A single will is essentially the key format of all wills, it gives the last will and testament of an individual. Wills can be fairly simple statements but must meet certain criteria to be a legal document. Enhanced Wills are generally last will and testaments that include special elements such as Nil Rate Band Trusts, Discretionary Will Trusts, Protective Will Property Trusts.
Who inherits what when you pass on?
Recent research shows that in the South East of England:
- 90% of adults 18-35 do not have a Last Will and Testament
- 66% of adults 36-54 do not have a Last Will and Testament
- 34% of adults 54+ do not have a Last Will and Testament
- 70% of adults with children under 18 do not have a will in place.
Most people believe their partners would receive everything. This is not always the case. If you die without a will in place the government prioritises who gets your Estate and in what proportions. Furthermore if no one claims your estate then the government will take the lot.
This is even more relevant if you are living with someone but are not married even if you have been together for years.