The Different Types of Wills You Need To Know
Are you planning on doing the right thing and putting in place a valid Will?
If so, it is a good idea to know the different types of Wills.
It is important that you and your solicitor select the right type of Will depending on your unique situation, to ensure that your instructions are carried out and that your family, and those other people you care about, are provided for after your death.
Main Types of Wills…
The following are the main types of Wills:
- Conventional Wills – appoint a person to manage your estate after your death, usually your spouse or children. If you have limited assets and are in a first marriage with children in this relationship only, a Conventional Will would usually best suit you.
- Testamentary Trust Wills – provides a greater level of control over the distribution of assets to your family and loved ones, allowing them the choice to receive their share of the estate as an outright gift or to use their own Testamentary Trust.
- Statutory Wills – this occurs when the Supreme Court makes a Will on your behalf if you do not have testamentary capacity to make a Will yourself, for example if you have dementia.
- Mutual Wills – if you want to ensure that if either you or your spouse passes away, depending on who passes first, that your family and those closest to you are provided for in accordance with your instructions in your Will.
- Mirror Wills – this is similar to that of a Mutual Will. This is created for those married or in a de facto relationship, and are essentially identical Wills where each couple leaves for each other their estate in the event of their deaths.
- Special Disability Trust Wills – if there is someone who you wish to benefit from the Will who suffers from a disability, then this Will would allow this person to preserve their entitlement to their Disability Pension while still being able to receive benefit from your Will.
- All Needs Protective Trust Wills – if there is someone who you wish to benefit from the Will, however is considered ‘vulnerable’, for example has an addiction to gambling or drugs, choosing this Will allows you to appoint another person to manage and protect their benefits.
Choosing the right type of Will can become complex depending on your unique situation.
It is therefore essential that you and your solicitor consider all factors; that you understand who is going to benefit from your Will; and you choose the most appropriate type of Will to avoid any stress or complications which may have damaging effects on your family and those closest to you if your Will is not drafted properly.