Legal News | 14.09.23
Your feelings may be mutual, but should your Wills be?
A couple often want their Wills to reflect each other’s: mirror Wills, but with no binding obligation on either party to keep their Will the same forever. Some couples however will ask for ‘mutual Wills’.
What is a ‘mutual Will’?
Mutual Wills include wording that the couple will not change or revoke their respective Will without the consent of the other. The Wills are essentially a contract between the parties and after the first death, the survivor cannot alter or revoke their Will whatever the circumstances.
What does this mean for the survivor?
At first glance mutual Wills may sound like a good idea; ensuring that no one can waiver from what was set out originally in the Wills. However, the disadvantages are potentially vast, with the loss of flexibility and inability to take into account any change in circumstances. The longer the period between the two deaths, the more likely there are to be changes in personal and financial circumstances, and even changes in the law and tax rules.
If you have specific wishes for your Will (whether regarding assets or beneficiaries) then speak to us as we can help you prepare a Will that meets your wishes but avoids the pitfalls of a mutual Will.