Joint Wills

What is a joint Will and how does this work?

Two people would have to make two separate Wills – so the term joint Will is a bit of a misnomer. It’s probably a term people may use to refer to mirror Wills or in very specific circumstances, mutual Wills.

What’s the difference between a joint Will and a mirror Will?

For most people, they’re talking about the same thing. There’s no difference, in practice, because they’re referring to Wills made at the same time. If you’re two partners, you will often make a Will simultaneously.

Often they will say virtually the same thing – they’re called mirror Wills because they reflect the same wishes.

Who is a joint Will for?

In certain circumstances people may want to instruct what are called mutual Wills. That’s where each person creates a Will, but with a legally binding agreement that they cannot be revoked without the consent of the other party.

It’s intended to be a contractually binding agreement that creates a legal obligation on the survivor to honour the original terms. But to my mind, this agreement flies in the face of the established principle of testamentary freedom, where everyone in England has a legal right to draft whatever Will they wish.

As a company, we usually recommend that Trust Wills are used to ensure that testators’ assets are protected and go to their chosen beneficiaries on second death, rather than the antiquated method of mutual Wills.

Do you need a Will if everything is in joint names? Does a married couple need two Wills?

If you don’t have a Will, you can’t specify who receives certain gifts, such as leaving a family heirloom to a specific grandchild.

If you’ve got children under the age of 18, if you haven’t got a Will you might worry about what would happen if both parents were killed in an accident. Wills can be very important in specifying who should be legal guardians for the children. Married couples, as I mentioned before, need two separate Wills.

Is it better to have a joint Will or separate Wills? When would you have a separate Will if you are a couple?

I’m assuming this is a question from someone who’s confused around the term joint Will. They’re thinking about making a joint Will with a partner – but in practice that’s a misnomer. Any couple would need two separate Wills.

How much do solicitors charge for a joint Will? What costs are involved with a joint Will?

If you want two mirror Wills, there’s a combined cost of just £250 plus VAT. We produce Trust Wills at a price that has not gone up for a decade. A basic one can be instructed at a combined cost of £595 plus VAT for two property Trust Wills.

Wills that protect additional assets, which I’ll talk about in a minute, may cost more.

When would you use mutual Wills?

Mutual Wills are often used where there are blended families, to ensure that children from previous relationships are not disinherited. But they are rarely recommended unless the parties fully understand the long-term implications. I have my doubts about their efficacy – they could be challenged in the courts.

These types of Wills don’t adapt well to changing circumstances. Examples might be if the survivor gets remarried, there are changes in financial circumstances or just that there are additional grandchildren, godchildren, nephews and nieces to help.

Mutual Wills can cause legal disputes if they’re not clearly documented, leading to costly litigation. In any case, the survivor could make gifts that reduce the estate and mean that the initial intention is not achieved.

So, if you’re weighing up your options between a mutual Will or a joint Will, we might suggest Trust Wills. A life interest Trust or a flexible life interest Trust might offer similar protection, but with much more flexibility.

A mirror Will, as I mentioned before, is for each partner of a couple who wish to reflect each other’s wishes. These are different from mutual Wills, but sometimes people call them joint Wills.

What happens with a joint Will when one person dies? Do I need to make a new Will when my partner or spouse dies?

There isn’t such a thing as a joint Will. But if one partner dies, it is certainly a good idea to review a Will for lots of reasons.

It’s particularly important if circumstances have changed since the last Will was drafted. Perhaps named beneficiaries such as grandchildren now need to be included, because they’ve been born since the last Will was drafted.

A lot of people don’t want the tax man to get more than is absolutely necessary. There can be valuable tax allowances to consider, which may not be easy to claim if you don’t review the Will and potentially draft another one.

Other planning could significantly reduce the tax bill that the surviving spouse’s children have to pay.
This is going to become even more important in 2027 for an awful lot of people – that’s when pensions will be included in people’s estates.

There may be quite simple ways to reduce the tax on those pensions, but the surviving partner needs to take action and review their Will and tax planning.

What are the benefits and drawbacks of joint Wills?

As we’ve seen, there’s no real joint Will, and I’m not a fan of mutual Wills as you’ve probably gathered, because they do not cater for changing circumstances. Parents and grandparents could end up wanting their right to testamentary freedom and to leave their estate to who they want to. You can imagine the courts getting involved.

I would guide anyone listening to this podcast not to spend too much time on mutual Wills unless they really think it’s the answer. The simple solution is a Trust Will, especially to protect assets for children from previous relationships.

You don’t know who’s going to die first. Using conventional Will planning can really be effective for ensuring that children from previous relationships get a share of assets after the surviving spouse or partner has died.

It can even be used for effective bloodline planning down the generations. You can make sure that what you’ve worked so hard to achieve doesn’t suddenly disappear because you die first, and your partner is influenced by somebody else or gets remarried.

What are the alternatives to joint Wills – AKA mirror Wills or mutual Wills?

The simple answer is Trust Wills. It’s worth pointing out that Wills that create Trusts are not usually referred to as mirror Wills, even though they may reflect both people’s wishes and have the same executors and beneficiaries.

The term mirror Wills usually refers to simple Wills where you leave everything to each other and then to the children. We talk about Trust Wills in our other podcasts. If somebody’s come to this podcast because they’ve wondered about joint Wills, this is just the starting point they need to make good decisions.