Estate planning: The limitations of basic mirror wills

Paul Hergott discusses the limitations of basic mirror wills in estate planning. While mirror wills are often used to ensure a surviving spouse inherits all assets before wealth is distributed to secondary beneficiaries, they possess a significant flaw: the surviving spouse can unilaterally change their will after the first spouse passes.

To secure intended inheritance outcomes, Hergott suggests using a separate written agreement. This document should stipulate that neither spouse can change their will without the other’s consent or reasonable notice. Additionally, he notes that assets held via joint tenancy or specific investment plans can bypass the probate process entirely, potentially rendering the instructions in a will ineffective if not properly coordinated.