Will advice

[3puddings]

The wife and I live in a mortgage free house and we both have mirror wills leaving everything to the other.
The house is solely in the wifes name. Will this cause a problem should she pass away before me?

[atticus]

On what you say, your wife would be leaving the house to you.

What is causing you to have concerns?

[Sam101]

Far better to own the house as Tenants in Common. In that way you each own half and when the first dies, that part can pass to the spouse and visa versa. Very easy to do at the Land Registry with an application form, or ask your solicitor to do it for you.

You do not say if you have children, or give a rough idea of the value of the estate as these matters may change the best way to form your Wills.

[atticus]

I think Sam may mean Joint Tenants rather than Tents in Common.

That way (Joint Tenants) the interest in the house passes automatically on the death of one co owner, which does not happen with Tenants in Common.

Of course this would require your wife to agree to transfer her property into joint names.

[Sam101]

Property in joint names would be fine as long as the overall value of your estate will be below the inheritance tax allowances. Each person has a nil rate band allowance of £325,000 and if owning property, they also have a residential allowance of £175,000, so in all, £500,000 each.

So as joint owners, on the first death that persons assets all pass to the spouse and when the spouse dies, the the estate can pass to whoever that spouse wishes. If you are concerned about inheritance taxes, then possibly the Tenants in Common has some benefits, particularly if there are children. Your solicitors will be able to guide you when discussing your Wills, but do ask more questions if you wish as there are many members on this Forum who are willing to help.

[des8]

There can also be an advantage in holding the property as tenants in common.
On the passing of the first person their share of the property could be willed into a trust which is then safe from the council taking it into account if care home fees need to be paid by the surviving partner.
It enables at least 50% of the property value to be passed to heirs

[3puddings]

thanks everybody for their advice.

[dslippy]

Be careful talking or even thinking of them as mirror wills. Actual technical mirror wills need to be established clearly, and carry possibly disadvantageous baggage.
Having wills in comparable or the same terms is fine, but these are not mirror wills.