When planning your estate, especially if you have a spouse or partner, you may encounter the suggestion of drafting mirror Wills. While these are a popular option for couples, it's crucial to fully understand what they involve and the potential risks they carry.
A Will provides you with the opportunity to specify how you want your estate to be distributed. You can decide who will inherit your assets and who will manage the administration of your estate. Having a carefully prepared Will can offer peace of mind to your loved ones and help avoid future disputes or misunderstandings.
What is a mirror Will?
Mirror Wills are two Wills with identical provisions, typically created by married couples or life partners. Both individuals generally leave their estates in the same manner, to the same beneficiaries.
It’s common for couples to leave everything to each other, meaning that when one partner dies, the surviving partner inherits the entire estate. As both partners usually name the same beneficiaries, the intention is that after the second partner dies, the estate will be passed on to those who were mutually chosen.
Mirror Wills are often used when a couple shares similar wishes, and their circumstances are straightforward. For instance, a married couple with children might choose to leave their estate to one another and name their children as the secondary beneficiaries.
Should I consider a mirror Will?
While mirror Wills are convenient and frequently suitable for couples with aligned wishes and uncomplicated situations, they do carry notable risks.
The main issue with mirror Wills is that the surviving partner can alter or revoke their Will at any time. This can happen while both partners are alive or after one has passed away, potentially resulting in a new Will with completely different terms, excluding the initially intended beneficiaries.
If the surviving partner remarries, their Will automatically becomes invalid, as marriage revokes all existing Wills unless they were explicitly made in anticipation of the marriage. This could leave the estate unprotected, potentially falling under intestacy rules, where the new spouse and others may inherit contrary to the couple’s original wishes.
Furthermore, there is the risk that the surviving partner could spend the estate, lose it through poor financial decisions, fall victim to fraud, or have to use it for care home fees, which could deplete the estate and leave little or nothing for the intended final beneficiaries.
What are the alternatives to mirror Wills?
Given the potential drawbacks of mirror Wills, it is often wise to explore alternative estate planning solutions. One such option is to grant your spouse or partner a life interest in certain assets. For instance, you could give them a life interest in your share of the family home, allowing them to remain there for as long as they wish.
Once they no longer require the property or upon their death, your share would pass to the beneficiaries specified in your Will. This approach ensures that your spouse or partner cannot deplete the asset, and it won't be governed by their own Will, safeguarding your estate for your intended beneficiaries.
It’s essential to structure your estate plan with care, ensuring that your assets provide security for your loved ones while mitigating potential risks. Consulting with an experienced solicitor can help you explore the best options for your unique situation, ensuring your Will reflects your wishes and offers strong protection for your family’s future.
