Call: Stoke-on-Trent (01782) 639716 or 0800 072 5510 ... for a fast, professional,
and friendly service and money-saving advice
Convenient Wills, 16 Thomas Avenue, Newcastle-under-Lyme, Staffordshire ST5 9AF
Proprietor:
Rod Jones
© 2006 - 2010 All Rights Reserved (Website author: Rod Jones) HOME
| TERMS AND CONDITIONS | DISCLAIMER
MENU (Scroll Over & CLICK to view):
Convenient Wills
• home-visit will-writing service •
• bespoke wills at ‘value for money’ prices •
• daytime and evening appointments •
Call: 0800 072 5510 or
Stoke-on-Trent (01782) 639716
Types of Will:
Simple, Complex, Tax Efficient Wills ...
Knowing Which Type Of Will You Need
Could Save You A Fortune
Overview of types of will
Many will writers when asked for a quote, quote a price for a ‘simple’ will. But what exactly is a simple will? And what is a ‘complex’ will? And why is it important to differentiate between them anyway? Our guide explains.
___________________________________________
Simple or Basic Will
Perhaps surprisingly there is actually no standard definition of a ‘simple‘ or ‘basic’
will; it is a question of personal interpretation: Interpretation by the will writer,
and by their client -
___________________________
Complex Wills
Some will writers have a narrower definition of a ‘basic’ will than others; their definition may NOT include:
- multilevel residue clauses (e.g. To my spouse but if he /she has predeceased me then to my children.)
- Legacies and gifts;
- Guardian appointments; and
- Trusts for minor children -
and all the supporting precedents
The more common definition of a ‘complex will’ is a ‘basic’ will that includes clauses designed to:
- Reduce inheritance liability (i.e. A tax efficient will);
- Protect property e.g. From funding long term care fees (Sometimes referred to as a protective Property Trust will);
- Deal with the testator’s business (Known as a Businessman’s will);
- Avoid disinheritance of a child;
- Protect a disabled child’s inheritance (Often referred to as a disabled person’s will); and
- Protect your property from creditors (Sometimes referred to as an Asset Protection Will)
‘Complex Wills’ are the area of specialism for solicitors and will-
______________________________
Mirror Wills
A ‘mirror will’ is one will of a set of two near identical wills. Its name derives
from the distribution of a couple’s estate -
Mirror wills are different from a ‘Joint’ will. A joint will is a single will that distributes two peoples estate. Joint wills are not recommended.
___________________________________________
Mutual Wills and Joint Wills
A ‘mutual will’ is one will of a set of two, where the testator agrees with their spouse or partner that they will not amend their will without the agreement of the spouse or partner (and sometimes the beneficiaries in the absence of the spouse/partner).
A joint will is a single legal document covering two testators.
The reality however is that ‘mutual wills’ and ‘joint wills’ often cause hardship for the surviving spouse, and family tension for those remaining after the 1st party has died.
We do not recommend mutual wills or joint wills.
____________________________
Islamic Wills
An Islamic Will is a will that is drafted under English Law, and is therefore legally binding in England and Wales, and also meets the criteria of the Islamic faith.
At present we, Convenient Wills, do not draft Islamic Wills.
We believe one of the best resources on the web is Al Qalam -
___________________________________________
Online Wills
An online will is a will that was created using the Internet, and a piece of data collection software. You input the data yourself by answering a series of questions. These wills typically can only cater for the simplest of estates. We, like the national Consumer Council, do not recommend them.
- What is a basic will?
- Mirror wills
- Tax efficient wills
