As the name suggests, mirror wills are two separate wills that are almost identical. They are a common option for couples who wish to leave everything to one another and, in the event of the second partner’s death, to their children or other beneficiaries. This blog covers all you need to know about mirror wills.
If you’re new to estate planning, you may also find our guide on making a will helpful.
What You Should Know About Mirror Wills
There are advantages and disadvantages of mirror wills.
Advantages
Cost-effectiveness and simplicity: They’re often cheaper because they’re drafted together, but legally, they are still two separate wills, not a joint one.
Spousal security: They make sure your spouse gets everything if you pass away before. This is particularly crucial, since unmarried partners do not automatically inherit under intestacy rules.
Clarity of wishes: Having mirrored wills lessens the possibility that your intentions will be questioned or confused.
For official guidance on writing a legally valid will in the UK, visit: makingawill.org.uk
Disadvantages
Each partner can amend their will at any time, as wills are independent legal instruments. A great deal of trust is needed to have this kind of will, and it’s important to remember that neither spouse is legally required to notify the other of any modifications. Also, your surviving spouse can amend their will to transfer their estate to their new partner if they start dating after you pass away. This would cover the portion of your estate that they inherited.
Your spouse’s previous will would be null and void even if they married their new partner without creating a new one. If the surviving spouse remarries and dies without a will, the new spouse takes priority. However, children may still inherit depending on the estate’s value (under intestacy rules in England & Wales).
To understand what happens if no valid will is in place, read our FAQs page.
Things to Consider
Limited Customisation: They might not be the best option if you wish to account for varied financial situations or have specific bequests.
Keeping Them Updated: If your circumstances change (such as the birth of a child), you should review both wills, but they are legally independent
They don’t have to be updated at the same time
Simultaneous Death: Mirror wills can include clauses covering simultaneous death (many do)
Mirror wills are a wise choice for pairs who have:
- Common financial objectives and assets
- There is no requirement for intricate inheritance arrangements
- A wish to prioritise leaving everything to one another before giving it to kids or other recipients.
To ascertain whether mirror wills are appropriate for your circumstances, it is always advisable to speak with an estate planning specialist. They can help you with the procedure, ensure your wills are legally valid, and address any specific issues you might have.
You can also explore further guidance on wills and estate planning via MoneyHelper.
