Article by Sharon Brown |
However, if two people have made “Mutual Wills” they
have agreed not to amend their Will without the consent of the other person.
Many people confuse Mutual Wills with Mirror Wills,
which is the term given when two people make very similar Wills at the same
time, for example, everything to their spouse followed by their children.
It can prove advantageous for your spouse to be able
to change their Will, for example, if they met a new partner or if tax rules
changed in the future, they could plan efficiently.
If you wish to ensure that your children will inherit
something even if your spouse does change their Will after you have passed
away, there are a number of options and you should contact me for an
appointment to discuss your specific circumstances.
One common way of achieving this is to sever the
tenancy on your home. For many families
the home is the main asset. If you own
your home as “joint tenants” it automatically passes to the surviving owner,
regardless of what your Will says. If
two people own the home as “tenants in common”, they can each leave their share
in accordance with the terms of their own Will.
This means that, for example, a husband can state in his
Will that his wife can continue to live in the property for the rest of her
lifetime, even though she never owns the whole of the property. When wife then dies, husband’s Will states
that his share of the property passes down to his children. Wife would have been free to change her Will
in her lifetime to leave her share of the property to anyone she chooses.
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The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
This is an excellent article. So many people get confused between Mirror & Mutual Wills and think that a Mirror Will means their spouse is bound by the terms even after their death. Well done Sharon for clarifying this issue up in a clear and concise way.
ReplyDeleteKind Regards,
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