Types of Will
There are several different types of Will you can consider. At NewLaw, we want to first find out about your situation and what you want to achieve by your Will. We can then advise you accordingly. The main types of Will we generally discuss are as follows:
This is the most straightforward Will which usually leaves most assets to one person and might include some specific gifts to family, friends or charity.
Discretionary Trust Will
You may wish to consider this as part of Inheritance Tax planning, or it could be you do not want to gift your assets outright to someone, for example they may be vulnerable and would rather add some protection by creating a trust. This type of Trust provides for your Trustees to look after the money for people that you want to benefit. The Trustees then exercise their discretion when distributing any of the Trust Funds and can do this in accordance with any seperate directions that you have left.
Interest in Possession
As mentioned previously, this is a useful trust that can be used to protect assets to ensure they reach your ultimate intended beneficiary, but allows a degree of flexibility so that another person such as your spouse can benefit from the assets during their lifetime.
Disabled Beneficiary Trust
If you are leaving assets to someone who is disabled it is absolutely essential you consider including this trust within your Will. If you leave assets to a disabled person outright, you may put them at risk of their means tested benefits or other support being stopped, or their inheritance being used up by paying for care. Depending on the type of disability they suffer, they may not have the ability to manage a large sum of money. By placing their inheritance into a trust, you are allowing the beneficiary access to the money but it will be managed prudently for their benefit by the Trustees.
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