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Trying to find the type of Will you need can be quite complicated. You’ll need to consider what you own, your inheritance tax liability and other complexities.
However, this process does not necessarily have to be stressful. In this article, we’ll help alleviate any worries by outlining the types of Wills your estate may fall under. We’ll also cover all you need to prepare when planning to write your Will.
If you need help with drafting a Will, contact our expert team by calling 0203 007 5500 or send an enquiry to [email protected]
What are the two main types of Will?
When looking to set out your estate, your Will may fall under one of two categories. This will determine the complexity and (consequently) the cost of writing it.
These are:
Simple Wills.
“Simple” is a type of Will that is common where an estate has a lower value. This is typically due to there being:
- fewer beneficiaries to include within the Will
- fewer assets to distribute
- no inheritance tax liability to consider
With this in mind, you can identify a simple Will by looking out for the following hallmarks:
- lower value estate (<£500,000 for an individual, £1,000,000 for a married or civil partnered couple);
- fewer than (around) 5 beneficiaries;
- assets divided equally between beneficiaries;
- all assets located in England & Wales; and
- not creating trusts within the Will to hold or distribute assets.
As a general rule, straightforward estates with few exceptions will tend to fall under this type of Will.
Complex Wills.
In contrast, “complex” is a type of Will for higher-value estates. This is typically due to there being:
- more assets to pass on
- more beneficiaries, such as organisations (be they charitable or for-profit), friends or extended family.
Higher-value estates will often also contain more diverse assets which clients would like to include in their Will. This can include overseas properties or bank accounts, agricultural land, business assets, multiple properties and digital assets.
You may also choose to give certain assets to specific beneficiaries, or structure your estate to exclude specific individuals. A complex Will tends to feature the following:
- higher value estate (>£500,000 for an individual, or £1,000,000 for a married or civil partnered couple);
- extensive list of beneficiaries;
- specific assets being gifted to specific beneficiaries;
- business assets, particularly where there is more than one owner and you do not have a shareholders’ agreement;
- overseas assets (be it property, bank accounts or pensions);
- creation of trusts, for example in the case of a “bloodline Will”; and
- various contingency plans for each asset and gift.
A wide array of assets and a long list of beneficiaries will likely make your will complex.
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What if my estate has features from both types of Will?
If your estate has features from different types of Wills, that’s fine. Neither list is definitive to say that one or two features must make your Will simple or complex.
On one hand, some high-value estates even worth in excess of £2,000,000 will have few beneficiaries and a simple distribution of assets. This would fall under a simple Will.
On the other hand, some low-value estates will plan for every contingency. This can range from failed gifts or wanting their property to be split in various ways. Consequently, their Will would be complex.
The distinction is important because prices differ depending on the type of will. For more information on how the prices of Wills change, visit our pricing structure page.
This structure will change slightly if you instruct us on the basis of a charitable Will.
What is a charitable Will?
A charitable Will includes leaving a legacy gift to a charity within your Will. This comes out of your estate when you pass away.
For more information on charitable wills, visit Community Wills Sussex and find out more about our involvement with this scheme.
How should I prepare my Will?
Whatever type of Will you need, you should always prepare. You’ll need to consider how to distribute your estate, as well as prepare for some difficult questions Some things you should think about when making your Will are:
- Who would you like your estate to go to?
- How will you divide your estate among your chosen beneficiaries?
- Are there any particular assets you wish to divide differently?
- Will you be leaving any gifts to charities?
- Where does a gift go if one of your beneficiaries dies? What happens if they all die?
- Who would you like to oversee the distribution of your estate?
It’s best to cover a lot of possible scenarios in your Will to ensure your wishes carry over after you die.
How can Britton and Time Solicitors help?
These questions will help determine the type of Will you will need. In addition, if you were to instruct our team, we provide all of our clients with a Wills Questionnaire to help capture all the necessary information. Alongside this information, in our initial consultation, we can offer you:
- Unlimited time to go through the details of your Will and ask any questions you may have
- An overview of your estate and your available options
- A precise time and fee estimate for your Will
If you would like to know more about Wills, trusts or estate planning, or are looking to review and write a new Will, contact our team now by calling 0203 007 5500 or send an enquiry to [email protected].
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