De Krupe Law
Mirror Will
Mirror Will Toronto
As the world becomes more digitized, estate planning has taken on a new dimension. It makes it a good idea to create a new joint or mirror Will when you get married. Think carefully if you plan ahead and especially when you are divorced or live in common law in Toronto. It is hard to think about the worst outcomes ahead, however, creating mirror Wills is a common thing for spouses since when you become a couple, assets can be intermingled. Contact De Krupe Law Wills and estate professional lawyers to draft the most beneficial mirror Will today.
What is a Mirror Wills?
A mirror Wills is a legal document that is typically used by couples, especially spouses or partners, to ensure their assets are distributed according to their wishes after their death.
The term “mirror” refers to the fact that the Wills are typically identical, mirroring each other’s content. In other words, they contain the same provisions, with each spouse or partner leaving their assets to the other in the event of their passing.
Mirror Wills can be changed or revoked at any time, as long as the testators are mentally competent. However, any changes or revocations must be done in writing, and witnessed by two individuals who are not beneficiaries or spouses/partners of the testators.
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Benefits of a Mirror Wills in Toronto
One of the main benefits of a mirror Wills are that they allow couples to make joint decisions about how their assets Will be distributed. Nothing can emphasize your importance to the partner than writing such a long-term document as mirror Wills. A properly drafted mirror Will also offers:
- peace of mind knowing that loved one Will be taken care of financially;
- guarantee that wishes Will be honored after a death;
- help to avoid potential conflicts and disputes among family members or other beneficiaries, as the intentions of both parties are clearly stated in the document.
- Save on costs as Mirror Wills are usually cheaper then having two individual Wills.
We know that having a Will isn’t obligatory, yet we advise you to have a legal confirmation of the safety of your estates and assets.
As other Wills, to be valid, a mirror Wills must meet several criteria:
- in writing and signed by the testestor.
- witnessed by two individuals who are not beneficiaries or spouses/partners of the testators;
- clear and unambiguous in its provisions;
- honest and reflect the true intentions of both parties.
It’s essential to note that in Toronto, the Wills and Succession Act governs estate planning matters, including mirror Wills. Therefore, it’s crucial to ensure that your mirror Will comply with the legal requirements to avoid any challenges or disputes in the future. Here is where De Krupe Law Will lawyers may help. We have extensive experience in drafting legally sound mirror Wills in Toronto, as well as other supporting documents.
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Mirror Wills and
Disinheritance of a Child or Other Family Member
While mirror Will allows testators to distribute their assets as they wish, it’s important to note that certain legal rights may apply to spouses, children, and dependents, and cannot be completely overridden by a mirror Wills. In Toronto, the Succession Law Reform Act provides for certain entitlements and protections for spouses and dependents, even if they are not mentioned in a Will. It’s advisable to seek legal advice if you wish to disinherit a child or other family member.
Estate Tax Planning When You Have a Mirror Will
Mirror Wills are primarily used for the distribution of assets and do not typically involve complex estate tax planning. If you have significant assets or estate tax concerns, it’s advisable to seek advice from a qualified estate planning lawyer at De Krupe Law who can provide guidance on effective estate tax planning strategies like creating secondary Will in Toronto.
How We Can Help
Estate planning is a crucial aspect of financial and personal well-being, and a mirror Will can be a valuable tool for couples in Toronto to ensure that their assets are distributed according to their wishes. With the help of experienced De Krupe Law estate planning lawyers and real estate lawyer in Toronto, couples can effectively plan their future and provide for their loved ones after their passing. Contact us today and get a transparent estimate with no extra fees. We are always available for legal phone consultations, as well as for in-person and online meetings.