Mirror will. What do I need to know?
Mirror wills have become increasingly popular in recent years, particularly amongst couples and families. As their name suggests, mirror wills are two separate, separate legal documents, that reflect each other’s wishes and instructions for the transfer of assets after death. They provide an efficient way to ensure your final wishes will be met without any disputes or confusion.
The concept behind a mirror will may sound simple enough; however, there is more to it than meets the eye. This page takes a closer look at what exactly constitutes a mirror will, so you can decide if this type of estate planning solution is right for you and your family. We also explore some of the potential risks associated with creating one, as well as how best to go about drafting them properly.
By the end of this article, you should have all the information you need to make an informed decision on whether or not a mirror will is suitable for your own estate plan. So read on to learn more!
2900+
TrustPilot Reviews
UK Coverage
England & Wales
17+
Years in Business
Why get a Will?
According to a survey from 2021, 40% of people in the UK don't have a standard will let alone a mirror will. This startling statistic highlights just how important wills are and why everyone should consider getting one.
A will is an essential document that allows you to decide what happens to your belongings when you pass away. It's also a great way for you to take care of those closest to you, as it ensures they receive your assets according to your wishes whether it is to a sole beneficiary or not.
You can even leave instructions on how you want any debts or funeral arrangements taken care of. In short, having a will gives you peace of mind knowing that everything is organized correctly after you're gone and you have clarity on who will inherit your estate. But not all wills are created equal - two kinds stand out: single wills and mirror wills. So what’s the difference between them?
Main advantages of having a will:
You decide what happens
You pick who will oversee everything (Executors)
You pick who will look after your children (Guardians)
You pick who will receive everything and in what shares
Main advantages of using a professional: Bespoke drafting so that your wishes are followed to the letter Bespoke drafting so that your wishes are followed to the letter Ensuring that your will is properly executed and legally binding
Service Types:
CORRESPONDENCE SERVICE
We will communicate with you via phone, email and post. You will receive: -
Personal advice and guidance throughout
Free will registration with Certainty the National Will Register
Free will storage in our safe
PERSONAL SERVICE We will communicate with you via phone, email, post and meetings, including witnessing the Will signing. You will receive: - Personal advice and guidance throughout Free will registration with Certainty the National Will Register Free will storage in our safe Witnessing Virtual and or face to face meetings
What types of wills are they?
MARRIED COUPLE - A husband and wife should provide for each other to take advantage of full Inheritance Tax allowances
Trustees and Guardians will be needed for your children
If there are children from previous relationships, trusts may be necessary
Trustees and Guardians may be necessary to look after your children If parents are divorced, they will still have to share everything equally
Married but seperated – not yet divorced.
(Until the divorce is finalised, a husband or wife will still inherit the assets regardless of how long they have been separated.)
Any existing will is still valid even after the divorce is complete, so even if the spouse can’t inherit, other provisions such as Executors and gifts may still need to change.
Trustees and Guardians may be necessary to look after your children If parents are divorced, they will still have to share everything equally
Unmarried couple – possibly first-time buyers
Partners are not entitled to anything regardless of how long they have been together
There is no such thing as “common-law wife/husband”
Partners need to provide for each other in their Wills for that to be legally binding
Trustees and Guardians may be necessary for your children
Trusts may be necessary to allow a partner to continue living in a property and to ensure that children can still inherit If you are planning to get married, this can be confirmed in your Will so that the marriage does not affect your will We recommend registering your will with the National Will Register, Certainty. So no matter where you are in the world, you know your will can be found without question.
RG Law Will & Probate Quote Request Form
