The main difference between mirror wills and mutual wills is that mutual wills are mandatory meaning that following the first person's death, the surviving spouse must fulfil the obligations of the wills. The documents do have similarities in that any two individuals, whether married, in a civil partnership, unmarried couples, or otherwise, can have them drafted to reflect each partner's wishes for asset distribution similarly.
In this article, we explain the documents in more detail and discuss the advantages and disadvantages of both.
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What Is a Mirror Will?
The main goal of mirror wills is to safeguard the financial future of the surviving partner. They also outline what should happen if both partners pass away simultaneously.
Mirror wills typically contain similar provisions, naming each partner as the executor of the estate and primary beneficiary. They are an excellent choice for couples with shared wishes regarding their estate and provide financial security following the first partner's death.
Pros and Cons of a Mirror Will
Mirror wills come with some advantages and disadvantages, which are worth considering:
| Pro | Con | |
|---|---|---|
Cost-effective | X | |
Rules of Intestacy Protection | X | |
Flexible | X | |
Tax Benefits | X | |
Altered Without Consent | X | |
Not Mandatory | X |
Advantages
Cost-effective
Since mirror wills are nearly identical, the will writer makes minimal changes to the two wills, making them more cost-effective than two separate single wills. A basic single will costs around £125-£260, while basic mirror wills start at £200-£400*.
Protection From Rules of Intestacy
With a mirror will, assets will be distributed as written in the will. Without a will, your estate will be distributed through the rules of intestacy. This means that your house might not be given to the person you want it to.
Flexibility
This type of will allows changes to be made at any point. If you separate from your partner, you can make changes without the other one having a say in it. The surviving spouse is under no legal obligation to maintain the will and can change it to reflect their up-to-date wishes. This is ideal if the surviving spouse would like to leave an item such as property to their child.
Tax Benefits
By having a mirror will, the surviving spouse will avoid paying any Inheritance Tax (IHT) on any property bequeathed.
*Cost data taken from a report by IRN Legal Reports
Disadvantages:
Altered Without Need for Consent
Mirror wills can be amended without the other person knowing. For example, a couple might get a mirror will drafted and the next day one of the spouses has a single will created. This overrides the wishes agreed upon previously.
Non-mandatory
There is no legal requirement to keep the terms of the original will upon a partner's passing. Despite a couple agreeing that property is left to a child upon their death, the surviving spouse can change their mind. This can happen with blended families where the surviving spouse removes their stepchild from the will.
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What Is a Mutual Will?
A mutual will is a joint document composed of two separate yet identical wills. It outlines the wishes of both individuals regarding their estate and the assets involved. This arrangement is common among married couples or partners in a civil partnership. Mutual wills can only be modified during the lifetime of both parties with each party's consent.
Mutual wills are legally binding agreements that the surviving party must follow after the passing of the other.
Pros & Cons of Mutual Wills
Below we look at the advantages and disadvantages of mutual wills:
| Pro | Con | |
|---|---|---|
Secures children's inheritance | X | |
Prevents will changes | X | |
Clarifies estate plans | X | |
Restricts future changes | X | |
Binding for lifetimes | X | |
Potential beneficiary disputes | X |
Advantages
Childrens Inheritance Secured
As the will requires the surviving partner to carry out the wishes contained within the will, inheritance can be secured for children from previous relationships.
Prevents Independent Alterations
This will type removes the risk of the will being altered by the surviving partner as well as changing whilst alive.
Clear Details
Mutual wills allow both partners to be clear with regards to any plans regarding shared estate
Disadvantages
Inflexible
Due to the mandatory element of the mutual will, it is inflexible meaning if there are changes to be made you will need both parties to agree to it.
Lifetime
Mutual wills last the lifetime of both parties, meaning that even after the death of the surviving partner it cannot be changed.
Potential for Disputes
With this will type there a risk of family disputes between beneficiaries regarding covered assets. This is particularly the case with blended families, where someone expected to inherit.
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Should You Get a Mirror Will or a Mutual Will?
As discussed there are many pros and cons to having a mirror or mutual will, including the legally binding nature of the documents. Additionally the contents within are identical and state how both parties wish to have their assets distributed.
In terms of the differences, for a mirror will you must fulfil the wishes as the surviving partner whilst for a mutual will you do not have to do this.
When You Might Want a Mirror Will
You and your partner have a child together and both wish for your assets to go to the same people including the child. The mandatory aspect of this means that upon one death, the surviving owner must distribute the asset per the terms of the will. This is ideal for blended families where there is a possibility the surviving spouse may wish to change the will, but cannot.
When You Might Want a Mutual Will
You and your partner are old enough that you do not expect your situation to significantly change i.e. having more kids. Therefore the risk of changing this will at a moment's notice, due to its non-mandatory nature isn’t that significant.
Whichever option you choose, you should discuss it thoroughly with each other as there can be huge implications on either side.
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