Wills can seem simple, and often are, if your family set-up is straightforward and your assets are modest. But increasingly, this is not the case and a more complex type of will is required.

There are five different types of wills to choose from – all depending on your assets and beneficiaries.

Simple Will 

This type of will would usually involve leaving your estate directly to one or more beneficiaries – for example, leaving all your assets to your spouse or children. You may also wish to leave gifts of items or fixed amounts of money. It is the simplest option for the testator.

House Trust Will 

This Will would enable you to leave your house (or share of a house) so that someone can live in the property for the rest of their life, but also allow you to choose who ultimately benefits. For example, allowing a spouse or partner to live in a property but with it ultimately passing to your children. 

Asset Protection Trust Will 

This type of Will would include a trust to help protect beneficiaries against unforeseen circumstances such as financial difficulties, bankruptcy or relationship breakdown.

Vulnerable Person Trust 

This type of Will would include a trust to help protect vulnerable beneficiaries, for example those with certain disabilities.

Business and Agricultural Wills 

This type of Will enables you to pass on your business and/or farm in a tax efficient manner. This is a possible option if you own business assets or if agriculture runs through your family.

If you need further information, please contact Jenny Barron on 01756 692866 or email jenny.barron@awbclaw.co.uk

Solicitor and Director, Society of Trust and Estate Practitioners.

Further reading:

Wills: can you leave what you want, to who you want?

The Explainer: what is a deed of variation and when can it be used?

What is the National Will Register? And should you use it?

5 Frequently Asked Questions: Making your Will

Inheritance tax planning – 7 key strategies to avoid tax