Simple Single Wills
Perhaps you want to leave everything to charity or to your brothers and sisters or their children – or your partner.
Extra considerations come into these, with a view to helping nbusiness survive and minimising Inheritance Tax.
They can range from fairly simple to very complex.
Normal Family Wills
For couples wed to each other who want to leave everything to each other then their mutual children. This are often “mirror” Wills, where they do the same thing but in reverse.
Blended Family Wills
For couples who may have children by different relationships, or maybe just want quite different Wills set up.
Protective Property Trust or Right to Reside Wills.
Typical use of this is to protect the home from financial misadventure to an extent by changing the ownership into shares – generally equal – leaving the surviving partner the right to continue living in the home (or to move) whilst protecting half of the property. This type of Will is a more sophisticated version of the blended family Wills, and should be the standard type of Will for all homeowning couples.
Flexible Life Interest Trust Wills.
Though ones written before 2018 need review due to changes in taxation, these are often the ultimate tax planning flexible Wills. They essentially are able to adapt to circumstances for almost 2 years AFTER the death, so they are pretty much the ultimate in flexibility. Almost as good as a crystal ball!
and finally, Full Property Trusts.
These are more expensive to set up, but what goes into them is better protected than anything else, as they cannot be challenged under the 1975 Inheritance (Provision for Family & Dependents Act as amended. All sorts of uses, but an important one is attempting to sidestep challenges to your Will, when you are not there to defend it.