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Sunday 11 August 2013

Spouses' Mirror Will for Properties

Mirror Will is a drafted 'Will' for the couples who jointly own bank accounts, property and other investments for succession. Mirror Will is popular in Western countries and it has yet to pick-up in India.

  • 'Mirror Wills' are two separate Wills, drafted exactly each other with a difference just in names of the persons making the 'Will'. The couples / spouses can pass on the properties to each other by their respective 'Wills' after death..

  • The basic need for drafting a 'Mirror Will' is that both parties (couples / spouses) should have the same intention to pass on their properties after either's death.

  • Here, both the spouses appoint each other as executors of the Will to carry out their wishes after either's death. As a precautionary measure, they can appoint a third executor (who can help their dependants) if both of them meet unnatural death like accident at the same time.

  • In the absence of even one of the surviving spouses, all properties will pass on to their children and other beneficiaries mentioned in the 'Will'..

  • If the spouses have a minor children below 12 years (while executing the Will), in their 'Mirror Will' they can appoint a reliable / trustworthy guardian (who might be their relative / family friend) to look after their children in future.

  • Most important to execute a 'Mirror Will' is that both spouses should have mutual trust and be honest completely to each other.

  • Whenever spouses add new properties or dispose any properties, both of them should definitely make a fresh Will, to make them legally valid.

  • What you will do if your parent or your spouse expired without leaving a 'Will' for the properties? (i) Get Succession Certificate from a Magistrate or High Court (ii) If you are not nominated by your spouse / parent for bank accounts, insurance etc., you can produce the Death Certificate. (iii) In case of Shares & Securities, either notarised Death Certificate (or) Succession Certificate are enough. & (iv) If the dispute arises due to too many relatives for the properties to inherit, Mutual Agreement with the help of a lawyer among them will be best solution.