The different types of wills

Creating a will gives you control over what happens to your estate in the event of your death. It’s worth writing a will at any age. 

When you write a will, you lay out your wishes for the executor (sometimes known as the administrator) to follow. That includes funeral requests, provisions for your children and dependants, protecting digital assets and more. This can ease the stress and financial burden for your loved ones.

Everyone's circumstances are different, and no two families are the same. That's why there are different wills tailored to specific needs. Here are some common will types available.

Single wills

A single will is the most common type of will that outlines someone’s final wishes, such as funeral plans or distributing assets. People who aren’t in a relationship often use single wills. But if you’re married or cohabitating, you can still use a single will if:  

• Your spouse already has a will
• You have different wishes to your partner or spouse
• You’re married but have children from a previous relationship.

Mirror wills

A mirror will is the term for two separate wills that contain nearly identical information. This type of will is often used by couples who have similar wishes regarding their estate. 

When one partner dies, the surviving partner inherits the estate. After the second death, the estate is distributed according to the mirror will’s wishes. These will types can be changed without the other party knowing, so they require a high level of trust. 

Will trusts

Will trusts are trusts set up within a will. They allow assets to be held and managed by a trustee after the person who wrote the will (testator) dies. You can also choose to write your life insurance in trust, which focuses on your life insurance policy rather than general assets.

Some common types of will trusts include:

Discretionary trusts

A discretionary will trust means you appoint trustees to manage the inheritance of a loved one, like vulnerable adults and children. Trustees have full discretion over how assets are shared, who they’re shared to, how often and more. 

Property trusts

Property will trusts are a type of will in which you choose who benefits from your share of a jointly owned property. For example, passing it to beneficiaries (like your children) instead of the surviving partner’s estate. This protects a portion of your property’s value.

Life interest will trusts

A life interest will trust is when you give someone else the right to profit from your assets after you die. For example, letting the person live in the family home or earn rental income from it during their lifetime. Assets can eventually pass onto children or other beneficiaries upon that person’s death.

Living wills

A living will, or ‘advance decision’, is a written document that lets you specify how you want to be cared for in the future. This type of will ensures your medical preferences are respected when you can no longer communicate them. For example, expressing which medical treatments you do or do not want.

There are various factors that might affect which type of will you choose, including:

Relationship status

If you’re married in a civil partnership, or with a long-term partner, you might consider a mirror will. But if you’re single, or have different wishes to your partner, a single will might be more suitable.

Budget

If you’re in a relationship and mindful of costs, you might want to take out a mirror will. This type of will can be more cost-effective compared than two individual wills. But other factors determine the cost of a will too – such as legal assistance and location.  

Family dynamic

Relationships with your spouse, children and other relatives can influence your type of will. If you have a complex family dynamic, a life interest or discretionary trust might be more suitable. 

If you have dependants

If you have dependants, such as children or adults with disabilities, a will trust might be useful. A discretionary or life interest trust can offer you some reassurance, particularly with special conditions for vulnerable beneficiaries.

Financial situation

If you have a complicated financial situation, you might want to consider a will trust. This would allow you to appoint trustees to manage your assets on behalf of your beneficiaries.

 It’s important to consult a professional for advice if you’re ever in doubt.

Once you’ve decided on the type of will you want, follow these simple steps:

1. Speak to an expert

Speak to a licensed lawyer who specialises in wills and probates. They can offer tailored advice and help ensure your will accurately reflects your wishes.

2. Consider other resources

Get in touch with other resources to explore your options. Charities sometimes offer will writing services, as do advisers at your local bank.

3. Make a decision

It’s time to weigh your options. Decide whether to use a professional writer, a solicitor, or other will writing service.