Mirror wills, also known as joint or mirror image wills, serve as a popular choice for both married and unmarried couples with closely aligned intentions for their estates. These are two distinct legal documents that mirror each other in content, differing only in the names of the individuals and, occasionally, in their personal funeral preferences.
Consider a couple with children opting for mirror wills; their arrangement could involve each partner bequeathing their entire estate to the other, with the stipulation that upon the passing of the surviving partner, the estate is then divided equally among their children.
Is a Mirror Will the Right Choice for Me?
Mirror wills offer a nearly identical structure, making them less suited for couples with divergent wishes for their wills. If unique provisions are needed for each individual, separate wills would be a more appropriate route, allowing for the tailoring of each document to specific personal requirements.
Benefits of Choosing Mirror Wills
For couples with similar estate distribution wishes, mirror wills present a cost-effective solution compared to drafting individual wills. Partners can legally document their desires, ensuring their assets are distributed according to their shared preferences.
Dying without a will, known as intestacy, in England or Wales means your estate falls under the rules of intestacy, where the law dictates the distribution of your assets. This could range from your home and car to financial assets and even pets. In the absence of eligible family members, your entire estate could default to the Crown.
Potential Drawbacks of Mirror Wills
Once mirror wills are established, either party can alter or update their will independently, unbeknownst to the other. This flexibility persists even after the death of one partner, with no requirement for the survivor to maintain the original terms of the mirror will. It’s crucial, therefore, to seek proper advice when creating mirror wills to ensure both parties’ wishes are securely represented.
What If We Pass Away Simultaneously?
When drafting mirror wills, it’s important to plan for all contingencies, including the possibility of both partners dying simultaneously. At Westfield Wills, our will-writing experts can guide you through these considerations, ensuring your wills include precise clauses to reflect your wishes in such circumstances, safeguarding the future of your property and possessions for your chosen beneficiaries or charities.
In summary, mirror wills in England and Wales are an efficient estate planning tool for couples with similar wishes regarding the distribution of their assets. These wills are essentially identical legal documents that outline how each partner’s estate should be handled after their passing, typically favoring the surviving partner and, eventually, their children or specified beneficiaries. While offering a cost-effective and straightforward way to manage estate distribution, mirror wills also carry the risk of unilateral amendments by either party, underscoring the importance of seeking professional advice. Additionally, it’s vital to consider and plan for all eventualities, including the simultaneous passing of both partners, to ensure that the wills accurately reflect the couple’s final wishes.
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