Common varieties of Wills
Mutual and Mirror Wills are probably the most common types of Will that you may have heard of. Yet, there are other types, such as Bloodline and Grandparent Wills that focus on achieving specific outcomes. A skilled Will writer can ensure that your Will reflects your wishes whilst still satisfying any legal requirements. Since there are different choices, let’s see what they are.
Mutual Wills leave a shared estate to an agreed beneficiary. After the death of the first Testator, the second Testator cannot change their Will to leave the property elsewhere. For instance, say Mr and Mrs Smith mutually agree to leave their estate to the Lifeboat or the Air Ambulance charity. After either of them dies, the other cannot change their Will and leave their property elsewhere. Why? Because, in making a Mutual Will, both Testators have entered into what the law regards as a mutually agreed contract.
As an example, Mary and Joe are husband and wife. Mary’s Will leaves her estate to Joe or to their children if Joe dies first. Joe’s Will leaves his estate to Mary or to their children if Mary dies first. So Mary and Joe have now created Mirror Wills.
This may sound ideal but, problems later in life can easily erode the value of your assets that you have so carefully worked for. Your children may fall on hard times or be involved in a divorce. It is quite possible that your children’s inheritance could then go to an ex-partner, debt collectors or even other people’s relatives. Then the problem of care home fees may significantly affect the legacies you want to leave.
Bloodline and Grandparent Wills
These are Wills that incorporate trusts to ensure that your assets will be protected. They come in various forms and give a wide choice of options to suit many situations and there may well be one that will be ideal for you.
I can guide you through all the options and show you how to achieve the best result for you and your family.
Use the Contact Gerry option to find out more.