update my will?
You should review and update your will whenever you have a major life change, like getting married, divorced, or the birth of a child. It’s also important if you have any significant changes to your assets. As a general rule, it is a good idea to review your will every three to five years.
For a detailed guide on this, please refer to our blog on how often you should update your will.
Further reading:
