Mirror wills
Learn about mirror wills, the differences and how to write one.
Table of Contents
- What is a mirror will?
- When should I write mirror wills?
- Why should I make a mirror will?
- What happens with a mirror will after I die?
- Do I need help with my will?
- Problems with mirror wills
- What is a mutual will?
- Difference between a mutual will and a mirror will
- Conclusion
- FAQs
What is a mirror will?
Mirror wills, or reciprocal wills, are wills that couples commonly create with their spouse or partner. These wills are called “mirror” wills because each will mirror the other, reflecting the identical wishes of both individuals. The purpose of mirror wills is to ensure that each person’s assets and estate are distributed according to their mutual agreement.
When should I write mirror wills?
If you and your partner want to establish a coordinated estate plan, it is recommended to create mirror wills. It is best to do this when both individuals share common wishes for distributing their assets after their deaths. While there is no specific time requirement, creating mirror wills as early as possible is generally advisable to ensure that your intentions are clearly outlined and legally binding.
Why should I make a mirror will?
There are several reasons why couples choose to make mirror wills. Firstly, a mirror will allows individuals to maintain control over the distribution of their assets after their passing.
By creating mirror wills, couples can ensure that their wishes are respected and that their loved ones are taken care of according to their preferences. It provides peace of mind, knowing that your wishes will be followed.
Additionally, mirror wills can help minimise potential conflicts and disputes among surviving family members. When the distribution of assets is clearly outlined in the wills, it reduces the likelihood of disagreements or misunderstandings about how the estate should be divided.
What happens with a mirror will after I die?
After the death of one individual, the mirror will of the surviving spouse or partner remains in effect. The surviving individual can make any necessary changes to their own will if they wish. The assets and estate will be distributed according to the provisions outlined in the surviving individual’s will.
It is important to note that a mirror will does not prevent the surviving individual from changing their estate plan after the death of their partner.
Do I need help with my will?
Creating a will, whether it’s a mirror will or any other type, can be a complex and essential task. It is advisable to consult with a qualified legal professional to ensure that your will accurately reflects your wishes and complies with the applicable laws in your jurisdiction.
Want to learn more about our will-writing service?
Problems with mirror wills
While mirror wills can be a valuable estate planning tool for couples, it’s essential to be aware of potential issues that may arise. Here are some common problems associated with mirror wills:
Conflict within blended families
Mirror wills may face complications in situations involving blended families, as a fair and equal distribution of assets can be challenging.
Each individual is free to amend their mirror will whenever they like and without giving notice to each other.
A married couple may have children from previous relationships and decide to make mirror wills, leaving everything to each other upon the death of the first person and then upon the death of them both to their children.
If one person from the couple dies, the other individual has the power to make a new will disinheriting the other person’s children, which can give rise to conflict and lead to potential legal challenges.
Dependency on the surviving individual
Mirror wills heavily rely on the surviving individual to uphold the terms of the will. Suppose the surviving person chooses not to follow the provisions outlined in the mirror will or makes significant changes to their own will. In that case, it can potentially undermine the intentions of the deceased individual. This can be a concern if there is a breakdown in the relationship or the surviving individual’s circumstances change.
Unforeseen circumstances
Life is unpredictable, and circumstances can change over time. With mirror wills, there is always the possibility that the wishes of both individuals may diverge due to the evolving relationships, financial situations, or personal preferences. In such cases, mirror wills may not adequately address the new circumstances, potentially leading to confusion and disputes among family members.
To mitigate these problems, it is essential to regularly review and update your will to ensure they reflect your current wishes and circumstances.
Seeking professional legal advice from an experienced estate planner will help you navigate the complexities and address any concerns or potential issues specific to your situation.
Remember, estate planning is a dynamic process, and it’s crucial to adapt your wills to protect your interests and the well-being of your loved ones.
What is a mutual will?
A mutual will is a legal agreement between two or more individuals, typically spouses or partners, that establishes how their estates will be distributed after their deaths. Unlike mirror wills, a mutual will is a joint document that binds the parties involved to a specific course of action. This means that neither party can change the terms of the will without the consent of the other.
Difference between a mutual will and a mirror will
While they share similarities, they have differences that are important to consider when deciding which approach is best for your situation. Here are the main differences between the two:
Nature and structure:
- Mirror Will: A mirror will refers to two separate wills created by each individual in a couple, mirroring each other in terms of content and distribution of assets. Each person’s will stands independently, representing their wishes but with consistent provisions and distribution arrangements.
- Mutual Will: In contrast, a mutual will is a joint document created by both parties, typically spouses or partners. It establishes an agreement on how their estates will be distributed after their deaths. Mutual wills bind the parties involved to a specific course of action, preventing unilateral changes without the other party’s consent.
Legal effect and binding nature:
- Mirror Will: With mirror wills, the legal effect is that each individual’s will remains independent. Either party can modify their own will without the consent or knowledge of the other person. The surviving spouse or partner is not bound by the terms of the deceased person’s will and maintains control over their own will.
- Mutual Will: A mutual will, being a joint document, creates a legally binding agreement between the parties involved. The terms of the will bind both individuals and cannot unilaterally change them. The surviving spouse or partner must adhere to the agreed-upon provisions and cannot modify the will without the other party’s consent.
Testamentary freedom and flexibility:
- Mirror Will: Mirror wills offer greater testamentary freedom and flexibility than mutual wills. Each individual has the autonomy to make changes or updates to their own will without mutual consent. This provides more control over one’s estate plan, allowing for adjustments based on changing circumstances or personal preferences.
- Mutual Will: In mutual wills, testamentary freedom is limited as both parties must agree on any changes or modifications. This lack of flexibility can make it challenging to make adjustments without the consent and cooperation of the other party. Mutual wills are designed to create a long-lasting and unchangeable agreement between the couple.
Dependency and continuity:
- Mirror Will: Mirror wills do not establish a mutual dependency between the individuals. After the death of one person, the mirror will of the surviving spouse or partner remains in effect, and they can make any necessary changes to their own will independently. The assets and estate will be distributed according to the provisions outlined in the surviving individual’s will.
- Mutual Will: Mutual wills create a mutual dependency between the parties involved. Each person’s will is contingent on the other person’s will, and the agreed-upon terms bind both individuals. The surviving spouse or partner cannot unilaterally change the terms of the will without the other party’s consent.
Consider these differences carefully when deciding between mutual and mirror will. Consulting with an experienced financial adviser can provide personalised guidance and ensure that your estate plan aligns with your goals and circumstances.
Conclusion
Seeking professional legal advice from an experienced financial adviser will help you navigate the complexities of mirror wills and address any concerns or potential issues specific to your situation.
At TheWealthPoint, we have a team of experienced professionals who can assist you with writing mirror wills and provide clear-cut, personalised advice on other considerations to include. If you’re thinking about mirror wills or any other estate planning needs, please don’t hesitate to get in touch with our team. We’re here to help you protect your interests and the well-being of your loved ones.
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About the author
Emily Marsey
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FAQs
Can I challenge a mirror will?
You can challenge a mirror will if you are directly affected by it. A will can be contested due to numerous things e.g. the testator lacked mental capacity, they were influenced, or their signature was forged.
Can a mirror will be revoked?
Yes, a mirror will can be revoked by either of the parties writing it. They do not need to get permission from each other.
Who is the executor in a mirror will?
The executor in a mirror will is usually your spouse. So if you write it with your partner and specify that you would like them to take a certain amount of money and then distribute the rest in equal portions to your children, your partner will be the executor and will be in charge of distributing your assets in accordance with your wishes.
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