A lot of couples think they’ve wrapped up a major task when they use what’s called mirror wills.

On the surface it makes sense: each partner drafts a will that looks almost the same, usually leaving everything to the other, and then naming kids or others to inherit once the second spouse passes. It feels simple, satisfying and like a responsible step toward estate planning. 

But here’s the thing — simple doesn’t always mean secure. Mirror wills can give people a false sense of certainty, because they aren’t tied together in any binding way. That means if one spouse dies, the survivor can change their will at any time. They could exclude beneficiaries, update how assets are divided or completely redo their estate plan with zero obligation to stick to what was originally agreed. 

Let’s say a couple each has children from a previous relationship. They sign mirror wills and think everything is settled. If the surviving spouse later remarries or enters a new relationship and updates their will, kids from the first marriage could be left out entirely — even if that wasn’t anyone’s intention originally. 

And it gets trickier. Lots of assets — like registered accounts (RRSPs, RRIFs, TFSAs) and property held in joint tenancy — bypass the will entirely when they’re passed on. That can result in assets flowing in ways that don’t match what’s in either will, creating unexpected tax bills or family conflict. 

Some planners suggest mutual wills as an alternative. These are agreements where spouses promise not to revoke or change their wills after one partner dies. That sounds tighter, but it can also cause its own headaches if circumstances change — like new tax rules, health needs or financial shifts. 

The bottom line?

Mirror wills might look neat and tidy, but they’re not a substitute for thoughtful, customized estate planning. Especially when blended families, joint assets or significant investments are in play, it’s worth digging deeper and designing a plan that really protects everyone’s interests. 

Source: https://www.investmentexecutive.com/