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Benefits of Mirror Wills
When a couple, either in marriage or in a civil partnership, wish to make Wills with similar wishes such as leaving their estate to each other upon the first partner’s death they may decide to prepare Wills that are almost identical in content. Such Wills are called Mirror Wills.
The only things that may be different in the Wills may be their personal funeral wishes and the testator’s name. However, even though the Wills may have similar content they have to be separate documents.
There are many benefits that couples enjoy by having a Mirror Will. Here is a look at some of them.
Protects the Financial Future of your Partner
As explained earlier, Mirror Wills specify that if one partner dies the remaining partner inherits the whole of the remaining estate. This is important because without such a Will there is no guarantee that your partner Will inherit your estate especially if you are unmarried. Therefore, by making a Mirror Will you make sure that your partner will continue to enjoy financial security even when you die.
They Help You Avoid Inheritance Tax
When your whole estate is inherited by your spouse, it may not be charged any inheritance tax thanks to Nil Rate Inheritance Tax band which is transferable to the remaining spouse.
When the remaining spouse also dies their Inheritance Tax allowance is the sum of their own Inheritance Tax allowance and that of the spouse that died first or twice the figure of the prevailing Inheritance Tax Nil Rate band.
At the moment this figure is £325,000 so the tax allowance that such a spouse enjoys is £650,000. If the value of the state is less than this figure then it will not be charged any inheritance tax upon the death of the second spouse.
Protects Financial Future of Your Children
In the Mirror Will both partners can specify that their estate is left to their children (should they have surviving children) in case they pass on at the same time. If their children are not yet 18, the parents may name a guardian in the Will charged with managing their estate until the children become old enough to take over the estate.
It is Flexible
Unlike Mutual Wills, Mirror Wills are flexible. They allow a surviving partner to make changes to the Will when they see fit so that it better reflects their wishes upon death. If a couple decides to take a Mutual Will they may not enjoy such flexibility as Mutual Wills do not allow any changes to the Will by the surviving spouse.
Mirror Wills are, therefore, a recommended option for partners as they are better than having one that reflects both partners’ wishes.
To enjoy the benefits of this Will contact reputable Will writers such as Direct Wills to get a professionally prepared Will.