What is a joint will?
Joint wills are for people who want to record similar wishes in a way that benefits each other if one of them dies. Whether you are married, in a civil partnership, or neither, this type of arrangement can offer reassurance about what should happen to your estate.
A typical arrangement might say that when one person dies, the other inherits everything, and when the surviving person later dies, the estate passes to the children.
- When I die, my spouse or partner inherits everything.
- When the surviving partner dies, our estate passes to our children.
You do not have to be married or in a relationship to make this kind of arrangement. In some circumstances, people choose to make one with a sibling, close friend, or business partner.
Why you should have a will
Without a will, your estate will be distributed according to set legal rules known as the rules of intestacy. If that happens, you are described as having died intestate.
Under these rules, only spouses, civil partners, and certain close relatives can inherit. Making a will allows you to set out clearly what you want to happen to your estate and who should benefit.
What types of joint wills are there?
There are two main types you are likely to come across:
- Mutual wills
- Mirror wills
They are similar in that both usually reflect an agreement for one person to leave their estate to the other, with further beneficiaries named to inherit after the surviving person dies. The key difference is how easy they are to change later.
Mirror wills are more flexible, which can be helpful if circumstances change. But that flexibility can also be a drawback if you want certainty that the surviving person will not later change their will.
What’s the difference between mirror and mutual wills?
Mutual and mirror wills are very similar, but one important clause sets them apart. Mutual wills cannot usually be changed after one of the two people has died.
Once signed, mutual wills create a binding agreement. That means if circumstances change later, such as remarriage or the birth of another child, the surviving person may not be able to make a new will that reflects those changes.
Mirror wills are usually more popular because they offer more flexibility. They can generally be changed or replaced if circumstances change.
Mutual wills can still be updated while both people are alive, but both must agree to any changes. In practice, any change made by one person is reflected in the other person’s will as well.
Who is the executor in a mirror will and a mutual will?
A spouse, civil partner, or partner is often named as the executor. However, it is sensible to appoint at least one additional executor as well. That way, if both of you die at the same time, someone else is available to deal with the estate.
Choosing an additional executor together can help ensure that someone you both trust is in place to carry out your wishes.
What is a mirror will?
Mirror wills are a type of will where one person’s wishes largely reflect the wishes of the other. That is why they are called mirror wills.
In many cases, two people leave everything to each other first, and then to their children after the second person dies. They also usually agree on what should happen if they die at the same time.
What are the pros of having a mirror will?
Making mirror wills with your partner can offer several benefits:
- Your partner inherits everything. A mirror will can help protect your partner financially if you die first. This is especially important if you are not married, as they may not otherwise have an automatic right to inherit your assets.
- You can provide for your children. Mirror wills can ensure your children inherit your estate in the way you intend. You can also appoint a guardian and a trustee if your children are still under 18.
- You can name additional executors. Although your partner may be the main beneficiary and executor, you can appoint other executors as well so your wishes can still be carried out if you both die together.
- Your wishes do not have to be completely identical. Mirror wills often follow the same structure, but there can still be small differences, such as funeral wishes or the choice of additional executors.
- You may reduce inheritance tax. Inheritance tax rules often allow assets to pass between spouses without tax being charged at the first death. This can help preserve both inheritance tax allowances for the estate later on.
- They can be changed if circumstances change. If your relationship changes, an executor dies, or your wishes change, mirror wills can usually be updated or revoked.
What are the cons of having a mirror will?
One of the main disadvantages of a mirror will is that either person can usually change their will at any time without the other person’s approval. This flexibility can be useful, but it can also create uncertainty.
For example, after your death, the surviving person could change their will and leave assets to someone you did not intend to benefit, such as a new partner or children from a later relationship.
If you had both agreed that your house and savings should eventually go to your children, that arrangement could be changed after the first death.
There is also a practical risk that care home fees or other later expenses could reduce the value of the estate, meaning your chosen beneficiaries may receive less than expected.
What is a mutual will?
Mutual wills are designed to become fixed after one of the two people dies. While both are alive, changes can usually be made by agreement. But once one person dies, the surviving person is normally bound by the terms already agreed.
At that stage, the will cannot usually be changed and a new will cannot be made to override it.
What are the pros of having a mutual will?
The main advantage of a mutual will is certainty. You can be more confident that your wishes will be carried out after your death.
Unlike mirror wills, mutual wills usually cannot be changed after one person dies. That means there is less risk of the estate later being redirected to someone you never intended to benefit.
They can still be changed while both people are alive, provided both agree and both still have testamentary capacity.
What are the cons of having a mutual will?
The main disadvantage of a mutual will is that it can become too inflexible once one person has died. Life can change significantly over time, and the surviving person may no longer be able to adapt the will to reflect new circumstances.
This can sometimes lead to disputes about how the estate should be distributed and may increase the risk of the will being contested.
This is often more likely where there is a long gap between the first and second death. During that time, the surviving person may remarry, have more children, gain more wealth, or develop new responsibilities that the original will does not account for.
For example, a new spouse, later children, or future grandchildren may not inherit under the terms of the mutual will. That can create tension and disputes between family members.
Choosing the right joint will
For many people, mirror wills are the more practical option because they offer flexibility as life changes. But for others, the certainty of mutual wills may feel more important.
The right choice depends on your circumstances, your family arrangements, and how much flexibility you want in the future. It is worth discussing your options with a solicitor or professional will writer before deciding which arrangement is best for you.
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