Bloodline Wills vs Mirror Wills:  Which is right for you? 

(Clue: One of these could be rob your children of their inheritance)

Writing a will is essential to ensure that your estate is managed and distributed according to your wishes after you pass away. However, it’s essential to consider the potential issues that could arise when making a will, particularly if you have a spouse who may remarry or face other life changes.

One of the most common types of will in the UK is the ‘mirror will,’ where a married couple leaves everything to each other. However, this type of will can create issues if one partner dies and the other remarries, divorces or goes into care. In these circumstances, the new spouse may inherit most or all of the assets, even if the children are named in the document.  This is also very inefficient in use of Inheritance Tax mitigation.

This can be a huge shock to those who have gone to the trouble of making a will, thinking that everything is in order for the family bloodline to inherit the fruits of their labour. It’s even more upsetting when considering the future financial wellbeing of grandchildren, who could lose out on their inheritance if their parent remarries and leaves everything to their new partner’s family.

To avoid these potential issues, it’s worth considering a ‘bloodline will’ instead. This type of will includes a legal ring-fence around children’s inheritance, allowing them to remain in complete control and do as they wish with the money. This type of will also provides added protection against challenging life events such as divorce, remarriage, or creditors.  It also can continue to provide for the surviving spouse until their death.

It’s worth noting that mirror wills can be changed or updated at any stage without the other person knowing. This even applies after the death of one party, leaving the door open for family fallouts and disharmony. Bloodline wills, on the other hand, provide greater certainty and peace of mind for all involved.

While mirror wills may suit some couples, it’s worth being aware of the potential issues if a partner remarries or faces other significant life changes. As a wills and inheritance expert, I urge people to consider their options carefully and seek professional advice when making a will. The devil is in the details when it comes to these important legal documents, so it’s essential to have the correct one in place to prevent any upset and pain after you pass away.

To sum up, it’s crucial to take the time to carefully consider your options and seek expert advice when making a will. While mirror wills may seem like the most straightforward choice, they can create issues if a spouse remarries or faces other significant life changes. A bloodline will provides greater certainty and peace of mind, allowing children to remain in complete control of their inheritance and protecting them from any potential challenges or disputes. Don’t leave your estate to chance – plan ahead and ensure that your wishes are carried out according to your wishes.

As always, I’m happy to help with a no commitment or obligation call on 07831 379562 or email me at [email protected]