Mirror wills

“Wills” help determines future happenings regarding the assets of the individuals. DV Solicitors brings you the most experienced lawyers in the world, with endless knowledge and proficient skills. Design your “Wills” with the expertise of skilled lawyers at DV Solicitors and make your wishes be followed in the future.

What is a Mirror Will?

The ‘Mirror Wills’ can be described as the agreement between the two people, mostly among couples. The agreement is based upon the disposal of real estate and assets following their death.
As a result of mirror wills, when one of the two people departs, the other is secured with all the financial assets. The generic spouse wills are when one spouse leaves all the assets for the other spouse and then to the children.

For instance, if both spouses are dead, then the assets could be further inherited by the children. The ‘Mirror Will’ contains an identical set of instructions; the only variation is the person’s ‘Name’.
But, if you possess a different opinion about the transfer of assets, it is highly beneficial to opt for separate Wills. In the case of separate Wills, your assets are distributed based on your preferences accordingly.

Why Should You Make a 'Mirror Will'?

There exist numerous purposes of creating a ‘Mirror Will’. Let us share some of the fundamental strategies of mirror wills:

Your partner can inherit everything as mentioned in ‘Mirror Wills’.
You can provide for your children, even if you do not remain alive.
Mirror Will save time & money, as they are easy to draft.
You can also name additional executors, to fulfill the desired Will.

What are the Benefits of a Mirror Will?

Mirror wills pros and cons consist of an extended list. A better illustration regarding the scope of a mirror will let us discuss the benefits of mirror wills.

When one person from the couple passes away, the mirror will help the successful transfer of assets to the last surviving spouse. Through the aid of mirror wills, you are protecting the financial future of your partner.
Mirror Will prevents you from dying ‘intestate’, where the law is entitled to decide the provision of assets. Especially if you are an unmarried couple, your spouse will not be legally authorized to inherit assets.
Two individual Wills may take time & money, but due to the identity of the content, ‘Mirror Wills’ is easier and less time-consuming.
If you have children, and unfortunately, you both pass away at the same time. You can appoint legal guardians for any children under the age of 18. Moreover, the mirror will help the transfer of assets to the children, ensuring financial security.
If you are married or in a civil partnership, you don’t have to pay inheritance tax on anything you pass onto your spouse. Therefore, your personal inheritance tax allowance can be passed onto your children so that they can inherit more of your wealth before being taxed.

What are the Disadvantages of a Mirror Will?

There are various advantages of owning a mirror will. But on the other hand, there are some serious disadvantages of mirror wills.

Both parties have the right to amend the mirror will, as they may possess identical wishes, but their respective Wills are separate.
Trust factor should be strong in case of ‘Mirror Wills’ as if one of the spouses dies, and the other one re-marries someone else. There is a highly likely chance of assets transfer to other people.
If your partner has moved to a care home after your death, a significant amount of estate could be used for payment of care home before it could be passed on to children.

Why Choose Us?

There are various diverse alternatives available when it comes to writing a Will, and you must discover one that is appropriate for you.
With years of experience in Will Writing and Inheritance Planning, our team of expert solicitors is ideally positioned to help you devise a Will. We have helped many individuals and business owners across the country through the sensitive process of creating a Will.