In Australia, there are several types of wills recognized under the various state and territory legislation. While the specific names and requirements may differ slightly between jurisdictions.
No two people are the same and this is why there are different Wills available, each being customisable to your circumstances.
We have been providing a snapshot of the five most common Wills used in Australia being:
- Standard Wills (see our previous commentary here);
- Testamentary Trust Wills (see our previous commentary here);
- Mutual Wills (see our previous commentary here);
- Mirror Wills; and
- Living Wills.
Mirror Wills
Unifying mutual goals
Mirror Wills are separate Wills created by two individuals, usually spouses or domestic partners with each Will mirroring the other in its terms. The main feature of mirror Wills is that each Will leaves the estate to the same beneficiaries in the same way. For instance, this could be that should one partner leaves assets to the surviving partner, the other Will will do the same.
Unlike a mutual Will, a mirror Will does not create an agreement not to alter the terms of your Will.
Which Will is best for you?
It is essential when making your Will to seek legal advice. Our Wills and Estates Team will take the time to understand your circumstances and can guide you on the type of Will which will accurately reflect your wishes and is legally valid. For more information, please contact us on 03 9614 7111 or at melbourne@nevettford.com.au.