Mutual Wills
What is a Mutual Will?
A mutual will is where two people draft wills at the same time with the intention that they are binding upon each other. The wills commonly provide for each other on the first death and then stipulate what will happen on the second death. These are typically taken out by, but not limited to, married or committed couples.
Differences between Mutual & Mirror Wills
The main difference between a mirror will and a mutual will is that a mutual will is binding on both parties. The parties cannot independently alter their wills.
How does a mutual will work?
When the first person dies the assets essentially form part of a trust. This means that the remaining party has limited ways in which these assets can then be used, as the assets must be safeguarded for the couple’s ultimate beneficiaries.
If, after one party has died, the other party attempts to change the distribution of their estate, then the law of equity will step in. This means that the other party will be required to give effect to the deceased’s wishes and the agreement that was put in the mutual will.
The idea of a mutual will may seem ideal to many couples who want to protect their chosen beneficiaries. However, many professionals strongly advise against mutual wills. They can cause problems for parties and restrict their use of the assets.
There are often much simpler ways to achieve the same results and safeguard your assets. By talking to one of our specialist wills and probate solicitors, we can help guide you through the process and advise you on a will that will best suit both your needs.
For more information, download one of our helpful guides. Alternatively, give us a call on 01302 341414 for our Doncaster solicitors or 0114 272 1884 for our Sheffield solicitors.
Our wills and probate solicitors can advise you on the following:
If you'd like to discuss your requirements, get in touch with a member of the team today.
01302 341 414 0114 272 1884
Wills, Probate and Trust Team
Explore our team of experts in Wills, Probate & Trusts, ensuring long-term protection for you and your family.
More Info
