Skip to content 
A Last Will and Testament is a legally binding document (it can be oral in limited circumstances, such as soldiers in actual military service).
This document can be revoked or updated while you are living (as long as you have mental capacity) to establish what you wish to do with your assets and belongings when you pass.
Many assume that a Will is just deciding who your assets and belongings go to (Beneficiaries) and the people in charge of dealing with it (Executors). However, a Will can also include the following:
Guardians
A Will is also used to state who you wish to be the Guardian/s of your children should you die whilst they are young. Furthermore, you can designate the control and access you wish your guardians have to your children’s finances and whether they will benefit from it before they reach a certain age.
Trusts
Trusts take many forms, whether Discretionary, Charitable, or Minor. The Trustees (those in control of the Trust), under your instructions, are in charge of protecting the trust assets and income. The intention is to distribute the money or assets in different forms. This can be in instalments, conditional, or even postponed distribution.
Non-blood-related Beneficiaries
Ensure stepchildren or family from former marriages are protected. If your Estate has no Will or fails, only blood-related relatives can inherit.
Intestacy Rules
To ensure the intestacy rules or partial intestacy rules are not applied during your death. Should this happen, some whom you may not wish to benefit under the intestacy rules, other than family or friends who you want your assets to go to.
Tax Efficiency
Many create Wills to be most tax efficient, minimising the tax liability for the beneficiaries or ensuring there is enough accessible capital to pay any tax without having to pay in instalments or sell a family property.
Different Types of Wills
There are also different types of Wills, which have other purposes.
Standard Will
A standard Will is a Will made by yourself whilst living with total mental capacity bespoke to yourself and your wishes after your passing.
Mirror Will
A Mirror Will is the same as a Standard Will, except another (usually a spouse or lifelong partner) has the same Will. This is often made together, with each person being the main beneficiary; however, when/if both die, the beneficiaries of both Wills are the same.
However, it is important to note that either party can legally change their Will at any stage – both before and after their death.
Mutual Will
A Mutual Will is a Mirror Will; however, when one party dies, the Will becomes a legally binding contract that cannot be changed unless the beneficiary is to receive the same financial or equitable benefit equal to that stated in the Mutual Will.
For a Mutual Will to be valid, it must have three requirements:
- Two or more persons must have the same Will on the agreement it is a Mutual Will.
- The opposite party must agree the Will is to be bound to upon the death of the other.
- The death of the first party.
It is important to note that while all parties to a Mutual Will are living, any party is able to change their Will at any stage with or without the others’ knowledge, opting out of a Mutual Will.
Statutory Will
A Statutory Will is a Will made by the Courts, with what the court considers to be the wishes or decisions the testator would make, should they have the capacity to do so. A statutory Will is usually made via the Court of Protection, where an official independent solicitor will represent the testator.
Should a Will be contested, it is common for the Court of Protection to create a statutory Will, basing it on several factors, such as what is considered fair, previous Wills, and the best interest of the Testator’s Estate.
Disputing a Will whilst the testator is alive can be a lengthy and costly process, often leaving the donor responsible for significant legal costs and distress.
Privileged Will
A privileged will is made by privileged testators exempt from the formal requirements required to create an ordinary will.
According to Section 11 of the Wills Act 1837, there are three classes of privileged testators:
- Soldiers in actual military service
- Any mariner or seaman at sea
- Members of the naval or marine forces in actual military service
At Lawdit Solicitors, our experienced team of solicitors can advise you on different Wills and create a professional Will bespoke to you and your needs. Contact us today to arrange an initial 30-minute consultation.
