If you’re married or in a long-term relationship it’s important you both make Wills to ensure each partner, and any children you may share, will be provided for in the future. You may assume that once you die, your whole estate will pass onto your partner and then to your children, but this isn’t always the case. If you die without a Will, the state will decide how your assets are shared, and if your partner also dies, social services will decide who should look after your children. Your children or partner may never receive their full inheritance, which can lead to painful family disputes, broken relationships, and the loss of family assets. Dying without a Will can also be costly for your loved ones – 31% of families struggle to track down a deceased relative’s assets without a Will, leading to an average loss of £9,700! So it’s important for both you and your partner or spouse to make a professional Will, but what’s the best way of going about this? A popular and cost-effective option is to make Mirror Wills. In this guide, we’ll explain what Mirror Wills are, how they work, and the implications of adding Life Interest Trusts to your Wills.
What are Mirror Wills?
Mirror Wills are two almost identical Wills that mirror each other in terms of instructions and wishes. Usually, the only differences are the testator’s name and funeral wishes. These types of Wills can be a good choice for couples, whether married or unmarried, who want their estate to be divided in the same way on death. Most commonly, couples use Mirror Wills to ensure their entire estate passes to the surviving partner on the first death and then to the children on the second death. The aim here is to protect the surviving partner’s quality of life whilst ensuring the children will be provided for in the future. If this is the setup you would like to achieve, then making Mirror Wills is far more cost-effective than making two separate Single Wills that essentially say the same thing.
Should My Partner and I get Single Wills or Mirror Wills?
If you and your partner decide that your entire estate should pass on to the surviving spouse on the first death, then Mirror Wills could be the cheapest way of achieving this. However, if your situation is a little more complex this may not be the best option. For example, if you own different assets to your partner and want more control over who they pass to on your death, then a Single Will may be more suitable. Also, if your family setup is more complicated and you or your partner have children from previous marriages, making Single Wills would allow you to ensure each one of your beneficiaries is provided for as you would wish.
Could My Partner Change Our Mirror Wills After I Die?
One thing to be aware of when making Mirror Wills is that each Will is a separate legal document belonging to the named testator only, rather than the couple jointly. Therefore, you or your partner could change your respective Wills at any time, without having to inform the other. This opens the possibility that if you were to die, your surviving spouse could change his or her Will in the future. If your spouse was to remarry, he or she may wish to include the new spouse or new children as beneficiaries. Or, if your spouse’s relationship with your children was to break down, he or she could exclude them altogether. If you would like to safeguard against these possibilities, we recommend making Mirror Wills with a Life Interest Trust, which we’ll explain below.
What Are Mirror Wills With Life Interest Trusts?
Adding a Life Interest Trust to your Will can be a good way to protect your children’s inheritance whilst ensuring your spouse can continue to benefit from your estate. If you were to die first, your share of the family home will be held in trust for your children but your surviving spouse will be able to continue living there until he or she dies or remarries. If the surviving spouse wishes to move, they will need to preserve the portion of your estate that is held in trust for your children. Another potential benefit is that the portion of your estate held in trust can’t be diminished by future care costs your spouse may need to pay – however, this may restrict the care options available to your spouse which is something you should both be comfortable with before going down this route. To learn more about Life Interest Trusts, please read our guide, ‘What is a Life Interest Trust and Do I Need One?’
How Much Do Mirror Wills Cost?
For our up-to-date prices for Mirror Wills (with and without Life Interest Trusts), please visit our price list.
The Bottom Line
You and your spouse or partner should write a Will as soon as possible, especially if you have children. If your Wills are likely to contain the same instructions with regards to how your estate should be distributed, it may be more cost-effective to make Mirror Wills rather than two identical Single Wills. You should be aware that your spouse will have the power to change his or her Will, so if you would like to safeguard your estate for your children whilst still allowing your spouse to benefit from it when you die, you may want to consider adding a Life Interest Trust. We’re happy to discuss Mirror Wills and Life Interest Trusts with you in more detail so you can decide what works best for your needs.
At Michael Usher Wills & Estate planning we’ve been helping our local community for over 30 years. We’re regulated members of the Institute of Professional Will Writers, so you can be confident that you’ll receive a high-quality Will designed to protect your family’s future. Our friendly team is always happy to chat with you for free about your Will and answer any questions. Call us on one of the numbers below or book your FREE consultation here. We look forward to helping you protect your assets, your family, and your legacy.
Camberley: 01276 691979
