Mirror Wills offer a simple and effective solution for couples who want to mirror each other’s intentions regarding inheritance. Let’s consider an example:
Chris and Leanne wish to ensure that if one of them passes away, the other will inherit everything. In addition, they want to plan for the unlikely event that they both pass away before their children turn 18. This is where Mirror Wills come in handy:
- If Chris dies first, everything Chris has goes to Leanne
- If Leanne dies first, everything Leanne has goes to Chris
- If both die before their children turn 18, Leanne’s sister Jas will care for the children as the Guardian
- If both die before their children turn 21, Chris’ brother, Fred, will manage the children’s inheritance as the Trustee