Mirror Will With Step Daughter

[MickTheFrame]

A little background here ...

My wife and I were were tenants in common in our property before she passed away in August last year (without a will .... Yes, I know) I now live in the property with my adult (step) daughter and we have decided to sell up and start anew buying a joint property (cash purchase) in the other end of the country.

We are looking to make a joint will although there is no relationship between us.

Are there any considerations we need to make or anything else we need to consider?

Thx in advance

[Pezza54]

Hi
Welcome to LB
Please read the article at www.legalwills.co.uk/blog/mirror-will/
A joint will is not the same as mirror wills. The former is a single will that serves 2 people whilst mirror wills are 2 wills nearly identical. A joint will is not advisable suffering from grey areas.
Mirror wills were originally drafted to save time and money writing the wills and are normally used between spouses and civil partners. Consideration should be given to the event that both will holders of mirror wills may die in the same accident, stating how assets should be passed on if this happens
There is the possibility in the future that you or your step-daughter meet someone else and wish to live with that person perhaps marrying them or entering a civil partnership. The new partner(s) are likely to think the inheritance arrangement strange and may ask for new wills to be drafted
In my opinion you should think about owning the new property as tenants in common, not necessarily 50/50 (percentages based on contributions to sale price) and individual wills drafted after obtaining advice from a solicitor

[Pezza54]

If you want to put in more money to the new house than your step-daughter but still want her to have 50% ownership, you are gifting her the money difference
Under the present IHT rules (which may change in the next budget), you would have to live for a further 7 years to avoid the gift value (after any tapered reduction) becoming part of your estate for IHT calculations