Mirror and mutual wills - a case of smoke and mirrors?

Many couples execute mirrored wills. There is a misapprehension, however, that because the wills have the same provisions and are in the same terms, one person cannot change their will without their partner’s consent. This is not the case. Anyone can update their will at any point in time, so long as they have mental capacity and did not make what is known as a mutual will. This article will talk through the misconception about mirrored wills, explain mutual wills, and help point you in the right direction.

Basic mirrored wills are the most popular type of will made by a couple. When considering future planning they may typically want to  leave their estate to each other in the first instance, and then to their children. In this way, the wills mirror each other.

Basic mirrored Wills allow each partner to update their will at any point in time. For example, if a relationship breaks down or one partner dies, the other will be free to change their will as they wish and can do so as many times as they want, so long as they have mental capacity when they make the changes.

But issues can arise with basic mirror wills when multiple marriages mean there are children from more than one marriage. For example, should you pass away and your spouse remarries, they may want to make a new will in order that assets pass to their new spouse and not to your children. 

It is therefore extremely important that you trust your partner if you choose to make basic mirrored wills. You may wish to consider other types of mirrored wills, such as Life Interest Trust wills, which offer both your partner and children more financial security for the future. A Life Interest Trust ensures that a surviving partner has the security of having a home to live in for their lifetime. They can also have an income from the Trust while the capital is protected for your own children in the event that there is a remarriage or a relationship breakdown.

Life Interest Trust wills can also be of benefit to unmarried couples and people who are in a second marriage.

A mutual will is different from a mirror will, in that both parties agree that they will not revoke or change their will at a later date without the written consent of the other. In practice this type of will is rare, as it is very restrictive. Mutual wills involve complex legal principles and it is crucial to seek professional legal advice before entering into one. The restrictive nature of this type of will can lead to a dispute as people often fail to fully consider all the possibilities of what the future may bring. Just some examples that we have seen include infidelity, gambling, falling out with people, the death of beneficiaries…and the list goes on!

All the above demonstrates just how important it is to discuss your individual family circumstances with a will specialist. Only by doing so will you end up with the right choice for your own individual requirements. When we talk to clients about their will we also discuss the assets they own, such as property and pension, how those assets are held, i.e. solely or jointly, and advise on any Inheritance Tax implications.

If you would like to contact one of our will specialists, please contact Leah Woodlee in our Colchester office on [email protected]