You’ll have read our articles about the importance of wills before. They’re the simplest way to make
your wishes on death known, and at Globe IFA, we take them seriously.
We’ve teamed up with will-writing firm Penrose Wills to make it easier for you to make yours, and to
begin your wider estate and legacy planning.
If you and your partner have similar plans for your wealth on death, you might consider a mirror will
– two separate legal documents that vary little, sometimes only in name.
Keep reading to find out more about the pros and cons of a mirror will and how Globe IFA – and
Penrose Wills – can help.
Effective estate planning begins with communication and an up-to-date will
Communication is key to successful estate planning, whether you and your partner are married or
not. Discussing your wishes ensures they are known, and including all concerned parties in these
talks can help to alleviate the risk of disputes after you’re gone.
Open and honest conversations can highlight discrepancies between you and your partner’s wishes,
but they can also confirm your shared plans and goals.
Where the overlap is large, you might consider formalising your plans together. Historically, this
might have been done using a joint will.
These are single documents, legally binding once the first partner dies, which makes them inflexible.
This can lead to issues if your personal circumstances change or new rules mean your current will is
no longer tax-efficient.
This is where a mirror will might begin to make sense.
Mirror wills are increasingly popular for joint planning
A mirror will comprises two separate legal documents with similar but not identical wishes, and it
has the flexibility a joint will lacks.
If you and your partner have children, for example, your will might state that wealth first transfers to
the surviving partner and then to your child. You might keep this central part of each will identical
and then allow room to include differences regarding specific funeral arrangements, say, or
charitable donations.
This system works whether you are married or cohabiting and whether or not you have children.
A mirror will isn’t set in stone, so the surviving partner can change the will if they remarry and have
another child, say. This flexibility is important but could also be seen as a disadvantage in some
circumstances, so legal advice is essential.
It’s also important – as with a standard will – to ensure your mirror wills remain up to date. Where a
change in circumstances affects a shared portion of the will, this change will need to be reflected in
both. If you change your mind about your funeral plans, on the other hand, this will likely mean a
change to one will only.
Be sure to check in with your will annually and after any big life events or milestones.
Some further considerations
A valid and up-to-date will ensures your wishes on death are known. By communicating these wishes
to all concerned parties, you can explain your choices and hopefully avoid disputes after you are
gone.
These important conversations – alongside the knowledge that your will has been prepared by a
professional – should give you peace of mind.
Without a valid will, you have no say over how your estate will be distributed. In certain cases, this
might not be a problem. But if you have multiple children or a complex family set-up, the laws of
intestacy may not match your wishes.
Intestacy laws determine how wealth is distributed where there is no will in place, and effectively list
the relatives who would automatically inherit your wealth. The simplest, quickest, and likely
cheapest way to stay in control of this wealth is to make your wishes known through a will.
Because mirror wills are all but identical, they are usually more cost-effective than drafting two
bespoke wills from scratch.
The most common structure of a mirror will is for the estate to pass to the surviving partner, but as
we have already seen, mirror wills are flexible, and this might not be the structure you choose. You
might also want to add a clause for what happens if you and your partner die together.
That might be a morbid thing to think about, but planning for every eventuality is important. On that
note, it’s worth remembering that a mirror will isn’t the only alternative to a joint will. You might use
a will with a built-in trust for specific assets, for example.
Wills can be complicated, which is why we’ve ensured the experts at Penrose Wills are on hand to
help you.
Get in touch
If you’d like advice as you put your will in place, or revisit and update an existing one, get in touch.
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert
financial advisors can help you manage your long-term financial plans.
Please note
This article is for general information only and does not constitute advice. The information is aimed
at retail clients only.
Please do not act based on anything you might read in this article. All content is based on our
understanding of HMRC legislation, which is subject to change.
The Financial Conduct Authority does not regulate estate planning, tax planning, trusts, or will
writing.
