Mirror wills: what are they, and are they right for you?

Many people avoid putting plans in place; however, making a will is one of the easiest and best ways to protect the people you care about and have peace of mind that everything is taken care of.

What is a mirror will?

Mirror wills, also known as reciprocal wills, have gained considerable recognition over recent years - especially with those married, in civil partnerships, or in long-term relationships. Whether you are contemplating making a new will or updating an existing one, understanding mirror wills may aid you in making a more informed decision when considering your estate and future planning. 

Mirror wills are, at their core, identical wills made by two individuals (often spouses or partners). Should you and your significant other have matching wishes for the administration of your estate, then mirrored wills may be the perfect solution for you both. As the name suggests, mirrored wills are a set of wills that match each other, meaning the administration of a couple’s estate(s) can be easily handled upon their passing, as there will be no conflicting wishes.

You and your partner will typically each list one another as primary beneficiaries in a mirror will. Primary beneficiaries are the people or organisations receiving particular assets from your estate first. When drafting a mirror will, these beneficiaries generally include your partner; this means that upon the death of the first partner, the estate of the first partner is entirely or partially inherited by the second partner. 

In your mirror will, you’ll also list the same secondary beneficiaries. After both of you pass away, these persons or groups will ultimately receive your property. Typically, secondary beneficiaries tend to be children and other relatives. However, they could also be a charitable organisation or foundation. The advantage of partners naming one another as primary beneficiaries and their children as secondary beneficiaries is that situations are avoided in which estates are passed on to children, leaving surviving spouses without assets.

Both partners must agree upon the proposed beneficiaries of their estates before drafting a mirror will.

At present, only joint assets pass by survivorship. Therefore, if an unmarried partner passes away, perhaps leaving a house in joint names, but then has several bank accounts in their sole name, these will potentially pass to children or could even pass to the parents or siblings of the deceased partner (if they did not have children) under the rules of intestacy. If you are tenants in common, the distinct share also passes to beneficiaries under intestacy rules. A mirror will offers substantial protection to your partner’s financial future by ensuring assets pass on to surviving spouses that wouldn’t otherwise.

A Mirror Will can be changed at any time, even after the death of one of the parties. The ability to alter a mirror will can be beneficial to people with blended families. 

Mirror wills may not be for you if you and your partner have separate finances and do not rely on each other financially. It is important to note that if one partner owns a business that does not involve the other partner, they would need to consider their co-owners to avoid conflict of their shareholder, or partnership, agreement. 

When choosing a will, there are a myriad of different options. Mirror wills are perfect for some couples but less useful for others. Therefore, it is essential to seek advice from a legal professional at your earliest convenience to deduce what type of will is best for you and your family.

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