Albuquerque Mirror Will Lawyer

A “mirror will” refers to a will that has a nearly identical counterpart. The wills provide for similar estate plans that have been aligned between two individuals — usually a married couple.

Using mirror wills can be preferable to other, less flexible options, such as a joint or mutual will. Unlike those instruments, a mirror will can be voluntarily changed by its creator (called a testator) at any time and without the other party’s consent. Nevertheless, these wills show that the two parties share a strategic plan for the future of their estate. Usually, they arrange for the surviving spouse (if there is one) to inherit everything. Then, property can be inherited by children (or other next-of-kin) once both spouses pass.

Contact an Albuquerque mirror will attorney if you want help drafting wills that accurately depict your wishes and have a high chance of producing the outcomes you want. Schedule a no-obligation consultation appointment and estate plan review at New Mexico Financial Law at 505-503-1637 or contact us online.

Questions You Can Answer With the Help of an Albuquerque Mirror Will Attorney

Because it serves to accommodate two individuals, a mirror will often takes the form of a simplified will. The typical mirror will leaves all of the testator’s estate to a surviving partner, and the surviving next-of-kin inherits the remainder of the estate once both partners have passed.

While these arrangements may seem simple to coordinate, the reality is that estate planning goes far beyond these considerations.

To help their client get in the right mindset and think about all of the most important factors for their estate, an Albuquerque mirror will attorney may ask questions similar to the ones below:

• Do you plan on leaving all of your separate property in its entirety to your spouse (or other partner) if you are the first to die? Or would you rather have certain items set aside for other loved ones to inherit, such as mementos, hobby items, or other possessions that may be cherished by them?
• Do you and your spouse have the same person in mind to serve as the personal representative of your estate (AKA your executor)?
• Between yourself and your spouse, are your secondary/backup beneficiaries the same for retirement accounts, life insurance policies, and other types of major assets? If not, do you intend to change your designations so that your arrangements are more closely aligned?
• Do you and your spouse have similar wishes for situations where you are incapacitated? E.g., do you both have the same person in mind to serve as your proxy with power of attorney? Do you both want the same life-prolonging measures, or are there differences between your preferences?
• Do you and your spouse have the same person in mind to serve as guardian for your minor children or other dependents? Keep in mind that once one spouse passes, the surviving spouse’s wishes for guardianship expressed in their will are the ones that are likely to be used.
• Do you have a joint trust or other trust arrangements? Do you intend to use these to simplify the handling of your estate?
• Do you want certain assets designated for a specific beneficiary? For example, do you want a specific child or other heir to inherit your family home? Or would you rather leave the decisions for how to handle the eventual transfer of the home to a surviving spouse?
• Do you have any other estate plans that might be affected by your mirror will? Do your estate plans and your spouse’s closely align?

These questions can help you consider where your wishes perfectly match those of your spouse and where your two wills (or other estate plans) may deviate.

Often, a mirror will supplies a solid foundation for the estate plan of a couple, but the two partners may deviate in key areas. The goal of your Albuquerque mirror will lawyer is to determine the precise wishes of each partner and help them represent their wishes as accurately as possible within their own unique plan.

When engaging clients, we at New Mexico Financial Law always take the time to carefully review the contents of their estate, any current estate plans in place, and their intentions for the future. We can then recommend a one-of-a-kind estate plan tailored to your family and your unique portfolio. This thorough approach maximizes the chances that your estate plans are capable of producing the outcome you would want, preserving a legacy that demonstrates your love for the people, values, and causes you loved the most.

What Is a Mirror Will? How Would One Work in Albuquerque?

A mirror will refers to any will that is a nearly exact copy of another will, albeit with key pronouns and other terms changed to fit the identity of the testator. Married couples often use mirror wills to simplify their estate plans while ensuring they are aligned in regards to who they want to eventually inherit their estate.

These wills are also sometimes called reciprocal wills because they echo one another, with one reciprocating the wishes expressed in the other.

Most often, mirror wills list the surviving spouse as executor of the decedent’s estate and sole heir of all their property. There may be a few exceptions made for specific property owned separately by each spouse, especially in cases where a surviving spouse may not want or need the property compared to a child or another loved one. For example, a mother may leave a China set that was a family heirloom to a child since the surviving spouse may wish to downsize to a smaller home and not hold onto two sets of dishes after their wife dies.

Mirror Wills Only Affect the Estate of the Testator, and They May Be Revoked at Any Time

One key difference between a mirror will and a joint will or mutual will is that the two latter types of wills can have a legally binding effect once the first spouse dies.

In a mutual will, for example, both spouses draft what is essentially a mirror will. Then, they often sign a codicil stipulating that the wills cannot be amended or revoked without the consent of the other party. Once one party dies, the other party is effectively unable to change their will in any way. If their life situation changes drastically, such as if they remarry and have additional children, they would be unable to leave any property mentioned in their old will to anyone other than the original beneficiary.

A joint will makes similar arrangements, albeit within a single document.

Both joint wills and mutual wills can pose major challenges for estate planning if a person experiences life changes after the death of their partner. Issues can arise even if the surviving spouse does not remarry and remains on good terms with their originally selected heirs.

One common example is if a will promises a home to a child once both of their parents have passed. Because the surviving spouse cannot modify their will, they essentially have to preserve the home for the sole benefit of their child.

But what if the surviving spouse wishes they could sell the home, or they wish they could demolish it and build a newer structure in its place? The legal questions surrounding such a situation can effectively tie the hands of the testator, since they have an implicit duty to preserve the house substantially in its original condition at the time of the will’s creation.

Mirror wills are preferable to these other will arrangements in many cases because they can be amended or revoked. A spouse can change their will at any time, without the consent of their partner (provided that their new will continues to comply with all state and federal laws).

Mirror Wills May Be Less Desirable for Blended Families, Disparate Wishes, and Other Scenarios

Mirror wills are less likely to be used in situations where couples have children from a previous marriage or otherwise have differences in their family dynamics.

For example, in a situation where a husband has two children from another marriage, gets remarried, and has three more children, the husband may want to divide all property equally among all these children after his death.

On the other hand, the new spouse may want their own progeny to inherit a larger share of the estate, and they may prefer for the step-children to receive a smaller portion. This preference can arise out of practical reasons, too, rather than animosity. They may want to set up the younger children with firmer financial footing at a younger age, for instance, since the older step-children may already have established a comfortable lifestyle.

Partners may also want to gift some of their own estate to blood family members, such as siblings or aunts and uncles. Preferences like these could lead to deviations between wills, which is perfectly understandable. In these situations, the couple may wish to write separate wills while working closely with one another to understand and support each other’s wishes.

Trusts Can Be Used to Preserve Specific Property for Beneficiaries

If a couple wants to ensure that a specific piece of property goes to a specific beneficiary, they may want to use a trust rather than a joint will, mutual wills, or mirror wills.

A person can choose to place their own property into a trust, which could be created either during their lifetime (a living trust) or after their death (a testamentary trust). After a spouse’s death, this trust can provide income to their surviving spouse. The trust would also list a child (or another preferred party) as a final beneficiary. This arrangement is referred to as a “bypass” or “residuary” trust.

The couple could also establish a joint trust during their lifetime and intermingle their assets. Once a spouse dies, an irrevocable trust is formed from their separate property and the decedent’s half of the couple’s community property.

In either situation, the surviving spouse is able to live in the couple’s home, for example, and draw an income from the securities that were originally held in the deceased spouse’s estate.

What Happens If Both Spouses Die Around the Same Time and Have an Albuquerque Mirror Will?

Mirror wills are largely intended to prepare for a situation where both spouses die of the same cause or in close proximity to one another, time-wise.

With a mirror will in place, both spouses show a clear preference for a single course of action, such as designating the same person to act as guardian of their children and the same person to serve as their estate representative.

Nevertheless, how does state law address a situation where two members of a couple die at nearly — but not exactly — the same time? Does the spouse who lives longer inherit everything first? If the couple had slightly different wishes expressed in their Albuquerque mirror will, does the last-to-die spouse have their wishes honored?

Fortunately, state laws have thought about and addressed this rare (but not impossible) scenario. Referred to as a “simultaneous death statute,” the law requires that any beneficiary must survive the decedent by at least 120 hours (five days) if they are to legally have a claim to property under a bequest or devise of the decedent’s will.

A will can specifically overrule this law, however, if it specifies a different window of survivorship or provides a different answer to what happens under a scenario where both spouses pass closely in time to one another.

Survivorship periods can come into play in situations like the recent death of Gene Hackman and his wife, Betsy Arakawa. When looking at a will, the law acts as if the other spouse died before the testator, and vice versa. The estate representative is then supposed to pass assets along to the secondary beneficiaries as if neither spouse was alive to inherit an estate first.

In cases where the two wills contradict one another, however, there may be issues with resolving what assets go where. Because of this risk, it is important for testators to include provisions in their will as to what should happen in cases of simultaneous or near-simultaneous death. To avoid contradictions, spouses can offer guidance on how to split up their estate so as to give property to the appropriate intended heirs.

Plan for Your Family’s Future With an Albuquerque Mirror Will Law Firm

New Mexico Financial Law can assist you with creating mirror wills and making other estate planning arrangements. Get started today when you call 505-503-1637 or contact us online to schedule a no-obligation case review.