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Protecting Your Assets

Are Mirror Wills the best option?

Mirror Wills are two Wills made by a couple usually leaving everything to each other and then to the same choice of beneficiaries, such as their children.

The intention of Mirror Wills is to provide for the other person and ultimately for the same beneficiaries once both parties have passed away. However, it is important to understand all your options before deciding on this type of estate planning.

Why make a mirror Will?

For a couple who have the same wishes for their estate and want to leave everything to the same beneficiaries, having a mirror Will drawn up is often more cost-effective than having two different Wills.

Both documents will be almost identical, meaning there is less preparation involved in the drafting and checking.

Having a valid Will in place ensures that an estate will go to the chosen beneficiaries. Without a Will, assets pass under the Rules of Intestacy and this could mean loved ones missing out or a family dispute arising.

By making a mirror Will leaving everything to each other, they can be sure that their spouse or partner is provided for after their death.

Points to be aware of when making a mirror Will

The disadvantage of making mirror Wills is that either party could change or destroy the Will at a later date. Legally, this is allowed, and there is no requirement to advise the other person that this has been done.

This means that one person could inherit the entire estate from the other person, then change their Will to leave it elsewhere and not to the beneficiaries originally chosen by the couple when the mirror Wills were made.

Another disadvantage to leaving everything to a spouse or partner is that they could lose or spend the money in some way prior to their death.

If the surviving partner marries or enters into a civil partnership, then any Will they have made previously will automatically become invalid. Unless they make a new Will, their assets will pass in accordance with the Rules of Intestacy, with the bulk of their estate passing to their spouse or civil partner.

Protecting your assets

The way around this is to leave the spouse or partner a life interest in property or other assets. This means that they could continue to live in a shared property for the rest of their life, or as long as they wish to, but when the property is sold, the share that belonged to the first to die will pass in accordance with their Will, usually to their children.

For this to be possible, any jointly owned property will need to be held as tenants in common and not as joint tenants. When property is held as tenants in common, it passes in accordance with the terms of a Will or under the Rules of Intestacy. If a property is held as joint tenants, then on the death of one tenant it will automatically pass to the survivor and not form part of the estate to be distributed to beneficiaries.


Ancojada Limited trading as Ancojada Group is not authorised or regulated to provide financial advice.

All financial advice is provided by other regulated businesses.

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