Mirror Wills

Hitting

If a surviving spouse automatically inherits the estate of the deceased spouse is there a need to draw up a a Will if you wish everything to go to your spouse.
Or should the spouse be both Executor and sole Trustee in the Will,such that as Trustee of the estate he or she can ensure that as Trustee the estate goes to the survivor(trustee)?

mgdavid

Do consider other executors and trustees - you need to cater for the situation where the couple both die in, or resulting from, the same event.

NAR

mgdavid wrote: »

Do consider other executors and trustees - you need to cater for the situation where the couple both die in, or resulting from, the same event.

This is the main reason for having mirror wills, which is why other executors are required. Both parties wishes are then carried out.

If one party survives the other they could some time in the future draw up a new will should they wish.

Hitting

If one gambles that one survives the other,is there a need for a Will?

gettingtheresometime

Hitting wrote: »

If one gambles that one survives the other,is there a need for a Will?

Depends on whether the surviving spouse would be stuffed by the intestacy rules

Hitting

Don't understand?

BarryBlue

Is there any good reason for NOT making wills? Relying on the intestacy rules and leaving it to someone to administer the estate without a will is quite irresponsible, especially if there is anything of value such as a property.

gettingtheresometime

Hitting wrote: »

Don't understand?

What being stuffed by intestacy rules?

Basically if a person dies and hasn't made a will intestacy rules come into play when dealing with their estate.

It could be that the surviving partner has to sell the home to satisfy the inheritance of other beneficiaries

All because a will wasn't made

getmore4less

gettingtheresometime wrote: »

What being stuffed by intestacy rules?

Basically if a person dies and hasn't made a will intestacy rules come into play when dealing with their estate.

It could be that the surviving partner has to sell the home to satisfy the inheritance of other beneficiaries

All because a will wasn't made

Surviving partners only get something IF they are maried or civil partners.

When they are this(other benificiaries) only applies where there are children and the estate is over £250k.

SailorSam

I thought it was mirror walls, something kinky.