You may have heard these terms, or read about them when you were looking into making a Will. So, what are Mirror Wills and Mutual Wills?
Mirror Wills are often used by married couples to provide for their estate to pass to each other, and then to their children on the second death.
The Wills do not have to be identical, but will be similar to each other.
Each of the couple can change or revoke their Will at any time, and do not have to let the other know they have done so.
Mutual Wills are a little different, as the couple agree not to change or revoke their Wills. This essentially creates a contract between them, which continues after the death of the first of the couple to die.
The survivor will be free to revoke their Will but the changes to the gifts of property in their new Will will not be effective.
Mutual Wills can and do cause costly disputes and there are better ways of ensuring that your estate passes in the way you wish.