Estate planning is an essential aspect of financial management, particularly for couples who want to ensure that their assets are distributed according to their wishes after they pass away. One of the most common estate planning tools for couples is a mirror will. This type of will provides a straightforward and cost-effective way for partners to create nearly identical documents that dictate the transfer of their estate upon death. However, while mirror wills offer several benefits, they also come with potential risks and limitations that individuals should carefully consider.
This article explores what mirror wills are, their advantages and disadvantages, the key differences between mirror wills and mutual wills, and whether a mirror will is the right choice for you.
What is a Mirror Will?
A mirror will is a will that is almost identical to that of a spouse or partner. It is a legal document commonly used by couples who share the same wishes for their estate distribution. Mirror wills typically state that each partner will leave their estate to the surviving partner, and once both have passed away, the estate will be inherited by their children or other named beneficiaries.
Although mirror wills are nearly identical, they remain two separate legal documents, meaning each partner has the right to change or revoke their will at any time without the other person’s consent.
Example of a Mirror Will
- Partner A’s will: Leaves everything to Partner B. If Partner B has already passed away, the estate is left to their children.
- Partner B’s will: Leaves everything to Partner A. If Partner A has already passed away, the estate is left to their children.
Mirror wills can be particularly beneficial for couples in second marriages who have children from previous relationships. They can ensure that both sets of children receive a fair share of the estate after both partners have passed away.
Benefits of a Mirror Will
There are several advantages to creating a mirror will, particularly for couples who have similar intentions for their estate:
1. Cost-Effective
One of the primary benefits of a mirror will is that it is significantly cheaper than drafting two separate wills. Since both wills are nearly identical in content, the legal drafting process is simplified, reducing legal fees.
2. Simplifies Estate Planning
A mirror will ensures that assets are distributed as intended without complications. By mirroring each other’s wishes, couples can avoid legal disputes and ensure that their loved ones inherit their estate according to their wishes.
3. Protects Unmarried Partners
For unmarried couples, a mirror will can be particularly important. Under UK intestacy laws, an unmarried partner does not automatically inherit their deceased partner’s estate. If one partner dies without a will, their estate may pass to their children, parents, or siblings, potentially leaving the surviving partner financially vulnerable. A mirror will helps secure their financial future.
4. Inheritance Tax Benefits
When assets pass from one spouse to another, inheritance tax (IHT) is usually not payable due to the spousal exemption. Additionally, the surviving spouse may inherit the unused nil rate band (NRB) and residence nil rate band (RNRB), potentially reducing or eliminating inheritance tax liability for their estate when they pass away.
Problems with Mirror Wills
While mirror wills offer many benefits, they also have significant drawbacks that should be carefully considered.
1. The Surviving Partner Can Change Their Will
Since a mirror will is a separate legal document, the surviving partner is not legally bound to keep the original terms. After the first partner dies, the surviving partner can change their will at any time. This means they could:
- Remove previously agreed beneficiaries (e.g., children from a previous marriage).
- Leave the estate to a new spouse if they remarry.
- Change asset distribution based on personal circumstances.
This is a major risk, especially for those with children from previous relationships who wish to ensure their children inherit a portion of the estate.
2. Potential for Disputes
Family disputes can arise if the surviving partner changes the will and redirects assets in a way that contradicts the couple’s original intent. This can lead to challenges under the Inheritance (Provision for Family and Dependants) Act 1975, particularly if children or other dependants feel unfairly excluded.
3. Does Not Offer Lifetime Protection
A mirror will does not prevent the surviving partner from using or selling assets during their lifetime. If they remarry, their new spouse could inherit assets that were originally intended for children or other beneficiaries.
Mirror Will vs. Mutual Will
To address the concern that a surviving partner could change their will, some couples consider a mutual will instead.
Key Differences
| Feature | Mirror Will | Mutual Will |
| Can be changed by the surviving partner? | Yes | No, once the first partner dies |
| Legally binding after one partner’s death? | No | Yes |
| Flexibility | High | Low |
| Common for second marriages with children? | Yes | Yes |
A mutual will is a legally binding contract between two people that prevents the surviving partner from changing or revoking the will after the first person’s death. This ensures that the agreed-upon beneficiaries inherit the estate, even if the surviving partner later remarries or changes their intentions.
However, mutual wills are rare because they are legally restrictive and do not allow the surviving partner to adjust their estate plan in response to changes in their financial situation or family dynamics.
Is a Mirror Will Right for You?
A mirror will is often the best option for couples who:
- Have aligned wishes regarding their estate.
- Want a simple and cost-effective estate plan.
- Trust each other to honour their original intentions.
However, a mirror will may not be suitable if:
- You are concerned that the surviving partner may change the will.
- You have children from a previous relationship and want to ensure they receive their inheritance.
- You want a legally binding agreement that prevents future changes.
If you are unsure whether a mirror will is the right option, speaking to a wills and probate solicitor can help you determine the best estate planning approach.
How to Create a Mirror Will?
Creating a mirror will is a straightforward process. Here are the steps:
- Consult a solicitor: A qualified solicitor will ensure the will is drafted correctly and complies with UK legal requirements.
- Define beneficiaries: Clearly outline who will inherit your estate after both partners pass away.
- Name executors: Appoint trustworthy individuals to manage the estate.
- Include guardianship provisions (if you have minor children).
- Sign and witness the will: A will must be signed in the presence of two witnesses who are not beneficiaries.
Final Thoughts
Mirror wills are a popular and practical estate planning tool for couples who have similar wishes regarding the distribution of their assets. They provide a cost-effective way to ensure that a surviving partner is financially secure and that assets are passed on to the intended beneficiaries. However, their flexibility means that the surviving partner can change their will after the first person’s death, which can pose risks for children and other heirs.
For couples who want more certainty, a mutual will may be a better option, though it comes with greater restrictions.
Ultimately, the decision should be made based on individual circumstances, family structure, and long-term financial goals. Seeking professional legal advice can help you make an informed choice and protect your loved ones’ financial future.
