Mirror wills are an option that many people explore, but knowing what they are, how they work, and the pros and cons of mirror wills is an entirely different thing.
A mirror will in the UK is a will that’s almost identical to another.
One person in a couple will leave their estate to the other if that they pass away.
This probably involves one partner leaving everything to the other partner in a civil partnership or marriage when they die. Once that partner passes away, all of the assets will be passed on to their children.
The idea is that both wills are set out with the same terms.
As with any will, a mirror will should be written as soon as possible. Especially if you have loved ones you wish to pass your assets on to.
Mirror Wills Pros & Cons – Advantages
Mirror wills have several advantages, and if you’re in a committed relationship where you have children, then it’s WELL worth considering mirror wills as an option.
The benefits include:
- A guarantee you’ll be able to provide for your children
- The ability to name additional executors
- Securing both you AND your partner’s financial futures
If you’re engaged, married, or in a civil partnership, and you’re both looking to either create or update a will, then a mirror will has A LOT of advantages.
The fact that you can change your mind at any time is a big positive for a lot of people and knowing that you’ll be financially protected should anything happen to either yourself or your partner is crucial.
It’s never easy to talk about later life and death, and the reality is that most of us don’t do it – 68% of adults don’t have a valid will, according to recent research.
The key word there is ‘valid’ because it’s not simply a case of creating a will. It’s ensuring it’s always up-to-date after key life events, such as marriage, the birth of children and grandchildren, and any deaths in the family.
Not only that but creating a will with expert legal guidance is essential. So that there’s not any unexpected hiccups with executing the will. Which could result in contested probate or a lengthy delay in distributing assets after you pass away.
Mirror Wills Pros & amp; Cons – Disadvantages
Mirror wills require a significant commitment from both partners to work.
It’s worth having a serious conversation with your partner because wills can be an incredibly personal document. There might be specific assets you wish to be gifted to loved ones. If if there’s any disagreement over this, then a mirror will might not be the best option for you.
There’s also the reality that if you were to die before your partner and your assets were passed to them as set out in your mirror wills, they are then free to create a new will if they wish.
They might do this if they get re-married, have a change of heart, or have new assets to include in their will.
So, it’d be wise to discuss this when creating your will. For example, if you wanted your family home to be gifted to your grandchild. Then you should ensure this is made clear to your partner.
Remember, a mirror will involves you create two almost identical wills with specific goals in mind. Including ensuring that your partner and children are financially secure should you pass away.
Solicitors Near Me To Help Create Mirror Wills
Creating your will is a significant task to undertake. It’s important to get it right – especially if you’re creating a mirror will.
So, before you write your will, you need to carefully choose a will writing solicitor to advise and assist you…