Type Of Will
There are many types of Wills available, which we have collated for easy reference below. You should talk to an expert before choosing your Will to ensure it delivers your desired requests. For more information on Wills please email us.
If you are faced with imminent death, a deathbed Will is often written. Though they are drawn up hastily, they are as legally binding as one prepared in advance. However, relying on one to distribute your assets is risky since these types of wills are often contested.
Discretionary Trust Wills
The Discretionary Trust Will offers all the benefits of a standard Will, and allows you to appoint Trustees to manage inheritance on behalf of vulnerable loved ones who require assistance. It allows you to guarantee that vulnerable people are given assistance in the management of their inheritance. This helps to protect their state benefit entitlement when they receive inheritance from your estate, and it can also potentially help unmarried couples with Inheritance Tax planning.
Flexible Life Trust Wills
A Flexible Life Trust Will offers all the benefits of a standard Will, plus greater peace of mind if you have significant assets or investments as well as property, and wish to protect their value for future generations. It allows you to take care of a nominated person, such as a surviving spouse while they are alive, but protect the capital value of investments for specific loved ones in the future. It can also help to reduce the impact of residential care fees on the property value, should your surviving partner go into care after you are gone.
In the event that you cannot communicate your wishes at the time, a Living Will allows you to record what you would like to happen regarding any future medical care or treatments that you may receive. It includes legally binding wishes, such as refusing specific types of treatment, and wishes which are not legally binding, such as the type of care you would like to receive. This Will can give peace of mind to anyone who has strong feelings about certain types of medical treatment, or has been diagnosed with a degenerative, terminal or mental illness.
Mirror Wills or Joint Wills
A Joint Will is one that two people make together, each leaving all of their property and assets to the other. A Joint Will also stipulates how the assets will be distributed when the second person dies.
Property Trust Wills
A Property Trust Will offers all the benefits of a standard Will, plus greater peace of mind if you own a property and wish to best protect its value for future generations. It allows you to protect the property value for specific loved ones in the future, and can also help to reduce the impact of residential care fees, should your surviving partner go into care after you are gone.
A standard Will allows you to:
- Appoint people you trust to be your Executors who will deal with your estate when you die
- Name who you wish to benefit from specific possessions or gifts
- Name who will benefit from the remainder of your estate once all debts have been paid
- Appoint a Guardian to look after any children under 18
- Record any specific wishes regarding charities, pets or your funeral arrangements.
Please note, some of these services are not available in the UAE. For more information, please contact us.