The thought of making a will can fill people with a sense of dread; often people are unsure of how to divide their assets and feel torn over who should benefit.

This is especially true for people who have children from previous relationships but who also wish to ensure that their partner or spouse is provided for, should they pass away first.

Making a will doesn’t have to be scary.  With expert advice, your circumstances can be taken into consideration and provisions made to ensure that your wishes are catered for.

Can I just have mirror will?

A couple may choose to make mirror wills.  These are wills that are made on the same terms. Usually, they will provide for the survivor on first death, and for assets to be shared between their respective children on the death of the survivor.

Pitfalls

Unfortunately, there are pitfalls with this arrangement; if assets are left outright to the survivor, they could be used up in their entirety by the survivor, meaning nothing is left for the children. Another risk is that the survivor is free to make a new will which completely disinherits their deceased partner’s children and other beneficiaries.

If I don’t make a will, my children will still benefit though, won’t they? 

When there is no will at all, the intestacy rules will apply to a person’s estate. Depending on the value of the estate, it could pass in its entirety to the spouse, meaning children would not receive anything. If a couple is unmarried, there is no right to benefit from a partner’s estate regardless of how long they may have lived together. A further issue is that without a will, the deceased person has no control over the executor (the person who deals with the administration of their estate) nor with the choice of guardians for any minor children.

Seek advice

Before making straightforward mirror wills or relying on the intestacy rules, it is crucial that you seek advice from a fully qualified solicitor practising in this area. By asking the right questions, a solicitor will be able to extract the information and tailor the will so that it meets your requirements. They may also be able to explain and advise on the suitability of trusts to ring-fence assets to ensure they are protected.

You can find out more about making a will here.