Inheritance, Wills & Probate questions?

Mojisola

bery_451 said:

Is a Joint Will a Mirror Will?

Savvy_Sue said:

NO! A joint will is a very unusual thing now: it binds the survivor to not changing their will after the death of the first party.

It was also called a 'mutual will' - one of the main reasons for having one was that the husband wanted to control what the wife did with 'his' money if he died first.  Thankfully, times have changed.

bery_451

Savvy_Sue said:

bery_451 said:

Mojisola said:

bery_451 said:

Lastly will the 1 will that has been registered as mentioned above be suffice for probate for both parents

Each person needs to do their own will unless they have a - rarely made now - 'joint will'.

Is a Joint Will a Mirror Will?

NO! A joint will is a very unusual thing now: it binds the survivor to not changing their will after the death of the first party. 

At the risk of repeating Mojisola, you need a will for each person. It's only valid for the person who made it. You can't say "oh Fred was married to Freda, here's Freda's will, let's use that." You can't even do that if you know Fred and Freda made mirror wills and you can't find Fred's for some reason. 

So, get another will made for the person who hasn't got one - or hasn't got an up-to-date one. As you say, free wills month. If not much variation from the other person's will, it shouldn't be too complicated.

You can then register each will with the probate service for the princely sum of £20. That is not essential, but if there's any danger of not being able to find the right, original, will then it may be money well spent. 

When you say joint wills are very unusual now do you mean its no longer offered in the wills market or not legally binding now?

bery_451

Mojisola said:

If they had made mirror wills at the same time, they would usually have paid less than the price of two wills because, apart from name changes, they are basically the same will.

Does the probate department charge 20 quid to register each will so £40 for the mirror wills or the mirror wills can be registered for one off 20 quid.
Its like a joint bank account where if 1 partner goes overdrawn then both has to pay the overdraft fee each. Its a crazy way of doubling profits by 100%. Greedy institutions.

Mojisola

bery_451 said:

Does the probate department charge 20 quid to register each will so £40 for the mirror wills or the mirror wills can be registered for one off 20 quid.

Of course, because each person is registering their own will. 

Mojisola

bery_451 said:

When you say joint wills are very unusual now do you mean its no longer offered in the wills market or not legally binding now?

Most solicitors won't do them any more.

Savvy_Sue

bery_451 said:

Mojisola said:

If they had made mirror wills at the same time, they would usually have paid less than the price of two wills because, apart from name changes, they are basically the same will.

Does the probate department charge 20 quid to register each will so £40 for the mirror wills or the mirror wills can be registered for one off 20 quid.
Its like a joint bank account where if 1 partner goes overdrawn then both has to pay the overdraft fee each. Its a crazy way of doubling profits by 100%. Greedy institutions.

Mirror wills may be a convenient way of making two wills at the same time: eg everything to spouse, and everything to children on the second death. 

BUT THEY ARE STILL TWO SEPARATE WILLS. And must therefore be treated as such in every respect. 

Plus there is nothing to stop EITHER party changing THEIR will at any time. 

It is NOT 'greedy institutions'. There is a charge to lodge each will. There is no discount or BOGOF - there MAY be a discount offered if two wills, written as described above, are made at the same time. Your family chose not to do this:  we have no idea why. 

And it is nothing like a joint bank account.