What Should I Know About Joint Wills?
One of your biggest fears may lie in sadly passing before your spouse without leaving them with enough financial security to take care of themselves adequately. For this reason alone, you may feel a sounder peace of mind if you establish a joint will rather than a standard, individual will. Continue reading to learn more about joint wills and how an experienced Butler County will preparation attorney at Heritage Elder Law & Estate Planning, LLC can help determine whether you are well-suited to establish one.
What should I know about establishing joint wills?
As the name suggests, a joint will is an estate planning document legally executed by at least two people. In other words, it may take the established standard, individual wills of at least two people and combine them into a joint, single will.
Evidently, joint wills are typically established by two individuals joined in a marriage. Though, they can also be established by partners who have been in long-term relationships. This is because they likely share the same property, along with the same intentions with whom they wish to inherit it upon both their passings.
What’s more, this legal document may include clauses on what the surviving spouse should do with the property when the other spouse passes. The two spouses must jointly agree on all its terms and conditions. Therefore, the surviving spouse cannot change or revoke any of them once the other spouse passes. This should not pose a problem, though, so long as both spouses are in total agreement in the first place.
How is a joint will different than a mirror will?
You must not confuse the function of a joint will with that of a mirror will. That is, a mirror will is similar in that it may allow an individual to leave their separate assets to their spouse upon their passing, and vice versa. Plus, it may allow both spouses to leave their remaining separate assets and marital assets to the same beneficiaries upon both of their passings.
However, where a mirror will deviates is when the surviving spouse can change or revoke its terms and conditions once the other spouse passes. This is because, put in the simplest way possible, this will type does not include any legally binding obligations. Ultimately, this may grant the surviving spouse greater flexibility with what they can do with the inherited property. This may be especially beneficial in a case where the surviving spouse gets remarried, has more children, or needs to sell the property for better financial stability.
In conclusion, if you still need a nudge in the right direction, you should feel comfortable turning to one of the skilled Butler County estate planning & probate attorneys. With that being said, do not hesitate to get in touch with Heritage Elder Law & Estate Planning, LLC.
