What does a Mirror Will mean?
A Mirror Will is actually two Wills, usually created by spouses or partners, that names each other as the main beneficiary, with each Will having a backup plan in case both partners are involved in a common accident. It is one of the most common approaches for couples when preparing their Last Will and Testament.
A Mirror Will is very different to a joint Will which is one document that serves the needs of two people. Joint Wills used to be popular many years ago, primarily as a time saving tool. It saved the Will writer having to type out two very similar Wills, when only the main beneficiary was different.
Joint Wills were also popular in a time when the patriarch of the family was considered to own the assets, and a wife was thought to not have an equal claim over the estate.
However, in modern times joint Wills are rarely used. Attitudes towards asset ownership, and the efficiency of Will writing software means that there is absolutely no advantage in preparing a joint Will. But there are many disadvantages.
The main disadvantage of a joint Will is that it creates confusion when one partner writes a new document revoking previous Wills, and it becomes unclear whether both parties are bound by the terms in the old joint document. In general, joint Wills should be avoided.
What are the different types of Wills?
There are a few other variations on the joint Will or Mirror Will. A Mutual Will is a pair of Wills that a made after a legal agreement is put in place to dispose of combined assets in a certain way. What makes a Mutual Will unique is that neither can be revoked (or cancelled) without agreement from both partners. There are many resources online that describe a Mutual Will as the same as a Joint Will. This is incorrect. Mutual Wills are extremely unusual, and are rarely the best option. Typically one person makes a standard Will, and then contractually ties the second person into an irrevocable Will. It’s a legal challenge waiting to happen!
The term “Reciprocal Will” can also be used in place of either a mutual Will or a Mirror Will. A Reciprocal Will simply means that the two documents have been written to benefit each other. Continue reading →