Simple Estate Planning Tool for Couples: The Mirror Will

When to use a mirror will

Mirror wills are typically used when:

• It isn’t possible to create a joint will (a single last will document that both spouses sign)
• Neither spouse has children to name as beneficiaries, and therefore must name each other as beneficiaries
• When both parties are in complete agreement as to the disposition of the property upon passing

Naming a guardian for minor children in a mirror will

Beyond planning your property distribution, mirror wills have another important role: to designate a guardian for minor children. Without naming a guardian, the court will choose for you—and don't assume it will automatically be an aunt, uncle or grandparent, or that your children will stay together. If you don't know where to start when thinking about how to pick a guardian or what types of issues to consider, check out Top 10 Considerations When Naming a Guardian in Your Will. These helpful hints provide a good starting point to help you weigh who would make best guardian—or coguardian—for your children.

While considering a possible guardian, you might also want to assess whether or not your designated guardian would also be able to manage the child's finances. A person who makes a good guardian to raise your children might not necessarily be good with money. In this case, you may opt to name a trustee to manage the children's finances.

While couples often agree on a guardian to raise their children should both spouses die, you are not required to agree and could pick different guardians in your mirror wills.

Naming an executor in a mirror will

Typically, spouses name one another as executor of each other's wills. But you can name another person if you feel your spouse can't perform the duties of the executor.