Estate planning and writing a Will are important tasks that you should be completing to ensure your final wishes are fulfilled and your estate goes to the intended beneficiaries.

You may be discussing your plans with your spouse or partner as you map out who to include within your estate and which assets you want to bequeath.

If you and your partner share the same assets and views on estate planning, you can create a Mirror Will.

Before considering this option, you need to know how they work, the advantages and disadvantages and decide if a mirror Will is a viable option.

What is a Mirror Will?

Mirror Wills are two separate legal documents that are practically identical in terms of content, apart from the names of the couple.

They allow you to jointly assign assets to beneficiaries, name executors of your estate and clarify any trusts that have been made and need to be included.

However, if you have any differences in terms of separate assets to assign or want something specifically included in your Will, it is best to write separate Wills.

Are there advantages to writing a Mirror Will?

It is advantageous to write a Mirror Will if you have similar wishes for assets like cash and property.

Mirror Wills also bring clarity and simplicity because you have the same wishes. This means it will be much easier for your executors to initiate probate and distribute your estate to your beneficiaries.

They can be easily updated especially to include your children, and are cost-effective compared to creating two separate Wills.

Are there disadvantages to writing a Mirror Will?

You need to seriously consider if a Mirror Will is right for you and your partner. A big problem is the undermining of trust because you can change your Will without informing your partner, and vice versa.

The laws in place mean your partner can change their Will without your permission or without you knowing. This will have an impact on your estate as asset beneficiaries could be changed, or new assets introduced.

The premise of a Mirror Will is about trust and the rules in place mean this can be easily broken, putting your estate and relationship at risk.

If you do split from your partner, divorce doesn’t automatically revoke the Mirror Will, meaning you will need to assess the Will and update it accordingly.

Gifts to your former spouse are voided, but you will likely need to write a brand-new Will to ensure all assets and beneficiaries are accounted for.

Can I protect a Mirror Will?

Trusts are a great way to protect your Mirror Will. You can place cash sums, property and other assets in a trust within a Mirror Will to ensure they are protected but also keep the two estates together.

Creating a trust within your Mirror Will means you need to appoint trustees to distribute what is included in the trust. They need to be people you can trust wholeheartedly to deliver your wishes.

Placing assets in trusts also reduces the legal standing should any disputes arise. The trust protects your assets and is a legally binding arrangement that clarifies what you want to distribute to particular beneficiaries.

Estate planning support is available

Mirror Wills need serious thinking because it is a commitment between you and your partner. There are positives and negatives but ultimately, you need to have a Will in place to ensure your wishes are fulfilled and your beneficiaries inherit what you want them to.

Our expert team across our Essex offices are here to support you and help you put an estate plan in place that you are happy with.

We will give you tailored advice on all Will matters and ensure you have the tools to organise your affairs and have a Will that reflects your wishes. For all Will matters, contact our team today.

For all Will matters, contact our team today.