Mirror Wills – What are they and how do they work? All you need to know about Mirror Wills.
When you’re looking at creating a will or even updating a will after a significant life event such as marriage or the birth of a child or grandchild, you’ve probably got A LOT of questions…
And if you’ve heard of mirror wills in the UK, you might be wondering what they are. What they do. And how they might be relevant for you.
The information here is only relevant in England and Wales, by the way, but it’s a worthwhile consideration.
What Is A Mirror Will UK?
A mirror will in the UK is a will that’s almost identical to another. Where one person in a couple will leave their estate to the other in the event that they pass away.
This will most likely mean that one partner leaves 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.
If you’re engaged, in a civil partnership, or married, then you should consider making mirror wills if you have the same wishes with regards to your estate being passed on.
Do I Need A Will?
Short answer? Yes, absolutely.
If you’ve got ANY assets you want to pass on to loved ones, you should create a will.
Data from Remember a Charity recently revealed that 68% of adults in the UK don’t have a valid will. Which is why it’s vital to make sure you do it properly with expert legal advice.
Because the reality for a lot of families is that probate can be a challenging process. Especially if a will is invalid because it wasn’t completed correctly.
There’s A LOT to consider when you’re writing a will. But the reason you’re doing it is to ensure your wishes are followed and your belongings are passed on to your loved ones when you die.
But before you do anything, make a list of EVERYTHING you own.
Cars, property, savings, any businesses you own, shares, personal possessions. Add it to a list and start working out where you’d want everything to end up. Who you want to receive what. You’ll start to build a picture of what your will might look like.
And make sure you include the value of each item too – it’ll make things a lot easier if any issues arise.
Doing so will make it much easier for assets to be distributed among your beneficiaries, Which is particularly helpful should any financial or tax issues arise.
Is A Mirror Will Right For Me?
First things first, you should ALWAYS seek expert legal advice before making any decision on your wills.
There are many benefits to a mirror will. If you and your partner are in a committed relationship and have children that you wish to look after once you’ve passed away, then it’s worth considering mirror wills.
Benefits include being able to provide for your children. Being able to name additional executors. Securing both you and your partner’s financial futures.
Your will is a personal document and a personal decision. So if you wish to have an individual will, it’s worth having that discussion with your partner.
You can change your mind at any time. It’s also worth noting that once one partner has passed away, the other partner is free to make changes to their will as they wish.
So, if one partner remarried after the other had died, for example, they might then wish to include their new partner in the will, depending on their circumstances.
That’s why it’s important to discuss mirror wills at length with your partner and a solicitor before agreeing to any decision.
Solicitors Near Me To Help With 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 take the final step of writing your will, you need to carefully choose a solicitor to assist you…