As a professional adviser, you frequently guide clients through estate planning, helping them make informed decisions about their assets and the legacy they leave behind. A common source of confusion among clients is the difference between mutual wills and mirror wills. While both serve as estate planning tools for couples, they have distinct legal implications that can significantly impact your clients’ wishes. Here’s what you need to know about these different types of wills.

Mirror Wills: Flexible Yet Separate

Mirror wills are two almost identical wills created by partners, typically spouses or long-term partners, where each person leaves their estate to the other upon death. These wills are:

• Separate and individual—each partner has their own will.
• Easily changeable—either party can amend or revoke their will at any time without the consent of the other.
• Common among married couples—ensuring assets pass to the surviving spouse before being distributed to the ultimate beneficiaries (e.g., children).

While mirror wills are practical and straightforward, they do not create a binding obligation on the surviving spouse. This means that after the first partner’s death, the surviving partner is free to change their will, potentially altering the final distribution of assets.

Mutual Wills: Legally Binding and Restrictive

Mutual wills, on the other hand, are a legally binding agreement between partners, ensuring that the agreed-upon distribution of assets cannot be changed after one party dies. The key characteristics of mutual wills include:

• A binding contract—both parties agree that neither will alter their will after the first death.
• Enforceable by law—if the surviving partner attempts to change the will, beneficiaries can challenge it based on the original agreement.
• Less flexibility—once one partner passes away, the surviving partner cannot make any modifications, even if circumstances change (e.g., remarriage, financial difficulties, or estrangement from beneficiaries).

Mutual wills provide certainty, but they can also create complications if the surviving spouse's needs or relationships change over time.

Helping Clients Choose the Right Option

As a professional adviser, understanding your clients' priorities and family dynamics is crucial in recommending the best estate planning tool. Consider the following:

• If flexibility is important, mirror wills likely be the better choice.
• If your clients want to ensure assets go to specific beneficiaries regardless of future events, elements such as trusts in mirror wills can be a more effective planning tool than mutual wills.
• If there are concerns about the surviving spouse remarrying and disinheriting children from the first marriage, property protective trusts or life interests tools can provide a number of benefits.

Final Thoughts

Both mirror wills and mutual wills have their advantages and drawbacks, and it’s essential that clients fully understand their implications. Professional advisers play a key role in estate planning discussions and are able to support clients to ensure their wills align with their intentions and circumstances.

By guiding clients through these choices with clarity, you can help them make informed decisions that protect their wishes and their loved ones' financial future.