All you want to know about mirror wills

For most people, marriage is not only a romantic union, but also a financial one. It is not uncommon to come across couples holding bank accounts, property and other investments jointly. If such couples are interested in succession planning, they would do well to consider a unique kind of will known as a mirror will.

What is it?

As the name suggests, mirror wills are two separate wills that are drafted exactly like each other, with just the name of testator— the person who is making the will—being different on both documents. In this case, the spouses can bequeath property to each other after death. In the absence of a surviving spouse, all the assets mentioned in the will are passed on to their children or any other beneficiary who has been named in the will.

Since the contents of both wills are the same, lawyers give a discount of up to 50% for drafting them. Though a very popular concept in Western countries, the idea of mirror wills is yet to pick up pace in India.

"Not many people are aware that they can opt for a mirror will, which is a cost-effective option for couples who hold property jointly," says Sandeep Nerlekar, CEO, Terentia Consulting Group.

How is it different from a joint will?

Some may believe that a joint will is the best solution in such cases. However, experts opine that joint wills can be complicated to draft and execute and, hence, should be avoided. For the uninitiated, a joint will is a single document, wherein two or more persons agree to bequeath property as a team.

So, it is actually multiple wills in one document. Such wills are revocable at any time by any of the testators during their lives. Any surviving testators, too, are free to revoke it. On the death of the testator, the legatee becomes entitled to the properties of the deceased.

Keep in mind

If you are interested in drafting a mirror will, you need not be concerned about the legalese. While the couple's wills would be exact replicas of each other in terms of bequests, executors and guardians, there is no legal rule mandating that the wills be drafted in exactly the same words. What is essential is the common intention to bequeath property to the spouse after death.

In such wills, spouses appoint each other as executors of the will. An executor is a person who carries out the wishes of the person drafting the will as per his intentions. As a safety measure, you must appoint an 'extra' executor. So, in the event of the simultaneous death of the husband and wife, there should be a third person who can act as the executor of the wills.

If you have minor children, you should also appoint a guardian to look after them in the mirror will. Experts recommend appointing at least two so that there is someone to look after the children if one of the guardians passes away.