What are Mirror Wills?
Typically, these are relatively simple Wills which are ideal for younger families, where everything goes to each other on the first death, and then to the children, on the second death.
Where children are involved, it is important to appoint guardians who could be called on to look after the children in event of both parents dying prematurely. You might want to appoint alternative guardians in case the original guardians cannot act for any reason. As the children may be too young to inherit it is important to appoint executors and trustees. We will be pleased to discuss who may be suitable at the first meeting.
When might mirror Wills not be suitable?
As people build up assets over time, other concerns may arise. |For example, if a couple have significant assets between them, and one should die prematurely: they may wish to make sure their assets go to their children on the second death and not to a new partner of their surviving spouse.
Equally, protecting their hard earned assets may also become more of a priority. Kendal Wills can advise you of all your options. In particular we are pleased to advise business owners who are concerned what would happen to their Business if they were to die suddenly.