James Scotney, Town and Country Law director, specialises in providing will-writing and estate planning services. This article will provide an overview of the different types of will and how they help people to plan for the future and safeguard their wishes.
In the United Kingdom today, experts estimate that a staggering 70% of the population has not made a will. Without a valid will in place, benefactors risk leaving important personal issues regarding their estate to be governed by the intestacy rules, which may result in their estate being distributed contrary to their wishes. Making a will protects a person’s estate for future generations and can also help to avoid unnecessary payments of inheritance tax. A will may also provide for the appointment of guardians for the testator’s children or ensure that they are not disinherited by second marriages.
A single will is typically created by an unmarried or divorced individual who does not have a partner, although it is possible for married couples to write single wills if they have different wishes in terms of how their estate should be distributed following their death.
Mirror wills are for couples with aligned wishes, with each will mirroring that of the other spouse. This type of will is appropriate where the couple both intend to leave their assets to each other. However, it is important to note that where couples create mirror wills, there is nothing preventing either party from amending or rewriting their will later on. Where partners wish to ensure that their partner’s will cannot be revoked or amended at a future date, they need to create a mutual will, although these are rare due to their inflexibility.
Trusts are often created by wills for asset protection purposes. A will trust is a legal arrangement whereby trustees are appointed to manage the estate assets following the testator’s death. Will trusts come in different forms. A discretionary will trust bestows upon the trustees absolute discretion in terms of deciding how beneficiaries and classes of beneficiary can benefit from the trust. Meanwhile, a life interest will trust grants beneficiaries the right to reside in any trust property or derive income produced by trust assets throughout their lifetime.
Categorised as an ‘Advance Decision’ by the Mental Capacity Act 2005, a living will enables an individual aged 18 years or older to refuse future medical treatment, provided that person has mental capacity. Where there is a living will in place refusing future medical treatment, it cannot lawfully be administered. In order to be effective, a living will must specify the specific treatment or the circumstances in which treatment is refused. Under the laws of England and Wales, a living will cannot include a request for euthanasia; however, nor can it contain a request to refuse basic care, including food or drink. Neither can a living will include a refusal of treatment for a mental health condition where the testator is detained under the Mental Health Act 1983. Living wills cannot demand specific treatments, only refuse them.
A last will and testament is one of the most important legal documents an individual will sign in their lifetime. When creating wills and trusts, legal practitioners need a solid understanding of just how monumental these decisions and acts are. Town & Country Law’s friendly, professional team works closely with clients, providing in-depth advice on all will-related matters. The organisation offers personalised services tailored to the unique needs of each individual client, providing home visits at no additional cost. In addition to will-writing services, Town & Country Law also specialises in inheritance tax and care fee planning, helping clients to minimise liabilities and ensure their estate is distributed in line with their wishes.
