In our weekly legal column, the Leader, with the expert advice of the team at GHP Legal, sets out to answer some of your problems. Today's question is answered by partner Ulia Choudhry...
What are the different types of Will you can have?
Q: We have just had our first child and want to make our Wills. However, we have discovered it isn't as straightforward as we thought it would be. We have heard people mention single Wills, mirror Wills and Trust Wills. Please can you explain the differences.
A: This is refreshing to hear as younger people often think Wills are something only elderly people need to have. In reality, most people should have a Will and the process of instructing a professional to prepare your Will is more straightforward than people think.
A Will is a legal document setting out who will inherit your assets, and who will deal with your affairs, after you die. You can also appoint legal guardians in your Will, in the event that you die leaving behind minor children.
Mirrored Wills are no different from single Wills. Every Will that we prepare (with the exception of joint Wills which are extremely uncommon) is a stand-alone document. Mirrored Wills are prepared when two people want Wills on the same terms, for example a couple who wish to leave everything to the survivor of them and then to their children when they have both died. Each of those two people can change their Will at any time without knowledge or consent of the other.
A Will can also be used to create a Trust after your death. There are various types of Trust and each is more suited to certain circumstances than others. A Trust is created when assets are given to somebody (Trustees) to look after on behalf of another person (Beneficiaries). The most common type of Will Trusts are Bare Trusts, Life Interest Trusts and Discretionary Trusts. Whether or not these are appropriate to include in your Will depends on your circumstances, and it is therefore essential that you seek the advice of a solicitor as they are best placed to advise you on the most suitable type of Will for you.
• This question has been answered by Ulia Choudhry, a partner with GHP Legal. If you would like to speak to someone about this or any other legal matter, please visit our website www.ghplegal.com and use the contact us form, or call us on: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194.
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