A mirror Will is, for the most part, identical to their partner or spouse’s Will. Each partner makes a Will which forms a binding contract between them.
What is a Mirror Will?
Mirror Wills are usually used by couples. They are mainly identical to and reflect each other.
They may be changed or revoked at any time by either Will-maker.
Mirror Wills: Positives
A mirror Will can be changed at any time, even after the death of the other Will-maker. It may be useful for young couples and blended families as they may need to make changes in the future.
Mirror Wills: Negatives
Changing both mirror Wills or changing or revoking only one of them does not require notice to be given to the other Will maker.
What is a Mutual Will?
Mutual Wills (also known as mutual Will contracts or binding Wills) form a legally binding contract between two people. The agreed terms in both Wills prevent either Will-maker from revoking or amending their Will without the other’s agreement. After the death of the first Will-maker, both Wills become irrevocable and cannot be amended.
Mutual Wills work as a contract to protect the estate interests of both Will-makers’ beneficiaries.
Mutual Wills: Positives
Where both Will-makers have agreed to the terms in their Wills, the surviving party is bound by this agreement and can be sued for breach of the agreement. If either Will-maker changes their Will contrary to the agreement, the courts may enforce the original agreement.
If the surviving party unreasonably exhausts the deceased’s assets, beneficiaries may sue for breach of contract.
Mutual Wills: Negatives
Mutual Wills do not prevent challenges to the estate.
Changing circumstances (e.g. remarriage or additional children) after the Will makers have signed the mutual Will agreement could disadvantage the survivor.
The survivor may attempt to frustrate the operation of the mutual Will agreement by depleting the estate assets or by changing the way these assets are owned.
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Contact us now for free no-obligation telephone advice and assistance in establishing mirror Wills or mutual Wills.
