Types of Will
There are many types of will, you will hear people talk about: Single Wills, Joint Wills, Mirror Wills, Mutual Wills, Living Wills, Pour-over Wills, Discretionary Trusts, Property Trusts, the list goes on.
At Parsonage we like to keep things simple and we can fit all of the above into 3 simple categories of will.
This type of will covers the essentials that everyone needs.
It will provide:-
- Details of who your executors will be
- Up to 3 cash or specific gifts
- Details of who should look after minors (children under 18)
- A simple division of your residuary estate; and
- Substitute beneficiaries if the people you want to benefit from your estate die before you.
This type of will goes one step further from our category 1 will
If you want to make more legacies, or would like to give someone an income for life, or a basic right to live in property, then this is the Will for you.
A will in this category is likely to incorporate a trust tailored to suit your circumstances.
This type of will is useful in cases where:-
- You have ever-changing wishes regarding who gets what, when and by how much
- You have business assets
- You own property jointly with someone else.