While we understand it is a difficult issue, consider what would happen if you died tomorrow.
- How would your family handle it?
- Would they be able to afford to live comfortably?
- Would they be able to easily identify and manage all of your assets?
Everyone is always moving at a rate of 100 miles per hour, despite the fact that we are aware that life will always get in the way. You presumably have a million things to do and an equal number of thoughts. You probably haven’t even considered Wills at this point. However, if we never consider wills, the repercussions could be devastating.
We don’t want to fret about what will happen after we’re gone, so we’ve made arrangements for the care of our families. And you should as well, because it’s about more than just money and possessions. It’s also about the serenity of mind that comes from knowing that, when the time comes, your loved ones will be cared for properly.
The good news is that creating a will (or mirror will) does not have to be difficult or costly; it simply needs to be done!
What is a will?
A will is a legal document that specifies how you wish for your assets to be distributed after your death, as well as other wishes such as funerary instructions and who you want to manage your assets. Without a will, the Rules of Intestacy determine who inherits what from your estate, which could result in your loved ones not inheriting anything from you or your wishes not being carried out.
What are mirror wills?
Mirror wills are wills written by couples in which the instructions “mirror” one another. For instance, as a couple, you may want to leave everything to your spouse or partner first and then to your offspring after your deaths. In this instance, the instructions are identical and mirrored in two separate wills. It does not imply that every detail must be identical; you can tailor your will to your specific requirements and desires.
As with individual wills, you can specify who should receive what percentage of your estate, which is particularly useful if you have children from previous marriages or relationships. You can also name your executors and include trust provisions.
Mirror wills, like standard wills, do not take effect until the demise of the person whose name appears on the document.
When should Mirror Wills be written?
Like individual wills, mirror wills should be drafted as soon as feasible, preferably by a qualified estate planning professional or attorney.
If you and your partner are in agreement regarding the distribution of your assets upon your deaths, you should consider creating mirror wills. If neither partner desires the same item, it is best to create separate wills.
What’s the difference between a single will and a mirror will?
A single will is a will created by a single person, one spouse, or both spouses who do not wish to include the same provisions in their wills.
Mirror wills are essentially two wills for a married or unmarried couple in which the instructions of both parties are virtually identical.
Can you change a Mirror Will after one of the partners dies?
Absolutely. Wills that are “Mirror Wills” are nonetheless separate Wills for each individual. They are only considered mirrored since the originating instructions were virtually identical. At any time, either party may amend or update their individual Will.
How we can help
DLS Solicitors provides no-obligation consultations to help you explore the best alternatives based on your circumstances, from individual Wills to Mirror Wills and everything in between, including as property trusts, guardians for young children, and funeral wishes. Contact us right away to learn more.
