Table of Contents
Mirror wills are designed to protect you, your partner and any children you may have should one or both of you die. In short, a mirror will means that one of the couple leaves their estate to other in the event of their death.
Mirror wills are similar to documents created on behalf of a married, civil partnership or unmarried couple. By having in place a mirror will you are protecting your partner’s financial future, as they would not necessarily be legally entitled to inherit your estate if you are unmarried.
Benefits of a Mirror Will
A mirror will can also include instructions for both partners’ estates to be left to any surviving children should the couple die at the same time. If you have any children under the age of 18 you can appoint guardians for them in mirror wills. You can also appoint trustees who will protect your estate until your children are old enough to inherit it.
Usually, the partners are the sole beneficiary in each other’s mirror will and so are also each other’s executor. An executor is the person named to carry out the directions of an individual’s will. In the case of mirror wills, additional executors can be named so that both partners’ wishes can be carried out if they die at the same time.
Additional executors should ideally be a person trusted by both partners. This may be a family member, a friend or a professional adviser. Each partner is entitled to choose different executors if they wish.
A mirror will is also beneficial when it comes to inheritance tax as everything can pass from one spouse to another tax free. In other words, the nil rate inheritance tax band is transferable to the surviving spouse. This amount is then added to the last surviving spouse’s allowance when they die.
Other Factors
The key element of a mirror will is that both partners have similar desires and terms of what happens to their estate. However, a mirror will can have some small differences such as additional executors.
Each party should understand that it is the right of the other person to change their own mirror will in the future. If circumstances change such as a relationship break down, the death of an executor, or one if the partner’s wants to leave something directly to the children, then both wills will need updating.
Swansea Legal Solutions
At Swansea Legal Solutions, during the month of February, we are offering the over 50’s the chance to get a basic or mirror will written for free. To find out more click here or call us today on:
