Mirror wills

JJ18 Forumite Posts: 3
First Post
Hi, we are in the process of having mirror wills.

We were informed that we need to set up a trust to leave the property to our children when we die.

Obviously whoever survives (me or my husband) will inherit, then upon both our deaths, our children.

I am not happy with the draft wording of the will as basically when one of us dies the money goes into trust for the children.  Should the surviving spouse wish to sell/move etc, we need to ask the children’s permission.

Is this standard practice?

Thanks in advance.


  • TonyMMM
    TonyMMM Forumite Posts: 3,335
    Part of the Furniture 1,000 Posts Name Dropper
    Who informed you that you need a trust .... a "will writing" company ?
  • Savvy_Sue
    Savvy_Sue Forumite Posts: 45,424
    Part of the Furniture 10,000 Posts Name Dropper
    From You and Yours today

    There's been an increase in people being pressured to sign up to expensive will writing and probate services, so much so the Competition and Markets Authority are worried and want the public to tell them if they have been approached by or have used one of these services that typically charge thousands of pounds for work that often should not cost more than a £200.
    Signature removed for peace of mind
  • JJ18
    JJ18 Forumite Posts: 3
    First Post
    Yes it was a will writing company recommended by the Company I work for.
  • Robin9
    Robin9 Forumite Posts: 11,734
    Part of the Furniture 10,000 Posts Name Dropper
    JJ18 said:
    Yes it was a will writing company recommended by the Company I work for.
    Go to A High St solicitor instesd - ring around and get a few quotes first.
    Never pay on an estimated bill
  • JJ18
    JJ18 Forumite Posts: 3
    First Post
    Robin, I did get the same quote from a high street Solicitor.  It is not the cost but the content that concerns me.
  • user1977
    user1977 Forumite Posts: 11,703
    10,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    Then go to someone who offers less concerning content for the same price?
  • RAS
    RAS Forumite Posts: 31,923
    Part of the Furniture 10,000 Posts Name Dropper
    Ok, there are different "trusts"

    Some sever the tenancy and enable the first person to die to "leave" half to property to someone other than their spouse and enables the spouse to live there until they die, move or go into care. The spouse usually becomes a trustee, alongside the beneficiary (is). 

    Often done when there are blended families. And ensures that the whole estate doesn't get paid out in care fees.

    The exact rules are written in the will, a solicitor will ask what you want to achieve and explain the consequences of any decisions you are thinking about.

    If badly worded they could prevent the spouse moving without consent. But they could also prevent the deceased's children losing all inheritance of the survivor remarries.

    Other trusts are much more problematic.

    You need to talk this through with a solicitor well versed in inheritance law.

    The person who has not made a mistake, has made nothing
  • doodling
    doodling Forumite Posts: 774
    500 Posts Second Anniversary Name Dropper

    What sort of trust is proposed?

    There are cases where a simple trust (aka an IPDI trust) created by the will is beneficial.  They can ensure that your children will eventually inherit from you (rather than your partner remarrying and their spouse gettting everything for example) and provide some limited protection against the remaing spouses care costs whilst allowing them to live in the house.

    If such a trust is created by your spouse's will then the trustees would need to be involved in any change of property but that should not generally require their permission (although you would probably need to go to court if the trustees refused to act so they do have an element of control).  You need to decide if the benefits of the trust outweigh the disadvantages and that in turn will depend on your precise circumstances (e.g. how much you trust your partner and the trustees).

    If the trust is anything but an IPDI trust (which should not cost anything to set up) then the odds are that you are paying for something which will cost you a lot of money, make your life more complex, make your executors hate you when you do pass away and generally cause trouble - either that or you are a multi-milionaire, in which case why are you asking us?

    Your solicitor should be able to explain the options to you and the benefits / disbenefits of them.  If you aren't using a solicitor then you probably should be.
  • Keep_pedalling
    Keep_pedalling Forumite Posts: 14,738
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    If they are talking about an immediate post-death interest trust then this may be a good idea if it simply applies to the family home. The surviving spouse maintains the beneficial owner of the whole house but because the legal ownership of half the house is in trust it can’t be left to a second spouse or the local cats home. 
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