What is a Mirror Will?

For an outsider, Arizona Estate Planning can seem like a windy road full of twists, turns, unexpected fees and hidden costs. It’s not only a daunting process, it’s an emotional one and can be a stressful one. Whether you’re trying to nail down your Gilbert living will or your Scottsdale trust, Arizona Estate Planning relies on the expertise of the document creator and the willingness of the people involved. Let’s break down some of the simplest estate planning steps that you can take right now.

The Mirror Will

When planning your estate, many times it’s easiest, quickest, and most affordable to create Mirror Wills between couples. These Mirror Wills are basically Arizona wills that mirror each others. They will have the same basic information with essentially each other’s names on them. So, for example, your husband will leave everything in the estate planning to you, and you will leave everything to him. No matter who passes first, the Arizona wills are so similar that the wishes granted on the wills are the same and the wills are handled in the same manner. It’s simple, effective, affordable, and quick.

Guardians for Minor Children

The Mirror Wills will also have the same guardian designation for minor children should you and your partner pass. If you do not name a guardian on your Arizona Will and do not prepare for it during your Arizona Estate Planning, the courts, namely the judge, will appoint someone as the guardian to your minor child or children. This can be one of the toughest decisions, or subsequently easiest decision, that parents have to make. It’s one of those emotional aspects of Arizona estate planning that no one wants to think about, but is crucial to securing your child’s safe future.

This is also a great time to consider your child’s finances and whether the guardian will be a proper fit to manage those finances.

Why Not Use a Mirror Will?

While Mirror Wills are usually the best option for couples when executing their Arizona Estate Planning, there are instances when you would not want to use these. All relationships are unique and different, and so many couples might not want their Arizona wills to be exactly identical. Many marry later in life and bring into the relationship assets and prior family relationships that affect this will differently. Perhaps the couple has entered into a blended family, Brady-Bunch-style, and so many aspects of prior relationships, children and circumstances from the past come into play.

How do You Decide If a Mirror Will is For You?

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.