When estate planning, there are many different types of wills that you can execute to protect your hard-earned assets. The creation of a will ensures that what happens to your assets and property after you die is not decided by state law. Rather, an estate plan ensures your final wishes are carried out properly and your assets are distributed to your designated beneficiaries. As part of an estate plan, married couples can create what is known as a mirror will. Essentially, this type of will is separate from each other, however, it contains the same instructions. Keep reading and contact a seasoned Montgomery County Will Drafting Attorney to discover the benefits and drawbacks of a mirror will.
What is a mirror will?
As mentioned above, a mirror will is a type of will that is executed by married couples or domestic partners whereby they dictate identical provisions. Essentially, the separate wills “mirror” each other as they contain the same instructions. Typically, mirror wills are created by couples that want to either leave everything to each other or their children. However, that doesn’t have to be the case. If a couple decides to create this type of will, the process is the same as drafting a regular last will.
What are the benefits?
Mirror wills are most suitable for individuals that have the same wishes and beneficiaries in mind. Virtually anyone can make a mirror will with someone else as long as they have the same instructions and beneficiaries. For instance, siblings can make wills that mirror each other. A major benefit of this type of will is that you can protect your spouse’s financial future as they will inherit the estate. Additionally, they provide for your children as you can name a guardian to look after them. Another significant benefit is that they can be updated or revoked after establishment. If a major life change occurs, you can modify your will to reflect your current circumstances. Further, although a mirror will usually have the same instructions, certain terms can be different which still ensures your wishes and final wishes are carried out.
What are the drawbacks?
This type of will can be extremely beneficial for couples that have similar wishes. However, couples that do not have similar wishes for how they want their assets and belongings distributed after they’ve died should not create a mirror will. One of the main drawbacks of a mirror will is that nothing is stopping the surviving partner from changing the terms of their will once the other partner has passed away. Despite having a moral obligation to honor the terms of the will they established together, surviving partners have no legal obligation preventing them from altering their will.
If you are interested in creating a mirror will, please contact a trusted Montgomery County will drafting attorney. Our firm will work tirelessly to help you execute an estate plan to ensure your hard-earned assets are protected for the future.