Creating a last will and testament ensures peace of mind and the ability to set out your wishes. A standard will is a binding legal document that gives information on the distribution of a person’s assets and estate after they die. The person writes their will before their death and includes details of beneficiaries and any other wishes that they may have for their belongings. The will appoints an executor to manage the estate on behalf of the deceased in accordance with their will.
Wills & Trusts are not regulated by the Financial Conduct Authority.
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As a single person, you need a Will so an executor can carry out your final wishes. Without a Will in place, there may be disputes between your relatives and close friends as to what your wishes were regarding your estate and personal belongings.
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You may have heard the term but be unfamiliar with what it means. A Mirror Will is a set of joint Wills where you leave all your earthly possessions to your spouse and they leave their possessions to you in the event one of you outlives the other.
If you die without having made a will, then there are rules which determine who inherits your assets (your estate). They are the “intestacy rules”. For details on these see here.
There are several situations where these could cause significant hardship in your family if you don’t make a will and therefore allow these intestacy rules to operate. Simply making a will allows you to control where your estate goes when you pass away, and this is always a better solution than leaving it up to the intestacy rules. If you wish to be fully in control of where your assets and estate go once you die, it is advisable to draft a will. You can then have the peace of mind that your loved ones will receive what you intend and avoid disputes.
As a single person, you need a Will so an executor can carry out your final wishes. Without a Will in place, there may be disputes between your relatives and close friends as to what your wishes were regarding your estate and personal belongings. Therefore, simply make a will and avoid that heartache. Without a Will, your estate could go into probate for years. That might mean that those you wished to pass gifts to after your death cannot receive a thing. This may include any vehicles, investments, and property that you own. Don’t wait until it is too late to specify your wishes to your loved ones.
A Mirror Will is a set of joint Wills where you leave all your earthly possessions to your spouse and they leave their possessions to you in the event one of you outlives the other.
This type of Will also works for partners that are not married or have had a civil ceremony and want to make financial provision for each other. You can also include your children in these Wills if you and your partner have agreed to deal with that.
Mirror wills require 2 separate wills. A couple sets them up to “mirror” the other’s provisions, in the sense that:
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The Mortgage Mole is not authorised to give advice on additional specialist services such as estate planning or trusts, but we can refer you to an authorised specialist who can assist you in these areas.
