Apperly and Butterfill (2009) argue that adult theory of mind (ToM) requires two parallel systems. One system, efficient but inflexible, enables rapid judgements by operating without explicit modeling of beliefs, while a separate, effortful system, enables richer predictions over more complex belief encodings. Here, we agree with their qualitative distinction but propose a different model: a single process, but with effortful re-representation leading to two phases of ToM reasoning. Efficient reasoning, in our view, occurs over representations that include actions, but not necessarily explicit belief states. Effortful reasoning, then, involves re-representation of these initial encodings in order to handle errors, resolve real-world conflicts, and fully account for others’ belief states. We present an implemented computational model, based in memory retrieval and structural alignment, that illustrates our approach.