If you and your partner are thinking about your estate planning and pondering over two wills or one, you’re already on the right track. But to untangle the webs of options, let’s dive into the nitty-gritty of joint and mirror wills.
Now, joint wills are like having a tandem bike—one document that both of you sign together. When the first of you departs this earth, the surviving partner inherits everything. Simple, right? But here’s the catch: When the second person passes away, the estate goes exactly as outlined in the original will. No detours, no changes, no U-turns allowed. It’s fixed in stone, much like the Ten Commandments.
On the flip side, mirror wills resemble two matching solo bikes, side-by-side. You both have separate documents essentially mirroring each other. If you pass first, your partner gets everything, but they can decide to fine-tune their will down the line. Flew across the country and developed different priorities? No problem. Changes can be made.
Now, let’s chew the fat on the pros and cons. Joint wills provide a seamless, rock-solid agreement. They ensure that your combined assets end up exactly where you both intended from the get-go. No changing of gears later—a sense of security that can be comforting, like a warm blanket on a cold night. But, this unyielding agreement might also lead to hiccups. Suppose circumstances change drastically—like you adopt children, or the long-lost cousin you never knew shows up.
Mirror wills, however, give you room to pivot as life does its unpredictable dance. The flexibility can be a breath of fresh air, allowing each partner to tweak and adjust their wishes if the winds of change blow through your lives. On the downside though, there’s a risk. The surviving partner can completely rewrite their will—resulting in the potential crisscross of plans like a game of pick-up sticks.
