October 28, 2014
Joint Last Will and Testament
Many
people who are thinking about family planning and estate planning have heard
the term “joint will.” In the simplest terms, a joint will is a single last
will and testament document prepared by two people, to provide instructions as
to their final wishes.
In
the past, it was a relatively common practice to prepare a joint will. But as
times have changed and family circumstances and structures have become more
complex, joint wills are rarely used today. In fact, most family planning and
estate planning professionals discourage the use of joint wills.
The
biggest problem with a joint will is its inflexibility – especially when your
family circumstances have changed. It is close to impossible to adjust to or
change a joint will to accommodate future wishes that may arise after the death
of one of the joint testators. Often, because your deceased spouse is no longer
alive to approve any changes, property mentioned in the joint will can be tied
up in the joint will for years.
Let’s
take an example. You and your spouse decide to prepare a joint will. Your
spouse passes away before you do. If you decide to get married again or have
more children, you cannot simply change the joint will to include your new
children or new spouse, or otherwise leave property in your new will that was
tied up in your old joint will. Why? You do not have a sole interest in the
property at issue to be able to decide what happens to the property. Moreover,
your spouse – whose beneficiaries have an interest in the property - is no
longer alive to give permission for you to change her/his wishes.
Mirror Wills
If
your goal is to leave the exact same things to each other, consider creating
mirror wills. Mirror wills are separate documents that allow you to
leave your estates to one another, and then when both of you pass away, to the
same beneficiaries. Should one of you pass away, the other can easily change
her/his own will to accommodate any changes in circumstances.