What Does a Mirror Will Do?
When a couple signs a mirror will, they are essentially creating two wills that are the same. They have agreed on how their estate and assets should be divided. They know who will get what and they have agreed upon it.
In many cases, this means that when one spouse dies, much of the estate is being left to their partner. You can still make your own individual arrangements in a mirror will though. It just has to be agreed to by your partner.
As an example, a woman passes away first and leaves nearly everything to her husband. However, she has made provisions in her will leaving certain items of sentimental value to her sisters, children, and grandchildren. Then when her husband passes away, their estate goes to the recipient they agreed upon when they made their mirror will together.
So a mirror will requires agreement, but there is room for someone to make their own terms and ensure that some of their property or assets are passed onto their loved ones other than their spouse.
Should We Use a Mirror Will?
If you and your partner are ready to plan your estate, writing a will is an important step. A mirror will can be beneficial if:
- You agree on how everything should be split
- You plan to make each other the main beneficiaries of your will
If this is the case, a mirror will might be a good option. However, if there is disagreement about your assets and who should get what, you are unlikely to ever come to an agreement with this will arrangement.
A mirror will can also be a poor fit for blended families. There can be many different beneficiaries and complex relationships to navigate, and a mirror will is often not up to the task.
Who is the Executor of a Mirror Will?
In many cases, partners name one another as the executor of their wills. That is not mandatory though. You can name someone else as your executor if you choose, and your spouse is free to do the same.
Let an Experienced Will Lawyer Help You
If you have any questions about mirror wills, contact Herting Law, PLLC. Make sure that your family is in good hands and let our experienced attorneys help you with all of your estate planning needs.