Should I Make A Mirror Will?

‘What is a Mirror Will?’ and ‘Is a Mirror Will right for me?’, Wills & Probate Solicitor Keith Baldock-Grimes discusses in his latest blog…..

Mirror Wills are popular with couples where the wishes of one person largely reflect the wishes of the other. Commonly, but not always – two people will leave everything they own to each other, then to their children if the other person dies.

The result is that everything goes to the survivor when one of them passes away. The two people involved will also generally agree on where everything goes when the second person passes away, or if they die at the same time.

Advantages Of A Mirror Will

The benefits of making Mirror Wills with your partner include:

1. By making a Mirror Will you’re ensuring the financial security of your partner if you pass away first. This is particularly important if you’re not married, as your partner may not be legally entitled to inherit your assets.

2. If you have children, making a Mirror Will ensures they inherit your estate once you and your partner have both died. You can also protect them by appointing a guardian, should both you and your partner pass away before they reach the age of 18, and a trustee to protect your estate until your children are old enough to take their inheritance.

3. Usually, with a Mirror Will, your partner will be the sole beneficiary as well as the executor. You can also appoint additional executors, so that if you and your partner die at the same time both your wishes can still be carried out.

4. Although the key feature of Mirror Wills is that both partners’ wishes are generally the same, they can have some small differences – for example additional executors or differing funeral arrangements.

5. Everything inherited from one spouse to another is tax free, and this benefit is then transferred to the surviving spouse. So, when the second spouse dies, all their assets (including that which they’ve inherited from their deceased spouse) can be passed on with twice the inheritance tax-free allowance.

6. If your relationship status changes or you just change your mind, you can update or revoke your Mirror Will at any time.

Disadvantages Of A Mirror Will

1. Mirror Wills can be revoked by either person at any time without having to get approval from the other. This can be an advantage – it gives you both the flexibility to deal with changing circumstances. But it can also be a problem.

2. You must be able to be sure that after your death your partner won’t change their Will and pass on your estate to people you didn’t want to receive it – for example, a new partner, or new children – as this may leave your chosen beneficiaries without the inheritance they were expecting.

3. If you die, it’s possible for your partner to alter the Will, disinheriting your beneficiaries and giving your family heirlooms to their new spouse or, if they remarry and die, before putting their affairs in order, a new spouse could inherit under the intestacy rules.

4. It is also possible that if everything passes to the survivor, the whole estate could be eaten up by care home fees, should either you or your partner need to be taken into care. So, even if you’ve agreed to give your children (or anyone else, for that matter) everything, they may not end up receiving the full benefit of your estate.

How Can Timms Help?

Like most things in life, there are pros and cons to the use of Mirror Wills, depending upon your individual situation, needs and priorities. Whilst many people prepare the simplicity of the “all to each other and then to our children” approach it is also possible to give financial security to the survivor whilst also “ring fencing assets” by using Life Interest Trusts which are also a relatively straightforward mechanism.

If you would like further information regarding a Mirror Will then please contact me on 01283 214231 or email k.baldock-grimes@timms-law.com.