What Are Mirror Wills?

Are you and your spouse starting to think about estate planning? For most married couples, there are a number of important estate planning documents to consider, including a will, advance directives, and beneficiary designations. In addition, some couples may want to find out about establishing one or more types of trusts for reasons such as avoiding probate or providing for the care of a disabled adult child without affecting their eligibility for public benefits. When it comes to making a will, many married couples want to know if they can simply create a single, joint will rather than making two separate wills for each of them.

While it may be possible to have a joint will, mirror wills are typically a better decision for most married spouses. Our Summit estate planning attorney can explain why this is the case, and we can speak with you today about getting started on your will and other components of your estate plan.

What is a Mirror Will?

What is a mirror will, you might be wondering, and how is it different from any other type of will that an individual might make in New Jersey? A mirror will is a type of will that is often used for married spouses, or even for committed partners, so that each individual has their own will but the wills are essentially mirror copies of one another.

In other words, the spouses make all of the same decisions about how their assets will be distributed — typically to the other spouse after one spouse’s death, and then to beneficiaries of their choosing — and who will serve as executor of the estate. The only difference is that Spouse A’s will is their own will and is signed by them, while Spouse B’s will is their own will and is signed by them. Otherwise, the wills are nearly mirror reflections of one another.

Why Make Mirror Wills? 

For spouses that share most or all of their assets, and who want to leave their shared assets to loved ones in the same manner, mirror wills are often the best choice because they are relatively simple and straightforward (compared to individuals making separate wills with many different types of provisions).

Mirror wills are also often preferable to a single, joint will for one important reason: when one spouse dies after a joint will has been made, the surviving spouse cannot make any changes to the joint will. Differently, mirror wills belong to the individual spouses, and as such, revisions can still be made even after one of the spouses dies.

Contact Our Summit Estate Planning Lawyers for Assistance 

If you and your spouse have not yet made wills, or if you have older wills that you want to update or revise (or at least review), you should get in touch with one of the experienced Summit estate planning attorneys at Dempsey, Dempsey & Sheehan. We can assist you with wills, trusts, beneficiary designations, advance directives, and all other components of estate planning in New Jersey. We routinely assist married couples with estate plans, and we can answer any questions you have today. Contact us for more information about how we can help you.

Source:

law.justia.com/codes/new-jersey/title-3b/