Mirror Wills with Trust

xboschx

Could someone explain this to me please.
If both parents created mirror wills at the same time with Trusts and Trustees, leaving all to each other, and then to their sons which says My Trustees shall hold my residuary estate and the income thereof upon the following Trusts: Upon Trust for my Husband/Wife
and then sub clause:
Upon Trust for each of them my Sons..... 
Is this classed as a mutual agreement on both parties and the Wills cant be changed after the first death?
Thank you

Keep_pedalling

A surviving spouse who has created a mirror will if free to make a new will at any time. 

Mutual wills can’t be changed, but for good reason few people make those.

I am confused as you say leaving all to each other and the residuary estate going into trust. If you leave all to your spouse there is no residuary estate to put into a trust.

Who wrote this will?

xboschx

Keep_pedalling said:

A surviving spouse who has created a mirror will if free to make a new will at any time. 

Mutual wills can’t be changed, but for good reason few people make those.

I am confused as you say leaving all to each other and the residuary estate going into trust. If you leave all to your spouse there is no residuary estate to put into a trust.

Who wrote this will?

I might not have worded it correctly. They both say...
£xxx amount left to certain members of the family.
Then it goes on to say My Trustees shall hold my residuary estate and the income thereof upon the following Trusts: Upon Trust for my Husband/Wife provided they survive for one month and if the gift shall fail the Sub Clause will take affect.
Upon Trust for each of them my Sons

Can the Will be changed after the first death?

Linton

The second will can be changed after the first death.

xboschx

Linton said:

The second will can be changed after the first death.

Thank you.
So if the Will is changed after the first death to say..
£xxx amount left to certain members of the family.
My Trustees shall hold my residuary estate and the income thereof upon the following Trusts:
Upon Trust for my sons.
Can this Will be changed as it has been left in Trust?

Keep_pedalling

xboschx said:

Linton said:

The second will can be changed after the first death.

Thank you.
So if the Will is changed after the first death to say..
£xxx amount left to certain members of the family.
My Trustees shall hold my residuary estate and the income thereof upon the following Trusts:
Upon Trust for my sons.
Can this Will be changed as it has been left in Trust?

The assets in trust do not belong to the surviving spouse, so although they can change their will the trust assets do not form part of their estate and any new will cannot effect the existing trust.

xboschx

Keep_pedalling said:

xboschx said:

Linton said:

The second will can be changed after the first death.

Thank you.
So if the Will is changed after the first death to say..
£xxx amount left to certain members of the family.
My Trustees shall hold my residuary estate and the income thereof upon the following Trusts:
Upon Trust for my sons.
Can this Will be changed as it has been left in Trust?

The assets in trust do not belong to the surviving spouse, so although they can change their will the trust assets do not form part of their estate and any new will cannot effect the existing trust.

What happens then if a new Will was created leaving everything to our Aunty and Uncle. This Will says....
I give my executors (Aunty and Uncle) my estate and hold it on Trust.
To pay any debts and the residue goes to our Aunty and Uncle?
Does that mean that our Aunty and Uncle gets nothing as the residue has already been left in Trust for the two Sons in the previous Will?

Keep_pedalling

We are talking about two estates here. The residue of the first estate was put in trust, and is made up entirely of the sole asset of first to die. The survivor will have their own sole assets which will be distributed by their own will. 

AnotherJoe

xboschx said:

Keep_pedalling said:

xboschx said:

Linton said:

The second will can be changed after the first death.

Thank you.
So if the Will is changed after the first death to say..
£xxx amount left to certain members of the family.
My Trustees shall hold my residuary estate and the income thereof upon the following Trusts:
Upon Trust for my sons.
Can this Will be changed as it has been left in Trust?

The assets in trust do not belong to the surviving spouse, so although they can change their will the trust assets do not form part of their estate and any new will cannot effect the existing trust.

What happens then if a new Will was created leaving everything to our Aunty and Uncle. This Will says....
I give my executors (Aunty and Uncle) my estate and hold it on Trust.
To pay any debts and the residue goes to our Aunty and Uncle?
Does that mean that our Aunty and Uncle gets nothing as the residue has already been left in Trust for the two Sons in the previous Will?

"Everything" would exclude the assets already  in trust.  

Even if it mistakenly referred to them. 

Same as I could leave Buckingham Palace to my kids, but they won't get it   

getmore4less

That sounds like a standard will trust for administration.

First death it  goes to spouse or kids if the spouse dies less than a month. 

There is no extended trust past period of administration. 

Did they really want £xxx to go to named relatives on both deaths. 

Life interest trust are the common solution for property. 

xboschx

getmore4less said:

That sounds like a standard will trust for administration.

First death it  goes to spouse or kids if the spouse dies less than a month. 

There is no extended trust past period of administration. 

Did they really want £xxx to go to named relatives on both deaths. 

Life interest trust are the common solution for property. 

Yes both Mirror wills specified an amount for the same family members. After the first death Will updated and still left the same amount for the same family members, also residue left in trust to both sons.
New will - family members and amounts removed and new beneficiaries added. 
I have since learnt that the new will revokes the old one (the one updated after the first death) so Aunty and Uncle walk away with everything.