Mirror wills are for husband and wife leaving their estates to
each other and then to their children equally.
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Your own details should include any 'aliases' or
other names you are known by. This is particularly important if you
have assets in another name. If you do not include the other name your
executors may have difficulty getting hold of the asset. For example actors may have stage names
and sometimes writers use a pen name. Ladies sometimes choose to be
known by their maiden surname. There are also nicknames and shortened
names people have been known by. Put aliases etc. in the appropriate box.
For example: -- using a maiden or other surname
| First name/s |
Penny |
| Last name |
Lane also known as Rigby |
For example: -- a shortened first name
| First name/s |
Johnny also known as John |
| Last name |
Wood |
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Your address is your main or permanent one so if you
sometimes live/work away it is not necessary to include that temporary
address. If you change permanent address in the future it is not
essential to change your will but make sure your executors are aware. The will uses the same address for both of you.
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your email address will not be included in your will
- it is just used for communication between. YesTor
sends the legal documents and instructions for signing and witnessing there.
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Usually you would appoint each other as sole executors. But
you may want to appoint a substitute or additional executor.
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A substitute executor takes the place of your spouse
as executor if s/he has predeceased. Your estate still passes equally
to your children.
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An additional executor holds office with your spouse
to administer your estate.
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Survivorship clause - These mirror wills contain a survivorship clause. Its purpose is
to legally save possible taxation. This could be as much as 40% tax on
£250,000 that is £100,000 of legally saved inheritance tax (see section 12
below).
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Each individual has their own inheritance tax free
band. This clause makes use of them where possible. It is best
understood by a rather dramatic, but possible example.
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Suppose you are both in the same car or plane
crash. You may die together or perhaps one will survive a short time with
fatal injuries. If it is not known who died first or if you died together
in the same accident the law in England and Wales assumes that the older of
you has died first leaving all to the
younger.
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The Inland Revenue do not tax transfers between husbands and
wives so the 'first death' is not a taxable event. That means the younger
spouse has acquired everything both of you had. So the younger spouse's
estate has dramatically increased in value, perhaps doubled. But this
surviving spouse has only their own tax free band. It is more likely the
'double' estate may be of sufficient value to be liable to Inheritance tax or
pushed further into the taxable band.
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In contrast the survivorship clause prevents this.
This is how it works. If you both die together or within 30 days of
each other then each will leaves each spouses estate to the children
direct. This is a taxable transfer but each of your estates benefits
from the inheritance tax free band.
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The inheritance tax allowance threshold varies. The allowance as at the date of death is
applied. The table below shows the allowances.
| Tax year |
Inheritance tax threshold* |
| 2009/2010 |
£325 000 |
| 2008/2009 |
£312 000 |
| 2007/2008 |
£300 000 |
| 2006/2007 |
£285 000 |
| 2005/2006 |
£275 000 |
| 2004/2005 |
£263 000 |
| 2003/2004 |
£255 000 |
| 2002/2003 |
£250 000 |
| 2001/2002 |
£242 000 |
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Executors - Those who manage your estate after you die. Married
couples usually appoint each other as sole executors. However you may chose to appoint each other with
others. This is a personal decision and you should decide for yourselves
what choices to make.
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You should get proposed executors agreement to act before you
appoint them. The will form guides you through the appointment process.
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Your appointed executors will also be your trustees. For
example when your children inherit and 1 or more is under 18 special legal rules
apply. These wills
provide for children to inherit when they reach 18. So a child under 18
(minor child) has to wait to inherit. What
happens to their share (presumptive share) during the waiting period? Put simply it is held in the
name/s of the executors and trustees on their behalf. Usually in interest
bearing accounts or gilts (your executors may need to seek advice on this).
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In some circumstances you may wish to appoint accountants,
solicitors or banks as your executors and trustees. YesTor supply standard
and the more typical wills. These wills do not provide for the appointment
of professional executors or include the special charging clauses that will be
included. If you feel you may require more complicated wills, perhaps
because you have substantial assets or more complicated tax affairs then you
should seek your own detailed professional advice.
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Guardians - Only if you have any children under 18
now do you need to appoint guardians. Guardians are the people whom
you wish to actually look after your
minor children if you have both died. (If 1 of you dies no guardians
are appointed). You will need to speak to the proposed
guardians and obtain their agreement first. It is possible to appoint
guardians as executors as well.
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In this will you can appoint 1 or 2 guardians.
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Your residuary estate - where it goes - These wills are carefully prepared to be flexible and cover the 2
main foreseeable events - the deaths of the first then second spouse. So
if one of you dies there may be no need to change the other's will. The
second estate will pass equally to the children.
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Death of the first spouse -These mirror wills leave each spouse's estate to the other if
they have survived for over 30 days as explained above. If the sole
beneficiary is the surviving spouse (when just one of you has died) then s/he
will also be appointed as the only executor (unless you nominate otherwise
-see the wills form).
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Death of the second spouse -YesTor's will is written to leave your estate to the children
(or other people) you have named in the will form. Because
your partner will have predeceased you the clauses in the will referring to your
husband/wife are automatically not effective at all.
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Your estate will pass to your named children and if more than
one equally between them. Any child under 18 at the date of your death
will have their presumptive share held on trust until they are 18. If a
child dies after you but before they are 18 they will not have inherited their
share and what they would have had is divided equally between
your other surviving children. 2 points arise.
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If you have only one child then you may wish to think about
leaving your estate to others should that child die before you or before
reaching 18. This standard mirror will does not accommodate this
provision. YesTor may be able to provide such a will.
Email
us your proposals for details of what is available.
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You should be aware that these mirror wills allow trustees
of your children to make certain advances of capital and interest to minor
children before they are 18. These advances are usually for the day to
day living
and educational needs of a child.
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Funeral arrangements - You do not have to make any arrangements.
But if you want to these wills allow you to specify your wish for burial or cremation. Should you
have funeral bonds or perhaps specific wishes for say where you are to be buried
or how your ashes should disposed of then a note to this effect can be placed
with the will. It is not part of the will but reminds your executors of
the wishes. But make sure your executors know about this in advance and of
course where your will is kept.
Our instructions emailed with the wills give instructions on the
signing and witnessing of wills and have other useful guidance.