What Are Mirror Wills?
Posted on 22nd January 2024
When we receive enquiries about Wills from spouses, civil partners or partners, our Wills Solicitors in Lancaster are often asked what our prices are for ‘joint’ or ‘couples’ Wills. Quite often, it is the case that the Wills our clients are referring to are in fact ‘mirrored’.
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What are Mirror Wills?
Mirror Wills means that the couple has the same or quite similar wishes about how their assets should be divided. Normally, this is everything to each other and then everything to the same beneficiaries on the second death (i.e. the children of the relationship or the respective parties’ children, or a specific charity). The Wills are referred to as ‘mirror’ Wills, because they mirror each other.
In many cases, ‘mirror’ Wills are used to describe Wills that our Wills Solicitors in Lancaster make for couples, even when the terms differ quite significantly. In general, our Wills Solicitors will charge a couple the price for mirrored Wills, even when the terms are different, as the couple see and instruct us jointly, so we only require one consultation and one appointment to sign. Our team just don’t believe it’s just to charge two separate fees when the instructions are similar for a couple.
Are Mirror Wills suitable for me and my partner?
Mirror Wills could be the right type of Will for you and your partner, civil partner, or spouse. In every case, our Wills Solicitors in Lancaster need to discuss your assets, and your estate to make sure that mirror Wills are right for you. Our team will talk through your wishes, and explain how we can reflect those in the terms of your Wills, ensuring that your Will suits your needs and requirements.
How much do Mirror Wills cost?
Our price for mirror Wills, as of January 2024, is £325.00 plus VAT. This fee covers simple mirror Wills. If your Wills require more complex provisions, such as trust provisions, the fees can be higher, as the advice you need, and the provisions contained in your Will, are more complex. These fees can range from £345.00 plus VAT to £645.00 plus VAT. Our team can advise you during the initial appointment of any additional costs for more complex Will provisions. You can then make a decision if you want to proceed with the more simple or complex versions.
What are trust provisions in mirror Wills?
Trust provisions can include disabled trusts and discretionary trusts, among others. A common type of trust our Wills Solicitors in Lancaster come across in mirror Wills is a property trust.
When you are making mirror Wills, one thing to consider is what would happen if you or your spouse went into care, following the first death. If you leave everything to each other, including your property and any money, when one partner dies, if the survivor of you is taken into care, the full value of all of your assets would be taken into account to pay towards their care fees.
For example, if you and your spouse have an estate worth £500,000.00 (including a property worth £300,000.00) and everything passes to the survivor of you on the first death, the surviving spouse’s estate would be worth the full amount (obviously subject to funeral debts, and any other debts that needed to be paid).
If the surviving spouse was taken into care, the council would assess their need for help with the fees based on the full amount and, if they were in care for any length of time and if they, they could end up paying out over £47,000.00 per year (according to figures from payforcare.org). This could, therefore, take all their capital, leaving nothing to pass onto your beneficiaries after your spouse has died.
A property trust can help, by protecting a half share of the family home on the first death. Partners can change the ownership of their property, so they own it as Tenants in Common. This means that their respective shares are then capable of passing under the Wills. Each partner can then give the surviving partner a right to carry on living in the house, subject to various conditions. When this right to live in the house ends, the house can be sold, and the half share belonging to the first partner to die can be paid to the intended beneficiaries. This means that if the surviving partner requires care, only their half of the house will be taken into account towards a care fee assessment.
This is a simplified version of trust provisions, and our Wills Solicitors in Lancaster would always recommend taking legal advice specific to your circumstances, to find out whether a property trust is suitable for you and your partner. Our Wills Solicitors can also give you expert advice on inheritance tax, so you know where your estate will stand after your death.
Do I need a Wills Solicitor in Lancaster for mirror Wills?
Our team would always recommend seeking legal advice before making your Will. Our team sadly come across homemade Wills, which cause issues after death, on a weekly basis. Common problems with homemade Wills are discussed in our Wills Solicitors’ blog, here. To arrange an appointment, contact our Wills Solicitors in Lancaster online, here, or call 01524 581 306 to speak to a member of the team.
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