Understanding Mirror Wills: A Simple And Effective Estate Planning Solution For Couples

When it comes to planning for the future, many couples turn to Mirror Wills as a straightforward way to ensure that their estates are handled according to their shared wishes. But what exactly is a Mirror Will and how can it benefit you and your partner?

Here we’ll explain what Mirror Wills are, why they’re so popular among couples and how they can provide peace of mind when it comes to estate planning.

What Are Mirror Wills?

A Mirror Will is essentially two separate wills, drafted at the same time, that reflect each other’s wishes. Typically used by couples, such as married partners or civil partners, Mirror Wills allow both individuals to leave everything to each other. If both partners pass away, the wills usually specify who will inherit the estate next, such as children or other close family members.

In short, Mirror Wills are “mirrored” in that both documents are identical in their distribution of assets and intentions. However, each partner creates their own will and they can be amended or updated independently.

Why Are Mirror Wills Popular?

Mirror Wills are an attractive option for couples for several reasons:

1. Simplicity and Clarity

The main benefit of Mirror Wills is that they offer simplicity and clarity for both partners. By creating two matching wills, both individuals can be assured that their estates will be managed in the same way. This means there’s little room for confusion or disagreements down the line and it ensures that both partners’ wishes are carried out exactly as intended.

2. Protection for the Surviving Partner

One of the most common reasons couples choose Mirror Wills is to protect the surviving partner. If one person passes away, the surviving partner will inherit the estate without any complications. This is especially important for couples who want to make sure that their partner is financially secure after their death.

3. Streamlined Estate Planning

Because Mirror Wills are often similar or identical, they simplify the process of estate planning. You won’t need to draft two entirely separate documents, which can save both time and money. While you’re still able to choose beneficiaries, set up guardianship provisions for children and address any special requests, the process of drafting your wills becomes much more efficient.

4. Cost-Effective

Creating Mirror Wills is often more affordable than drafting two completely independent wills, as many of the provisions will be the same. Since the wills are mirrored, solicitors typically charge a reduced fee for the preparation, making it a budget-friendly option for couples.

What Happens After Both Partners Have Passed Away?

While Mirror Wills are designed to make the process easier if one partner passes away, it’s important to consider what happens after both individuals have died. Usually, the Mirror Wills outline who will inherit the estate if both partners die at the same time or within a short period.

This is typically where secondary beneficiaries come into play. These might be children, other family members, or even charitable organizations. In the case of joint ownership, Mirror Wills ensure that assets are distributed according to the couple’s wishes.

For example, if Partner A leaves everything to Partner B, and Partner B leaves everything to Partner A, the estate will pass on to the beneficiaries named after both partners have passed away. Having clear secondary beneficiaries in place helps prevent any disputes or confusion among family members.

Can Mirror Wills Be Changed?

Yes, Mirror Wills are flexible. Both individuals can update or change their wills at any time. If life circumstances change, such as the birth of a child, a change in financial circumstances or the purchase of a significant asset, you can amend your Mirror Will to reflect those changes.

However, it’s important that both partners agree to any changes, especially if the updates impact how assets are distributed. A solicitor will guide you through the process of revising your wills to ensure that they remain legally valid and reflect your current wishes.

What Happens If We Both Change Our Mirror Wills?

If one partner changes their Mirror Will, it doesn’t automatically change the other partner’s will. Both individuals can have different beneficiaries or make different choices if they wish. While the wills are intended to mirror each other, each person has the freedom to amend their will independently. That’s why it’s important to regularly review your wills to ensure they still align with your intentions.

Do You Need A Solicitor To Create A Mirror Will?

While you don’t need a solicitor to create a Mirror Will, it’s highly recommended to seek professional legal advice. A solicitor will ensure that your will is drafted correctly, legally valid and tailored to your specific needs. This is especially important if you have complex assets, children from previous relationships, or special requests, such as appointing guardians for minor children.

Solicitors can also help you navigate any tax planning considerations and provide guidance on how to reduce potential inheritance tax liabilities.

Mirror Wills are an excellent option for couples looking to ensure their estates are handled in a way that reflects their shared wishes. They are simple, cost-effective and offer peace of mind that the surviving partner will be well looked after. Plus, Mirror Wills can help prevent any disputes or confusion among family members after both partners have passed away.

If you and your partner are thinking about creating Mirror Wills, it’s a good idea to speak to a solicitor who can help guide you through the process and ensure everything is set up properly.