Wills, Lasting Powers of Attorney & Estate Planning

 At Lloyd Legal Services we understand that estate planning can be complex. Making informed decisions is crucial, and one of the first choices you’ll face is whether to opt for a Single Will or a Mirror Will. Let’s explore the differences to help you make the right choice for your unique circumstances. 

A Single Will is tailored for individuals who want to outline their personal wishes and distribute their assets according to their specific instructions.

KEY FEATURES:

1. Personalised Instructions: A Single Will allows you to express your individual preferences and distribute your assets as you see fit.
2. Independent Decision-Making: It enables you to make decisions without being influenced by a partner, ensuring your assets go precisely where you want them to.
3. Individual Appointments: Opting for a Single Will means you’ll have a one-on-one appointment with an experienced will writer to discuss your unique requirements.

Mirror Will: A Joint Approach for Couples

A Mirror Will is designed for couples who wish to create almost identical wills, often leaving their assets to each other and then to their chosen beneficiaries.

KEY FEATURES:

1. Jointly Aligned Instructions: Mirror Wills are closely aligned, reflecting the wishes of one partner and mirroring them in the other’s will.
2. Shared Asset Distribution: Typically, Mirror Wills involve leaving assets to each other first, and then to shared beneficiaries after the passing of both partners.
3. Convenient Joint Appointments: Couples can book a joint appointment to discuss their wishes and create Mirror Wills simultaneously.

A Will Trust: for those with a situation that is a little different to others

Sometimes it is appropriate to incorporate a Discretionary Trust within your Will as part of effective estate planning, asset protection, or to provide for a vulnerable or disabled beneficiary.

In these circumstances, Lloyd Legal Services will prepare a bespoke Will together with a supporting Letter of Wishes, carefully tailored to your personal circumstances and intentions, to ensure your estate is managed and distributed in the most appropriate and flexible manner.

A will trust builds in a trust of some sort within your will, this can be done as a single or mirror will but would be used under certain situations:

1. You have children from a previous relationship
2. You have a child or person who needs extra support be it financially or to help navigate life
3. You have concerns about needing to go into care in the future and want to protect your assets from that
4. You have concerns about potential inheritance tax costs for your beneficiaries.

Disclaimers: - 

Wills are not usually regulated by the Financial Conduct Authority.

Wills are arranged by Introduction only.