When you and your spouse marry, your lives can intertwine, from sharing bank accounts and finances to having children and buying property together. As such, you may decide that you want your estate plans to be intertwined as well. Typically, couples who want to create similar estate plans are unsure where to start. One option you should consider is creating a Mirror Will. If you’re unfamiliar with these estate planning documents, you’ll want to keep reading. You’ll discover how these work and why connecting with a Medina County, Ohio Will preparation lawyer is critical to ensuring you and your spouse achieve peace of mind about your assets.
How Do Mirror Wills Work?
Mirror Wills, as the name suggests, are Wills created by a married couple which essentially means they have the same terms and conditions as the Will of their spouse. Typically, this involves both Wills establishing that the other will be the beneficiary of the estate in the event one party passes away. You can also name the beneficiaries that would receive assets after both parties pass away.
For example, if John and Jane have a son, James, they can each write in their Will that upon their passing, the assets in the Will should go to the other party. However, the Will should also note that in the event they pass as the surviving spouse, the assets would then go to James, their son.
You should also note that these are not exclusive to married couples. If you have a long-term partner to whom you are not married and have similar estate planning wishes, you can establish this document.
Is This Right For Me?
If you and your spouse have decided you share similar wishes for your estates, creating a Mirror Will may be right for you. If you and your spouse have the same wishes and share a considerable number of assets, you’ll find establishing this kind of Will may be in your best interest.
Typically, you’ll find that most people either create Mirror Wills or Joint Wills. A Joint Will is a document created by both parties that outlines what will happen to their estate upon their respective deaths. However, one aspect of a Joint Will that leaves many establishing Mirror Wills instead is that upon the death of one partner, a Joint Will becomes irrevocable. As such, if circumstances change after the death of one spouse, the surviving partner will not be able to make any amendments. Changing a Mirror Will, on the other hand, is permitted even in the event one spouse passes away. This is because they are independently controlled.
As you can see, establishing your options is critical to ensuring your wishes are met. At Krause Law, our dedicated legal team can help you determine what options are in your best interest to help you and your family obtain peace of mind. If you’re ready to create your plan, contact us today to learn more.
