A Guide to Mirror, Mutual, and Joint Wills

At Peritum Wills we prioritize your peace of mind. As you contemplate wills with your partner, you might come across terms like ‘mirror’, ‘mutual’, and ‘joint’ wills. While they might seem similar, they have distinct characteristics. Let's simplify these for you:

1. Mirror Wills

What are they? Mirror wills, the most common type we draft for couples, are essentially two separate wills, often reciprocal in nature. For instance, a couple might leave their assets to each other and then, upon the second partner's passing, to their children.

Flexibility: While the main provisions in mirror wills are usually identical, there may be slight differences, like naming distinct executors. It's essential to remember that each person can change or revoke their individual will anytime.

Clarity Clause: To provide added clarity, some wills have a statement like, "Though my will mirrors that of my spouse, we both retain the right to amend or revoke our wills independently."

2. Mutual Wills

The Mutual Agreement:

Mutual wills can be a subset of mirror wills but with an added pact. This agreement is that neither partner will alter or revoke the will without the other's consent. Although technically one can still change their mutual will, doing so might result in legal consequences. 

Consequences:

If one partner does go against the mutual agreement, they might face a constructive trust, meaning they'll be treated as holding their assets in trust for the beneficiaries mentioned in the mutual wills.

Limitations:

Mutual wills can sometimes be restrictive, possibly limiting one's ability to adjust to changing situations or new laws. If you're considering a mutual will, it's crucial to discuss potential challenges and alternatives, like IPDI trusts, with your legal advisor.

3. Joint Wills

A Shared Document:

A rarer type, a joint will is one document created for two individuals, often a couple. It's like a combination of two wills in one document.

Characteristics:

Though drafted on a single sheet, a joint will treats each individual's wishes separately. Unless it's mutual, each person can change their part anytime. 

Probate Process:

Upon the passing of an individual, the joint will is processed as that person's testament.

In essence, while these wills serve the purpose of distributing assets, they differ in flexibility and implications.

We're here to guide you through this crucial decision, ensuring it aligns perfectly with your and your loved one's wishes.

Feel free to reach out for a personalized consultation.

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• Information provided and any opinions expressed are for general guidance only and not personal to your circumstances, nor are they intended to provide specific advice. Please contact us for specific advice in your circumstances.

  
  

• The Financial Conduct Authority does not regulate Taxation, Trust advice or Will writing.

  
  

• Peritum Wills is not authorised or regulated to provide financial advice.

  
  

• Tax laws are subject to change and taxation will vary depending on individual circumstances.