Mirror Wills?
All about Mirror Wills with Sanjiv Sachdeva.
A Straightforward Option for Couples
If you are in a marriage or a civil partnership and your wishes for your assets are identical, making mirror Wills is a compelling option.
Will Power’s expert consultants can advise you both on the pros and cons of mirror Wills for you.
What is a Mirror Will?
Many couples who plan to leave their assets to each other, and then to certain beneficiaries such as their children, draw up mirror Wills.
As the name suggests, the intentions and instructions written into each of the Wills reflect the other partner’s wishes.
While separate Wills are drawn up for each partner, the content is identical – although you can specify individual gifts in each Will. Both Wills have to be signed and witnessed to ensure they are legally valid.
The fact that there are two mirror Wills makes this option different from a joint Will, which is a single document. Joint Wills are rare, and state how a couple’s assets will be distributed when one dies and the surviving partner may not change it.
Features of a Mirror Will
The main reason for making mirror Wills is that both partners in a relationship or marriage are of one mind regarding their assets. They want their money and possessions to pass each other after one dies, and then to agreed beneficiaries.
You can modify your mirror Will once it is drawn up and signed, but it is important to let your partner know what has been changed so there are no future misunderstandings. You will also have to get the updated Will signed and witnessed again.
Will you need to go through Probate? That depends on the size of your estate. Similarly, Inheritance Tax may have to be paid after the second partner dies if your total estate exceeds the IHT threshold after allowances have been applied.
Pros and Cons of Mirror Wills
The main advantage of mirror Wills is that both partners in a relationship or marriage have a clear view of what happens when one of them dies. That transparency can lessen the likelihood of disputes among family members.
Each partner’s Will can be customised or amended to reflect their wishes, but one potential disadvantage arises if one of the couple makes a change without telling the other.
As a result, mirror Wills may not be suitable if you have a complex family situation, or have very different ideas about what should happen to your assets when one of you passes on.
Your Next Step
To find out if a mirror Will is a viable option for you and your partner, speak to one of our expert team at Will Power.
In our initial, no-obligation discussion, we can work out whether or not you are both on the same page and will benefit from such an arrangement.
We also offer a combined package for simple mirror Wills, including storage, for a one-off fee. You can add an aftercare option that means you can make as many simple changes as you like to your mirror Will without paying a repeat fee.
