Although they may sound similar, there are major differences between these types of Wills.
If you are unsure about the kind of Will you want to execute, you could consult a London law firm. Those looking for a London law firm? will find plenty of options.
Here we look at the two kinds of Wills.
Mutual Wills
These are Wills made by individuals usually, although not always, in a marriage or civil partnership. Usually these wills will have the same terms, and it will be agreed that neither of the parties will change them or revoke them either during their lifetime without the other’s consent or after one of them dies. The Wills may be separate documents or a single joint instrument. This means the survivor will be bound following the first death even if they make a further Will. The latter can only refer to newly acquired assets and will not apply to assets dealt with in the original mutual Will.
Mutual Wills can seem attractive in the case of second marriages or civil partnerships in order to provide for new spouses and the parties’ own children.
Mirror Wills
Mutual Wills are not the same as Mirror Wills, which involve two people making Wills with the same terms that can be altered in the future.
The Wills are constructed in a similar manner and are a frequently used instrument. The parties will leave their own estate to the other and make identical provisions for any issue of the marriage or civil partnership or other beneficiaries should their spouse or partner have died first.
The main difference from a Mutual Will is that the survivor is not obligated to follow the original Will. They are free to create another Will at any future date and deal with the assets as they wish, either creating new beneficiaries or sticking to the original Mirror Will.
It is important when creating a Will in conjunction with a spouse or partner that you make sure you understand the consequences.
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