What are Mirror Wills and when do you need one?
Estate planning is an essential step to protect your loved ones and ensure your assets are distributed according to your wishes. One popular option for couples is a Mirror Will – a straightforward yet effective estate planning tool.
What is a Mirror Will?
A Mirror Will refers to a pair of Wills created by two individuals – often spouses or long-term partners – that “mirror” each other in terms of content. Essentially, both parties agree to similar terms, such as naming each other as the primary beneficiary and outlining how their estate should be handled upon their passing.
While the two documents are nearly identical, they remain separate legal documents, allowing each person to amend or revoke their Will independently if circumstances change.
When do you need a Mirror Will?
- If you want your partner to inherit your estate – Couples who want to ensure their assets pass directly to their partner in the event of their death will benefit from a Mirror Will. Without a Will, intestacy laws may determine how assets are distributed, which might not align with your wishes – especially for unmarried couples.
- If you have children or dependents – Mirror Wills allow couples to specify future beneficiaries – typically their children – who will inherit the estate once both individuals have passed away. You can also appoint guardians for minor children to ensure their welfare.
- If you want a cost-effective estate plan – Mirror Wills are often more affordable than creating two entirely separate Wills. Since they share identical terms, they streamline the process while still providing flexibility for each individual to make changes in the future.
- If you want to minimise disputes – By clearly outlining the distribution of assets, Mirror Wills reduce the chances of inheritance disputes among family members. They provide clarity and ensure that both partners’ wishes are documented and legally upheld.
- If you want to reduce inheritance tax – Leaving your estate to your spouse or civil partner is often the most tax-efficient option, as inheritance tax usually does not apply to transfers between partners. A Mirror Will can be an effective strategy to maximise tax benefits.
Considerations before creating a Mirror Will
While Mirror Wills are an excellent option for many couples, it’s important to recognise that they are not legally binding in terms of mutual commitment. Either partner can change their Will at any time without informing the other, which may lead to unexpected alterations in estate distribution.
How can we help
A Mirror Will is a simple yet powerful estate planning tool for couples who want to secure their financial legacy while ensuring their loved ones are protected. Whether you’re married, in a civil partnership, or cohabiting, having a Will in place provides peace of mind and ensures your wishes are honoured. If you’re considering setting up a Mirror Will, our Private Client team can support you every step of the way. Speak to our team today on 01525 378177 or email info@ommlaw.co.uk.
