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Are 'mirror Wills' A Good Idea?

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littleshirl | 11:31 Wed 17th Sep 2014 | Law
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We want to ensure that our grown up children benefit as much as possible when we are gone, and also concerned that one or both of us might end up needing care. What would be the pros and cons of doing separate wills leaving our own assets to them. Our house is in joint names at the moment, what would we have to do about that, we do have 'mirror wills' now so quite a lot to think about and would welcome any advice please. Just worrying about the price of property (like a lot of other people, I know) and can't comprehend how the grandchildren will ever be able to buy anywhere to live. Hope this makes sense, but just don't know where to start :0(
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First point - house is in joint names. Is this as joint tenants or tenants in common. If JTs, the wills are irrelevant since the survivor of the joint tenancy inherits in any event. If TICs then the deceased's share can be left to whomsoever he likes.

Assuming it is TICs, a good move is for each spouse to leave their share of the house (or its replacement or proceeds) to the other for their life and on their death to the children.

A point to note about mirror image wills is that they are not binding on the other spouse. So if you left your entire estate to your spouse and then die, he/she could remarry and leave it all to the new spouse.

It is frankly impossible to give detailed advice on a forum - your best bet is to see a professional will draftsman and appraise them fully of your circumstances so they can advise as to what is best.
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Thank you for that advice Barmaid, I know we will have to see a professional person when we have made our minds up what to do but just wanted a few ideas as to how to go about it, maybe from someone who has done this.
I would say the house is in joint tenants as the wills were made over 40years ago and I guess that was probably the way it was usually done then. Are you saying we will have to change the deeds to tenants in common then, if you are then that is the first point I never thought about, probably be the first of many too.
Hire a solicitor and tell him what you want. and then sign two wills he draws up.

mirror wills can mean quite a lot of things. A " I leave everything to B" and B : " I leave everything to A "
is all very well for the first death but what happens when A AND B are dead.

Further is A is very rich and dies and B inherits, then B can remarry to C and leave 'the money out of A's family' .. to C



You can make mirror wills and include a contract so that the survivor cannot change his/her will after the first death.

These are known as mutual wills.

A house in joint names as a joint tenancy rather than a tenancy in common passes by survivorship regardless of the terms of a will, as does a joint bank account or any other jointly owned property.

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