Joint or "Mutual" Will

A joint will, also known as a “mutual will,” is a will that two individuals make together.  This type of will essentially leaves all of the individuals’ property and assets to each other.  Furthermore, even though there are two individuals involved, there is only one will document for both individuals. 

How a Joint Will Works

Generally, in the joint will, when one of the two people dies, the property and assets automatically go to the remaining, surviving person.  Moreover, the joint will usually includes a provision to explain what happens to the property and assets when the second, surviving person passes away.  Joint wills prevent either party from altering the will after one of the party’s dies.  Therefore, however the individuals specify the distribution of assets upon both of their deaths in the joint will cannot be changed.  Consequently, the use of the joint will ensures that both of the individuals’ wishes will remain the same and be honored.  One disadvantage to the use of the joint will is the fact that the will results in the property and assets being tied up and unable to be disturbed without complicated legal efforts, which can sometimes be impossible to achieve. Therefore, if the second surviving person had a change in circumstances or wanted to take a different course of action with the use and/or distribution of property and assets, the second person may not be able to do so.

Legal Help

In order to be effective, the joint will must be made in a jurisdiction which recognizes the joint will as a legally proper estate planning tool.  Thereafter, all statutorily mandated requirements for the will must be followed.  The will must then be signed, dated, witnessed and acknowledged properly.  An experienced estate planning attorney can assist in drafting the joint will or any other type of estate planning document such that your wishes can be effectively followed in the future.