When planning your estate, especially if you have a spouse or partner, you may come across the suggestion of creating mirror Wills. While mirror Wills are a common choice for couples, it's important to understand what they entail, and the potential risks involved.
A Will is your chance to set out how you want your estate to be passed on. You can choose who you want to inherit and who you would like to deal with the administration or winding up process. Having a well-drafted Will in place can provide your loved ones with peace of mind and help prevent future misunderstandings or disputes.
What is a mirror Will?
Mirror Wills are two Wills with identical clauses, generally made by a married couple or life partners. You would both leave your estates in the same way to the same beneficiaries.
Couples commonly leave everything to each other, meaning that when the first person dies, the other then owns their whole estate. As both individuals have named the same beneficiaries, when the second person dies, the idea is that the estate will pass on to people that you decided together would inherit your joint wealth.
They tend to be used when a couple both have the same wishes, and their situation is relatively straightforward. For example, a married couple with children can choose to leave their estate to each other and then name their children as secondary beneficiaries.
Should I choose a mirror Will?
While mirror Wills are convenient and often suitable for couples with similar wishes and uncomplicated circumstances, they do come with significant risks.
The main issue with mirror Wills is that the surviving spouse or partner can simply make a new Will in different terms or destroy the mirror Will. This could be done while both partners are still alive or after one partner has died. This means they could create a new Will with entirely different terms, potentially excluding the originally intended beneficiaries.
If the survivor were to remarry, the Will would automatically become invalid, as all Wills become invalid on marriage unless they are made in contemplation of the marriage. This could leave the estate unprotected, subjecting it to the rules of intestacy, where the new spouse and potentially others could inherit, contrary to the couple's original intentions.
In addition to this, there is a risk that the survivor could spend the money, lose it in a poor investment or to fraud or must put it towards care home fees which may deplete the estate, leaving little or nothing for the intended final beneficiaries.
What other Will options are there?
Given the potential pitfalls of mirror Wills, it’s often advisable to consider other estate planning options. One such alternative is to leave your spouse or partner a life interest in any assets you want them to benefit from. For example, you can leave them a life interest in your share of the home you live in. This will allow them to stay there as long as they want.
When they no longer need the property or they die, your share would pass to the beneficiaries you have named in your Will. There would be no scope for your spouse or partner to spend or lose the money. It would also not pass under the terms of their Will. This ensures that your assets are preserved for your intended beneficiaries, rather than being subject to the circumstances of the surviving partner.
It’s vital to structure your estate plan thoughtfully, ensuring your assets provide security for your loved ones while minimising risks. Consulting with an experienced lawyer can help you explore the best options for your situation, ensuring your Will reflects your wishes and offers robust protection for your family’s future.
Contact us
If you or a friend/family member are looking to prepare a Will or Lasting Power of Attorney, and would like to make an appointment to see one of our lawyers, please contact our enquiries team by email at privateclient@baker-law.co.uk or telephone 01252 733 770 and ask to speak to the Private Client team about Wills or Lasting Powers of Attorney. We will be happy to provide details of our fees and procedure, and arrange an appointment to meet to take instructions.
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