There’s no time like the present to start thinking about creating a will. Whilst it can often be deemed as a morbid subject, a will absolutely ensures that your estate, and assets fall into the right hands when you die. And most importantly, your loved ones are looked after.
So what if you could create a will that mirrors your partners to streamline the whole process? Well the good news is, you can, and that’s where a mirror will comes in.
In this guide, we will cover the main aspects of a mirror will, including who they might be right for, the differences between a mirror will and other types of will, and how you can get legal support to complete your mirror will as soon as possible.
Mirror, mirror on the wall - let’s go!
What is a mirror will?
A mirror will is a specific type of will commonly used by couples, typically spouses or civil partners. The term "mirror" is used because the wills of one partner mirror or reflect the other, often with nearly identical or similar provisions and wishes.
For example, you would both create separate wills, and they would contain similar or identical provisions for after you die. You may both name your primary beneficiary as one another, leaving your assets to the surviving partner first. You would then name your children, people or organisations as secondary beneficiaries.
It is likely that your will mirrors the same beneficiaries - people or entities who you wish to inherit the remainder of your estate after specific gifts and assets are distributed.
Some mirror wills may also include trusts, especially if you have shared assets and wishes. Trusts can be established to provide for the surviving partner during their lifetime and then pass assets to other beneficiaries.
Mirror wills are of course very convenient for you and your partner if you share similar wishes regarding what happens to your assets when you die, however it is worth remembering that they are still individual legal documents. Both yours’ and your partner’s will is independent, and you can both make changes to your own wills without the need for your partner's consent.
Who should make a mirror will?
A mirror will is a fantastic option if you are a couple, typically spouses or civil partners, and you have similar wishes in regards to your assets.
You may consider a mirror will particularly if:
You are a couple with shared wishes: If you both want to leave your assets to each other and then to the same set of beneficiaries (such as children), mirror wilsl can be a straightforward way to document these shared intentions.
You live together and have joint assets: If you both share a common residency and have joint assets, including things like the family home; bank accounts; investments; or other jointly owned property.
You both agree on mutual appointments and guardianship: If both of you wish to appoint each other as executors of your respective estates and have similar preferences for guardianship of minor children, mirror wills can be used to formalise these.
You want to simplify estate planning: Mirror wills can simplify the estate planning process if you have straightforward wishes. By creating mirror wills, each partner can have a clear understanding of how the other's estate will be distributed, which can bring peace of mind.
Before creating a mirror will or any type of will, it's advisable for you to seek legal advice. A solicitor can help you ensure that the will accurately reflect yours’ and your partner’s wishes and comply with legal requirements. Additionally, periodic reviews of wills are recommended to account for any changes in circumstances.
The benefits of a mirror will
A mirror will is beneficial to both you and your partner for a number of reasons. Mirror wills align both yours’ and your partner’s wishes after you die, which provides real clarity and understanding by everyone involved. A mirror will also allows you to appoint each other as executors of your wills, removing the responsibility from somebody else.
Streamlining the estate planning process for you and your partner when you have similar goals is a popular benefit. Since your wills will often be very similar or identical, drafting and reviewing the documents can be more speedy and efficient.
Creating mirror wills for both you and your partner at the same time may result in cost savings compared to creating separate wills at different times. You may be able to negotiate a reduced fee with a solicitor for the drafting and execution of two wills. That’s a win, win!
Importantly, a mirror will promotes consistency in estate planning -there is less chance of misunderstandings or conflicts arising over differing provisions. This will prove useful now and in the future.
The drawbacks of a mirror will
A mirror will is designed to reflect your partner’s will closely, which means that it may lack flexibility and feel quite rigid. Circumstances can often change for one partner, such as a change in assets, beneficiaries, or wishes, and when this happens the mirror wills may need to be amended or replaced, potentially leading to additional legal costs.
You may also think that yours’ and your partner’s wishes are the same before embarking on the completion of mirror wills, however there could still be potential for conflict if there is any ambiguity or disagreement that crops up along the way. This will not only make things more difficult in completing the will, but also between you and your partner emotionally. Clear communication and legal advice can help mitigate this risk if you do have any initial concerns this could happen.
When completing a mirror will, you will often have to attend mutual appointments with your executors and guardians. While this can simplify the process, it may lack flexibility if your partner has differing views on who should fulfil these roles in the event of your death.
Although you may not want to think of this scenario just yet, the survivor in a mirror will arrangement needs to carefully consider the implications of the wishes, especially if there are children or other beneficiaries involved. The surviving partner may need to update their will to reflect new circumstances.
We must also remember that a will is a personal document of your wishes for after you die. Mirror wills, by their nature, involve close coordination between you and your partner, making it less personal. You may prefer a greater degree of independence in making decisions about your estate and in such cases, separate wills might be more appropriate for you.
Mirror wills vs standard wills
Both mirror wills and standard wills serve the purpose of outlining how your individual estate and worldly possessions should be distributed after your death. However, there are key differences between the two types of wills, and the choice between them depends on your specific circumstances and preferences, as well as your partners.
Let’s look at a comparison of mirror wills and standard wills if you are struggling to decide what might be best for you:
Mirror Wills:
Designed for Couples - Mirror wills are specifically designed for couples, often spouses or civil partners, who have very similar or identical wishes regarding the distribution of their assets.
Similar Content - The content of mirror wills is usually very similar, if not identical. Each partner's will typically mirrors the other's in terms of beneficiaries, executors, and other key provisions.
Mutual Appointments - Mirror wills often involve the mutual appointment of executors and guardians. Each partner appoints the other as an executor and may name the same guardians for any minor children.
Common Residency and Assets - Mirror wills are suitable for couples who share common residency and joint assets. The wills may address the passing of assets from one partner to the other and then to specified beneficiaries.
Equality in Distribution - Mirror wills can help ensure equality in the distribution of assets among beneficiaries, especially when there are shared beneficiaries such as children.
Standard Wills:
Individual Flexibility - Standard wills provide individual flexibility for each person to express their unique wishes. This is particularly relevant when individuals have different preferences or circumstances.
Applicable to Individuals - Standard wills are suitable for individuals who may not have a partner or who prefer to create a will that reflects their individual wishes without mirroring another person's provisions.
Tailored to Specific Needs - Individuals can tailor a standard will to address specific concerns, such as bequests to specific individuals, charitable donations, and detailed instructions regarding the distribution of assets.
Separate Legal Documents - Standard wills are independent legal documents. Changes to one person's will do not automatically affect the other, providing more individual autonomy.
Flexibility in Appointments - Each individual can choose their own executors and guardians without the need for mutual agreement. This offers more flexibility in addressing individual preferences and circumstances.
Both mirror wills and standard wills should be reviewed and updated as circumstances change, such as changes in family structure, finances, or wishes.
Regardless of the type of will chosen, seeking legal advice is crucial to ensure that the document accurately reflects yours’ and your partner’s wishes and complies with legal requirements.
