What Are “Mirror Image Wills” in Aventura?

If you are navigating your twilight years with your spouse, it only makes sense to coordinate closely during estate planning in Aventura. While researching estate planning for married couples, you might have come across the concept of “mirror image Wills.” What exactly is a mirror image Will, and is this something you and your spouse should consider?

Mirror Image Wills Are Almost Identical

Mirror image Wills are almost identical. Both spouses agree to coordinate and create Wills that are very similar, involving the same general assets and naming the same beneficiaries. With this approach, each spouse can feel relatively certain that regardless of who passes away first, the same thing will happen.  Spouses can also feel confident that when the last surviving spouse passes, the remaining assets will pass to the beneficiaries they both chose if the survivor does not change the ownership of his/her assets and does not create a new Will.

Mirror Image Wills May Not Go Far Enough

That being said, the existence of mirror image Wills does not necessarily guarantee that the surviving spouse will follow the same estate plan both spouses originally agreed upon. There is nothing stopping the surviving spouse from altering their Will after the first spouse passes away.

Perhaps even more worrying, there is nothing stopping a spouse from altering their Will while the other is still alive. The Florida Bar notes that in certain cases, a lawyer might not even be required to inform you of these changes if your spouse decides to make modifications without your knowledge.

When you and your spouse both create mirror image Wills with the same attorney, you might encounter these kinds of issues. When one attorney represents both spouses in this manner, it is called “separate representation.”

Spouses can address these kinds of issues by creating mutual Will agreements. This is another estate planning step that effectively prevents both spouses from altering their Wills after one passes away.

As the Florida Bar notes, some critics believe that the concept of separate representation is inherently flawed when it comes to estate planning. If you would like your own, separate attorney when creating your estate plan, you are entitled to get a different lawyer than your spouse.

You Can Coordinate Your Estate Plans in Different Ways 

Mirror image Wills represent just one of many strategies to coordinate estate planning between married couples. For example, many spouses choose to name each other as health care surrogates. Others may focus more on creating coordinated trusts rather than mirror image Wills. To determine the most appropriate strategies for your unique needs, consider speaking with an experienced estate planning attorney.

Can an Aventura Estate Planning Attorney Help Me? 

An Aventura estate planning attorney may be able to help if you’re searching for strategies designed for married couples. Although mirror image Wills are popular among spouses, you might also want to consider healthcare surrogate forms, trusts, joint tenancy, beneficiary designations, and many others. Discuss your full range of options with 411 Probate today.

Sources:

 floridabar.org/the-florida-bar-journal/multiple-representation-in-estate-planning-beyond-advisory-opinion-95-4-part-2/

floridabar.org/the-florida-bar-journal/asset-location-why-attorneys-should-bridge-the-perceived-investment-gap/