It is a good idea to write a will. They allow you to distribute your possessions and assets amongst those you care about, decide who will manage your estate and carry out your wishes after your passing, organise care arrangements for your children under 18, and more.
When writing a will, you may do so as an individual, with a single will, or with another person (most commonly your spouse) as a joint or mutual will.
What is a joint will?
A joint will is a single document that applies to two or more people, most often long-time spouses with the same ideas about how to deal with their property. Usually, the will states that when one spouse dies, the other receives all of the property contained in the will. Following that, when the remaining spouse dies, the property will be distributed in line with the wishes expressed in the joint will. Express agreement that the joint will cannot be altered or revoked at a later date is required by both parties upon writing.
What are the advantages of a joint will?
Joint wills provide much certainty to the parties involved, since they cannot be changed without the consent of both parties. Following the death of one party, the will cannot be altered at all. That means that if, for example, your widowed spouse finds a new partner, the will cannot be altered to leave money to them instead. You can be assured that the property you left is distributed exactly how you had wished.
Also, writing a joint will is simple and cheaper than writing up two individual wills.
What are the disadvantages of a joint will?
Being unable to change the will as you wish may be viewed a serious disadvantage by some. Circumstances may change, meaning that you want to reallocate your property but a joint will can often stop you from doing this. For example, you may find a new partner, or acquire grandchildren but be unable to leave anything to them because they were not named beneficiaries in the joint will you made. The younger you are, the more likely your circumstances will change and a joint will might not be for you. Such a result could cause conflict within families and a personal source of frustration.
What is a mirror will?
A mirror will is a type of single will. The idea is that it “mirrors” another will, usually that of your spouse. For example, a wife leaves everything to her husband, her husband leaves everything to her and both wills make provision that the survivor of the estate leaves all property to the remaining children.
Mirror wills can be distinguished from joint wills because both parties are free to revoke their will and make another.
Advantages
Like joint wills, mirror wills are easier, speedier and less expensive since the solicitor or will-writer need not go through the process of writing up two completely different wills.
On top of that, mirror wills are advantageous from a tax point of view. The government states that you won’t have to pay any inheritance tax if “the value of your estate is below the £325,000 threshold [or] you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club”.
Your partner would be the sole beneficiary of a mirror will, meaning you avoid paying unnecessary inheritance tax.
Finally, mirror wills can be changed as and when circumstances change, unlike joint wills.
Disadvantages
Though the ability to change a mirror will is an advantage for some, the fact that your spouse could change their will after your passing to include new beneficiaries or exclude your intended beneficiaries is a frequently cited problem.
Should I choose a joint will or a mirror will?
The inflexibility of mutual wills means that they are far more often a cause of conflict and legal complexity, especially in face of future unforeseen circumstances arising following the passing of one party to the will. Mirror wills are far more straight forward and efficient in light of changes in your life. The relationship that you have with your spouse or any other person you wish to enter a mutual will with is also bound to dictate which you will choose.
How can Dylan Nair Solicitors help?
Dylan Nair solicitors is a small firm, committed to providing efficient and excellent quality service. At Dylan Nair Solicitors we charge the following for creating a will:
- £100 plus VAT for a single will
- £160 plus VAT for joint wills
This fee is for a standard will, fees can increase depending on the level of complexity but we aim to keep costs down for you.
If you need a Will, or have any questions about the process, get in touch with us today. You can call us at 01772494366