What is a mirror will and what are its benefits?
If you and your partner want to prepare for the future together, you may be considering a ‘mirror will’. But what is a mirror will and how do they really work?
Why should you get a will?
A will is a legal document that lets you give your possessions to loved ones after you pass away. It’s a way of fulfilling your final wishes and guaranteeing a bit of peace of mind for family and friends.
If you die without a will, the UK’s intestacy laws kick in. And that could mean your loved ones won’t necessarily inherit – especially if you and your partner aren’t married or in a civil partnership.
What is a mirror will?
Mirror wills let two or more people write wills at the same time that largely reflect the wishes of the other. You might’ve also heard them called a joint will or a mirror-image will. Think of them like a package deal: two virtually identical but separate documents.
A typical mirror will sees a couple name each other as the sole beneficiary. They usually nominate each other the executor, and name the same beneficiaries should they pass away at the same time.
Who can get a mirror will?
To write a will, you must be:
18 years old or over.
Mentally capable of making your own decisions.
You don’t have to be married to make a mirror will.
You don’t even need to be in a relationship with someone. You and your sibling could write mirror wills that benefit the other.
However, if you’re unsure whether a mirror will is right for you and someone else, sit down with a solicitor to explore your full options.
What are the benefits of a mirror will?
Financial security for your partner
A mirror will lets you properly provide for your partner – which is especially important if you’re not married and aren’t entitled to inherit under the rules of intestacy.
Provide for children
Since you and your partner are writing near-identical wills, you can both be sure you provide the right care for your children. If you have younger kids, you can both name a guardian to look after them if something happens to you. If they’re older, you might name them as ‘back-up’ beneficiaries, or both provide the same gifts for them in your mirror wills.
Your wishes in your will
Mirror wills don’t have to be completely identical. After all, they’re still technical individual documents. Common differences include giving separate lump sums to specific people or naming different executors.
They can be updated or revoked
A mirror will, like any type of will, can be updated if your life circumstances change. Separations, marriages, having kids, and buying property are all good reasons to revoke, make or update a will. But if you make a change to one mirror will, you have to update the second will separately. They only reflect each other at the time of writing.
Avoid or limit inheritance tax
Avoiding or minimising inheritance tax on larger estates is a bit simpler with mirror wills, because if they’re the sole beneficiary, your spouse or civil partner won’t need to pay it. With a proper mirror will, surviving spouse may then be able to pass on the assets tax-free, too.
Remember: Inheritance tax isn’t due if the value of your estate is less than £325,000, or you leave everything above that threshold to your partner, a charity, or community sports club.
Should you wish to gift others an inheritance, or just need help writing a mirror will that works for you and your partner, talk to a legal professional.
The partners at Hannah Solicitors will be delighted to support you through the will-writing process, to make sure your family gets the support it needs when it needs it most. Get in touch with us and see how we make things easy for you.