It’s been estimated that 60% of people in the UK do not currently have Wills. Should you die without a Will in place, the law will decide how your assets and finances are divided. The worry here is that the distribution of your assets may not be in keeping with your ultimate wishes.
Married couples are able to draw up mirror wills. As the name suggests, each individual’s will reflects’ (or mirrors) the other person’s. Mirror Wills can give couples reassurance that when they die, all their assets and belongings will go to their spouse. When both individuals die, the belongings can then be inherited by the children.
A Guardian clause can be added at the time of making the Mirror Wills. The clause acts as an indication to the courts as to which named individual(s) ought to look after the children upon the death of both parents.
The Executor(s) named in the wills act as Trustees to safeguard the child’s inheritance until they become an adult, and the Guardian(s) must apply to the Executor(s) for funds on behalf of the child.
Mirror wills that leave everything to a spouse will be exempt of Inheritance tax upon the first persons’ death. This is because everything left to a spouse is tax-exempt.
Upon the surviving spouses’ death, their estate will be able to use the tax allowance of the first spouse. This may ultimately increase the surviving spouse’s tax threshold from £325,000 to £650,000.
It is also possible to claim an additional residential nil rate band, which could potential add an extra £300,000 to the tax threshold. Inheritance tax at 40% will then be charge on everything above the tax threshold.
Mirror Wills can be altered and reviewed at any time and, upon the death of one of the couple, the surviving spouse is free to alter their will.
We offer a free initial 15 minute telephone appointment to give you the opportunity to speak to us about our Mirror Will writing services, before deciding if you wish to proceed in instructing us to act on your behalf.
Please contact K J Smith Solicitors on 01491 630000 (Henley on Thames), 0118 418 1000 (Reading Head Office), 0118 418 1200 (Reading Central), 01753 325000 (Windsor), 01256 584000 (Basingstoke), 01483 370100 (Guildford), 01494 629000 (Beaconsfield), 01235 375500 (Abingdon), 01344 513000 (Ascot) or email email@example.com.
We also serve a wide range of other areas including Bracknell, Gerrards Cross, Maidenhead, Marlow, Oxford, Slough, Wokingham, and High Wycombe.
All our offices are easily accessible by road, rail or bus and we are open Monday to Friday from 8:30am to 6:00pm. With today's busy schedules, we offer telephone appointments outside normal office hours until 9pm on Thursdays and between 10am and 3pm on Saturdays.
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If you would like to visit our team of family solicitors, we have offices in Henley-on-Thames, Woodley, Reading (Head Office), Reading (Central), Basingstoke, Guildford, Beaconsfield, Abingdon and Ascot. We serve a wide range of other areas including Bracknell, Gerrards Cross, Maidenhead, Marlow, Oxford, Slough, High Wycombe and Wokingham.