Your Estate goes to someone you want it to go to, without it you risk it going outside the family or worst still, to The Crown! If there is more than £250,000, children receive half of the surplus, although they won’t actually receive it until they’re 18 years old. Regardless of the type or validity of your Will that exists, all Estates valued above the Probate threshold will need to go to Probate. The Trust can be for the benefit of the surviving spouse, your children and grandchildren, this means the survivor can remain living at the property after their partner’s death, but should they need care later in life, the Local Authority can usually only take fees from their 50% share of the property. Mirror wills: Advantages & disadvantages to consider. I am the main beneficiary of my late wife’s will under a “mirror wills” arrangement. Mirror wills are usually made by spouses and contain reciprocal terms. Title Insurance pros and cons Read More » NEED ADVICE? Stuart Herd is an active and vocal campaigner against the risks involving mirror wills. A mirror will is where you make a will that is virtually identical to another person. Redwood Financial Family Wealth & Estate Planners Ltd is Directly Authorised and regulated by the Financial Conduct Authority. Mirror Wills should be written as soon as possible, particularly if you have children. Join one of our FREE Public Webinars on Wills, Trusts & Estate Planning. The cons. Pros and cons for legal vehicles. Mirror wills have been promoted over the last 50 or more years because they provide … Until recently, will trusts were a comm… If you want to chat through the pros and cons of mirror wills, please contact Farsight Wills of Swindon on 01793 433705. or email info@farsightwills.com and we can help you write a will that will protect your loved ones in the future. Do I need a will to pass on my estate to my children? The Wills are not legally linked so if one person changes their Will, the other person does not legally need to be notified. If you are engaged, in a marriage or civil partnership and both of you want your assets to go to the same people when you pass away, you should consider making Mirror Wills. Property Trust Wills. When do beneficiaries of a Will get notified? Redwood Financial is one of the south’s leading Investments, Pensions, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. They are nothing more than two wills with identical terms, and each party is free to revoke the will at any time, without informing or obtaining the consent of the other party. Less flexibility on what each individual can write in their will. You set up the conditions of the trust in your will and it activates upon your death. This is because a single document can be produced that covers the wishes of both partners. Creating a Trust within a Will and appointing a trustee(s) to look after assets can help ensure that your estate gets passed on to the right beneficiaries at the right time and it stays there. People are often mistaken in thinking that their wishes will be honoured when they die, however Mirror Wills can be changed at any time, without the other person knowing. In some cases, this has resulted in children from the original marriage being disinherited and receiving none of the estate. With mirror wills being relatively cheap, it’s tempting to accept the risks involved.If cost is an issue, a DIY will or online will writing service may be better. By agreeing to a Mirror Will, you are protecting your partner’s financial future (as if you are unmarried, they would not necessarily be legally entitled to inherit your Estate). they re-marry and cut your children from a previous relationship out of the entitlement you wanted them to have, Simply leaving everything to the other partner could give them or any children an Inheritance Tax problem in later years. However, they come with some risks that should be fully understood before committing to put a Mirror Will in place. The pros and cons of bloodline trusts We can reassure you that the very few potential disadvantages of bloodline trusts are far outweighed by the advantages. What happens to my estate if my partner dies and we’re not married? Provision can be included to make any children the beneficiaries. Request a call, call to action from footer of page. We are dedicated to helping families to grow, protect and enjoy their wealth. 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