What are “Mirror Wills”?

Whilst we know it is not an easy subject, think about what would happen if you were to pass away tomorrow?

• How would your family cope?
• Would they have enough money to live comfortably?
• Would they be able to locate and deal with all of your assets with ease?

We know that life gets in the way and everyone always moves at 100 miles an hour. You probably have a million things to do, and a million more on your mind. You probably haven’t even thought about Wills yet. But if we never get round to thinking about Wills, the aftermath could be devastating.

We don’t want to worry about what will happen after we have gone, so we’ve made sure our families are taken care of. And you should too – because it’s not just about the money or belongings. It’s also about the peace of mind knowing that everything will go smoothly for your loved ones when the time comes.

The good news is, making a Will (or Mirror Wills) doesn’t have to be difficult or expensive— it just needs to be done!

What is a Will?

A Will is a legal document that details exactly how you want your assets distributed after you pass away along with other wishes such as funeral directions and who you would like to deal with your assets. Without a Will, Rules of Intestacy take over and decide who gets what from your estate, which means your family might find themselves in a situation where they might not inherit anything from you or your wishes are not met.

What are Mirror Wills?

Mirror Wills are Wills created by couples whereby the instructions “mirror” each other. For example, as a couple you may both wish to leave everything to your spouse or partner in the first instance and then to your children after you have both passed away. In this case, the instructions are the same and are mirrored across two individual Wills. It does not mean that every detail needs to be exactly the same, you can tailor your Will to suit your own needs and wishes.

Like with individual Wills, you can specify who should receive what percentage of your estate, which can be especially useful if you have children from previous marriages or relationships, you can specify who should be your Executors, any funeral wishes that you may have and include trust provisions within the Wills.

It’s important to note that, like standard Wills, Mirror Wills do not take effect until the death of the person whose name appears on it.

When should Mirror Wills be written?

Mirror Wills, like individual Wills, should be set up as soon as possible, ideally through a qualified Estate Planning service provider or solicitor.

If you and your partner are on the same page as to where your assets should go if both of you were to pass away, you should consider making Mirror Wills. If neither partner wants the same thing, then it is best to make individual Wills.

What is the difference between a Single Will and Mirror Will?

A Single Will is a Will created either by a single person, one party of a marriage or for each of a couple who do not want the same things written within their Wills.

Mirror Wills are essentially two Wills for a couple, whether married or unmarried, where the instructions from both people are virtually the same.

Can you amend a Mirror Will after one partner dies?

Absolutely. Wills created that are “Mirror Wills” are still individual Wills for each individual person. They are only classed as mirrored because the initial instructions were virtually the same. Either party can change or update their individual Will at any time.

How MWQ Estate Planning can help

We, at MWQ Estate Planning offer no-obligation consultation to help explore the best options based on your circumstances from individual Wills to Mirror Wills and all that comes in between like property trusts, guardians for minor children and funeral wishes. Get in touch with us today to discuss more.