Mirror wills are among the most common choice for married couples getting their estates in order.
The technique sees both partners executing their own, almost identical will, each naming the other as the main beneficiary of their estate, with instructions for the distribution of assets by the surviving spouse – typically to their shared children.
The elegant symmetry and simplicity of this kind of arrangement is exactly what attracts so many couples to the idea of mirror wills – also known as reciprocal wills – but they may not work for everyone. Here are the two key scenarios when you may want to consider other options:
Scenario 1: You want to lock in
Mirror wills are generally not binding on either party, so there is an inherent risk that your wishes may not be carried out by your surviving spouse, who is free to change their will at any time after inheriting your estate.
If they remarry or have more children with a new partner, your mirrored will partner could end up rewriting the entire estate distribution to exclude your intended beneficiaries after your passing.
One way around this problem is to enter a “mutual will” with your spouse. Mutual wills look very similar to mirror wills, except that they come with an additional contractual provision that prevents either party from altering the terms of their will without the consent of the other – effectively freezing the surviving spouse’s ability to dispose of previously joint assets.
Still, the rigidity of this arrangement can create issues of its own, as it could inhibit the surviving spouse’s ability to deal with unforeseen financial or health issues in the family when certain assets are tied up by the mutual will provisions.
Scenario 2: You have a blended family
Complicated family dynamics typically demand a more complex approach to estate planning than the simplicity of a mirror will.
When either party is in a second marriage or has children from another relationship, there are often too many competing interests for both individuals to share the same views about the ultimate distribution of their estates.
Without careful wording and accompanying trust agreements, there’s a chance that children from one side of the family could end up being unfairly favoured or disinherited completely by the surviving spouse – whether intentionally or not.
In either case, a mirror will risks becoming a source of tension and conflict within the families and could even lead to a costly and time-consuming legal battle among surviving beneficiaries.
Before you commit to a mirror will, it’s important to speak with an experienced wills and estates lawyer who can ask the right questions about your particular situation, talk you through all of your options and ensure your wishes are carried out.
Disclaimer: The content on this website is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this website are advised to seek specific legal advice by contacting members of Laredo Law (or their own legal counsel) regarding any specific legal issues.
