A will can protect your assets and ensure your loved ones receive the gifts you intend to leave for them.
The best will for you and your beneficiaries will depend on your wishes and circumstances. For example, couples may opt for a joint, mirror or mutual will. Those wanting extra protection for assets and beneficiaries may consider a trust will.
Will Types Comparison
Below we look at the most common will types. who they would benefit and the average cost:
| Will type | Suitable for | Average cost* |
|---|---|---|
| Single Will | An individual documenting their asset distribution | £156 |
| Joint, Mutual or Mirror Will | Two or more people combining assets and wishes | £255 |
| Trust Will | Those wanting to put assets in a trust for added protection | £378 |
| Living Will | An individual with a terminal or debilitating illness | £150 |
*Based on average data from IRN Legal Reports, Compassion in Dying and Remember a Charity
Single Wills
A single will is the most common type of will, allowing you to name beneficiaries and nominate executors who will carry out the terms of your will. You can also name children under 18 you want to be cared for in the event of your death.
Suitable for: Individuals with uncomplicated estates. They are also an option for those who are married or in a civil partnership and have different wishes from their partner.
Joint Wills
A joint will is a single legal document combining the wishes of multiple people. It is often used to leave assets to a surviving spouse and can exempt property from Inheritance Tax. After the surviving spouse dies, property and assets are often left to children.
Suitable for: Married couples or those in civil partnerships, but can be created with any two or more people wanting to combine their wishes into a single document.
Mutual Wills
A mutual will is a joint document comprised of two separate wills that include the same wishes. These wills have limitations when it comes to flexibility and can only be modified with each party's consent
Suitable for: Those who are married or in a civil partnership who want separate wills with shared wishes.
Mirror Wills
A mirror will is comprised of two almost identical wills. Either person can change or update a mirror will after it has been written. After the death of one spouse, there is no obligation for the surviving spouse to keep their original mirror will.
Suitable for: Couples with identical wishes and can be a more cost-effective option than two single wills
Understanding Joint, Mirror and Mutual Wills
There can be confusion between the types of wills designed for more than one person. Joint Wills are a type of will, but this term is also used to describe Mirror and Mutual Wills. There are, however, differences between all three.
To break this down, we've set out the nuances between the different types below:
| Factor | Joint Will | Mutual Will | Mirror Will |
|---|---|---|---|
| Suitable for | Couples with the same wishes | Couples wanting a binding agreement | Couples wanting wills to mirror each other but have some flexibility |
| Number of documents | One | Two | Two |
| Flexibility | Irrevocable and cannot be changed | Mutual consent required for changes | Can be changed by individually, including for remarriage or new children |
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Trust Wills
A trust is a legal structure that can be included in your will, offering increased asset protection for your beneficiaries. There are various types of trust wills, each with their own benefits and suitability depending on your circumstances.
They can be used to protect your estate against possible future care fees or if you want to leave assets to a vulnerable or disabled person.
Types of Trust Wills available in the UK include:
Discretionary Trust Wills
Assets are held in a trust incorporated into a will, stating who the potential beneficiaries will be (including people not born yet, such as future grandchildren). Appointed trustees will manage the estate, deciding who becomes beneficiaries and how they receive assets.
Property Trust Wills
Property is held in a trust, ensuring the local authority cannot access your assets if you need long-term care. The trust can reserve a property for specific beneficiaries while allowing others (e.g. a surviving spouse) to live there.
Life Interest Trust Wills
This gives a named individual, usually the surviving spouse or partner, the right to live in a property and receive income from the trust. The assets themselves are held for the ultimate beneficiaries (usually children or grandchildren).
Flexible Trust Wills (FLIT)
FLIT adds adaptability to accommodate complex family situations. It is often referred to as the “ideal modern will trust” and suits combined or “blended” families.
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Living Wills
Living wills (also known as "advanced decision/directive") cover medical decisions rather than estate distribution. This differs from Power of Attorney as it does not appoint anyone to manage your care or cover financial aspects.
Suitable for: Those with degenerative illnesses to provide details of any medical treatment they would want to refuse if they are unable to express these in future.
Be aware that living wills are not legally binding in Scotland but are often recognised and followed by doctors, according to Compassion in Dying.
What Will Type is Best for You?
The best will for you will depend on your circumstances, assets and wishes. If you share the same wishes as your spouse, a joint or mirror will may be suitable. If your estate is small and you want your own will, a single will is recommended.
Below we look at some of the considerations when choosing the right will for you:
Are You in a Relationship?
If you are married or in a civil partnership and share the same or similar wishes to your spouse, you may want to consider a joint will, mutual will or mirror will.
A single will may be suitable if you are single or if you opt to keep your wishes and assets separate from a spouse.
Who Are Your Beneficiaries?
Some people may opt for a trust will to ensure assets are protected for future beneficiaries, especially children under the age of 18. This includes your own children, grandchildren, nieces and nephews. It could also include non-blood relatives, such as the child of a close friend.
What is the Value and Volume of Your Assets?
All aspects of your estate will need to be considered. This includes properties, investments, material possessions and other valuables. If your estate is straightforward, a single or a joint, mirror or mutual will may be suitable.
If you have a more complicated or vast estate, you may want to consider a trust will.
Are There Any Future Considerations?
You may want to consider possible future care home fees or inheritance tax and plan ahead for these, for example, with a property trust or similar arrangement. This can protect your assets from being used to cover care costs or protect the home for a surviving spouse.
Is Your Health a Concern?
For those with potentially life-changing illnesses, a living will is another type of will you may want to consider. This gives you the opportunity to state what treatment you would refuse, should you be in a position where you cannot make the decision at the time.
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Frequently Asked Questions
How Do I Find a Will Writer or Solicitor?
Arranging the writing of a will should be a top priority, especially if you have people who financially depend on you.
Whether you are making an individual will or planning wills as a couple, it is recommended that you discuss your options with a professional will writer. You should ensure they are regulated, well-reviewed and upfront about costs.
Compare My Move can match you with up to 6 verified will writers on our partner network who are regulated by either:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
The Institute of Chartered Accountants (ICAEW)
Institute of Professional Will Writers (IPW)
The Society of Will Writers (SWW)
