diff --git a/docs/reusable-schemas.md b/docs/reusable-schemas.md
index 3403413e5..9b5413dbb 100644
--- a/docs/reusable-schemas.md
+++ b/docs/reusable-schemas.md
@@ -194,8 +194,7 @@ You should pick the way what works best for your project.
 # Future Work
 
 1. Could we also decomplect the Maps, Keys and Values with the Var Style?
-2. Clear separation of [Entities and Values](https://martinfowler.com/bliki/EvansClassification.html)
-3. Utilities for transforming between inlined and referenced models (why? why not!)
+2. Utilities for transforming between inlined and referenced models (why? why not!)
 
 ```clojure
 (-flatten-refs
diff --git a/src/malli/core.cljc b/src/malli/core.cljc
index 80dd23bd8..30d85ed6a 100644
--- a/src/malli/core.cljc
+++ b/src/malli/core.cljc
@@ -345,6 +345,9 @@
   (if (-equals properties (-properties schema))
     schema (-into-schema (-parent schema) properties (or (and (-entry-schema? schema) (-entry-parser schema)) (-children schema)) (-options schema))))
 
+(defn -update-properties [schema f & args]
+  (-set-properties schema (not-empty (apply f (-properties schema) args))))
+
 (defn -update-options [schema f]
   (-into-schema (-parent schema) (-properties schema) (-children schema) (f (-options schema))))
 
@@ -2310,12 +2313,13 @@
   "Derefs all schemas at all levels. Does not walk over `:ref`s."
   ([?schema]
    (deref-recursive ?schema nil))
-  ([?schema options]
-   (let [schema (schema ?schema options)]
+  ([?schema {::keys [ref-key] :as options}]
+   (let [schema (schema ?schema options)
+         maybe-set-ref (fn [s r] (if (and ref-key r) (-update-properties s assoc ref-key r) s))]
      (-> (walk schema (fn [schema _ children _]
                         (cond
                           (= :ref (type schema)) schema
-                          (-ref-schema? schema) (first children)
+                          (-ref-schema? schema) (-> children (first) (maybe-set-ref (-ref schema)))
                           :else (-set-children schema children)))
                {::walk-schema-refs true})
          (deref-all)))))
diff --git a/src/malli/util.cljc b/src/malli/util.cljc
index 284d3df99..b743d15b3 100644
--- a/src/malli/util.cljc
+++ b/src/malli/util.cljc
@@ -109,7 +109,7 @@
   "Returns a Schema instance with updated properties."
   [?schema f & args]
   (let [schema (m/schema ?schema)]
-    (m/-set-properties schema (not-empty (apply f (m/-properties schema) args)))))
+    (apply m/-update-properties schema f args)))
 
 (defn closed-schema
   "Maps are implicitly open by default. They can be explicitly closed or
diff --git a/test/malli/core_test.cljc b/test/malli/core_test.cljc
index 5c03a0eb4..2a6db5015 100644
--- a/test/malli/core_test.cljc
+++ b/test/malli/core_test.cljc
@@ -3052,12 +3052,21 @@
                                             [:name :string]
                                             [:friends {:optional true} [:set [:ref ::user]]]
                                             [:address ::address]]}}
-                ::user]
-        expected [:map
-                  [:id :uuid]
-                  [:name :string]
-                  [:friends {:optional true} [:set [:ref ::user]]]
-                  [:address [:map
-                             [:street :string]
-                             [:lonlat {:optional true} [:tuple :double :double]]]]]]
-    (is (= expected (m/form (m/deref-recursive schema))))))
+                ::user]]
+    (is (= [:map
+            [:id :uuid]
+            [:name :string]
+            [:friends {:optional true} [:set [:ref ::user]]]
+            [:address [:map
+                       [:street :string]
+                       [:lonlat {:optional true} [:tuple :double :double]]]]]
+           (m/form (m/deref-recursive schema))
+           (m/form (m/deref-recursive schema {::m/ref-key nil}))))
+    (is (= [:map {:id ::user}
+            [:id [:uuid {:id ::user-id}]]
+            [:name :string]
+            [:friends {:optional true} [:set [:ref ::user]]]
+            [:address [:map {:id ::address}
+                       [:street :string]
+                       [:lonlat {:optional true} [:tuple :double :double]]]]]
+           (m/form (m/deref-recursive schema {::m/ref-key :id}))))))