Frequently Asked Questions

 

Ready to plan for the future?

  • Did you know that without a will, your loved ones might not receive what you intend for them?

  • The hardest decision is Not writing a will it’s leaving your legacy to chance.

Mirror Wills Explained - Clients’ Enquiries

Mirrors Wills- To Be or Not to Be

📜 How Mirror Wills Work

  • Each person writes a separate will.
  • Both wills name the other partner as the main beneficiary.
  • If both partners die, the estate usually goes to shared beneficiaries, such as children.
  • They’re not legally binding on each other, meaning either person can change their will later.

 

✅ Benefits

Simple and cost-effective for couples with aligned wishes.

Ensures financial security for the surviving partner.

Can help minimize inheritance tax if structured properly.

Allows for naming guardians for children and backup beneficiaries.

⚠️ Things to Watch Out For

  • The surviving partner can change their will after the other dies, which might disinherit agreed-upon beneficiaries.
  • Not ideal for blended families or complex estates.
  • Doesn’t offer the legal protection of a Mutual Will, which locks in terms after one partner dies.

 

In Plain English…

Mirror Wills are great for couples who trust each other’s intentions and want simple flexibility.

Mutual Wills offer stronger protection for your agreed-upon beneficiaries after one of you passes away.

✅ Simple and quick to create.

✅ Cost-effective for couples with aligned wishes.

✅ Easy to update independently at any time.

✅ Good for leaving everything to your partner, then to shared beneficiaries.

 

Cons:

  •  Legally binding on the survivor—they can change it later.
  •  Doesn’t protect agreed-upon beneficiaries after one partner dies.
  •  Risk of unexpected changes if relationships shift (e.g. remarrying).

 

Mirror Wills Tax Benefits:

Spousal Exemption: Assets left to your spouse or civil partner are IHT-free, so the surviving partner inherits without paying tax.

Nil-Rate Band Transfer: The unused IHT allowance (£325,000) from the first partner can be transferred to the survivor, potentially doubling the tax-free threshold to £650,000.

Residence Nil-Rate Band (RNRB): If the family home is passed to direct descendants, an extra allowance of up to £175,000 per person may apply — potentially allowing a couple to pass on £1 million tax-free.

Watch Out:

  • If the surviving partner changes their will, the original tax-efficient plan might unravel.
  • Without trusts, assets may be vulnerable to care home fees or remarriage complications.

 

 

 

 

 

🤝 Mutual Wills

Pros:

✅ Legally binding agreement—neither partner can change the will after one die.

✅ Provides security and consistency for intended beneficiaries.

✅ Ideal for preventing disputes or disinheritance after death.

 

Cons:

  •  Less flexible—hard to change if circumstances evolve.
  •  Usually more expensive due to legal agreements involved.
  •  Could be problematic if the surviving partner’s situation changes drastically financial needs, health care).

 

🤝 Mutual Wills

Tax Benefits:

Same spousal exemption and nil-rate band transfer as Mirror Wills.

Can include trusts to lock in tax-efficient distributions and protect beneficiaries.

 

Watch Out:

Irrevocable after one partner dies — no flexibility to adapt to changing tax laws or family needs.

  • May restrict lifetime gifting or estate restructuring, which could otherwise reduce IHT.
  • If not drafted clearly, disputes over what assets are covered can lead to contentious probate.

 

👨‍👩‍👧‍👦 Blended families—where partners bring children from previous relationships—add layers of love and complexity to estate planning, especially when it comes to Inheritance Tax (IHT) in the UK. Let’s explore how to protect everyone fairly while staying tax-savvy.

🧩 Challenges for Blended Families

Stepchildren aren’t automatically entitled under intestacy laws unless legally adopted.

Leaving everything to a new spouse may unintentionally disinherit children from a previous relationship.

The surviving partner could change their will, remarry, or redirect assets.

Residence Nil-Rate Band (RNRB) only applies to direct descendants, which may exclude stepchildren.

🛡️ Smart Strategies to Protect Your Legacy

  1. Draft a Clear Will

Specify how assets are divided between spouse, children, and stepchildren.

Avoid relying on informal promises or assumptions.

  1. Use Life Interest Trusts

Let your partner live in the family home while ensuring it passes to your children later.

Get in touch with Agueda Estrada Calle today for expert advice on Wills, Lasting Power of Attorney, and Estate Planning.