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How To Make A Will: Which One is Right for You?

How to make a willAccording to an article written by The Guardian, no less than 30 million adults in the United Kingdom have not yet written a will. Does this surprise you at all? This is most likely due to the fact that none of us understand how to make a will or enjoy thinking about our own death. Still, without this preparation, our loved ones can be left in grave situations. Let’s have a quick look at some of the main types of wills that are commonly chosen.

Let’s explain How to make a Will

Single Wills

One type is known as a single will. This will is suitable for an individual that allows him or her to appoint executors and nominate a beneficiary who will be privileged to the remainder of your estate once all other obligations have been met (such as taxes and debts).

Mirror Wills

As their name hints, mirror will are actually two separate and yet identical wills. The first document is intended for the spouse. When the spouse also passes away, the secondary will (the mirror) is then passed on to any additional named beneficiaries.

Discretionary Trusts

This is a useful tool which allows your assets and estate to be governed by a group of trustees. Depending upon the situation after your death, they can decide how to split of this estate in the best way possible. Couples who are unmarried will enjoy inheritance tax savings when utilising this type of vehicle.

These are only three types of wills. It is always wise to seek professional advice to see what other options you may have. To get a basic overview of how a will functions, please take a look at how to make a will that specifically addresses this topic. Should you be concerned about how your assets will be distributed and how your loved ones will be cared for, it is important to address this topic sooner rather than later.

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