Are there different types of Will?
Yes, there are different types. You should always seek legal advice if you are unsure what type of Will you need.
Depending upon the country and place you live, you will have different types of Will available to you.
In its simplest form here are some of the most common types of Will:
- Simple Wills – These Wills are generally unsuitable for blended families or where there are significant assets. Most suited to those with limited assets, who are single people or in a first marriage or de facto relationship who have a harmonious family
- Complex Wills – These Wills are generally suitable for people who wish to distribute their assets to multiple people in different ways and does not leave everything to a spouse or life partner. Complex Wills are used where there are significant assets or blended families.
- Trust Wills – These are a method of estate planning where you grant authority to a third party to handle your assets for the benefit of your beneficiaries which provides a certain level protection for them. There are different types of Trust Wills e.g. Discretionary Family Trust, Property Trust, Testamentary Trust, Special Disability Trust, Family Lineage Trust, Unit Trust, Business Trust.
- Joint Wills – These Wills are generally suitable for married couples which merges their Wills into a single combined Will. These Wills can generally not be changed after the death of a spouse.
- Mirror Wills – These Wills are generally suitable for couples who have the same wishes for their estates but wish to have flexibility that a joint will does not provide.
What about a Living Will?
Living Wills are not used for any asset distribution but rather state your wishes for future medical, surgical, life sustaining, or end of life (palliative) care that you wish to receive. They may also be called Advanced Care Directives depending upon where you live. Please refer to Advanced Care Directives section for more information.