One of the ways to plan for the future inheritance needs of your family is to draw up a joint will. This type of will enables you and your spouse to leave your estate to one another before it is left to your children. However, in order to make such a decision for this type of will, you need to consider some factors first.
How a Joint Will Is Defined
If you talk to a wills and estate planning attorney, he or she will tell you that a joint will is a will that normally combines the last wishes of a couple—typically, a husband and wife. The entire estate goes to the children of the couple upon the passing of the second spouse. Other types of wills differ from joint and mutual type wills, which feature reciprocal provisions.
The Will Cannot Be Revoked
A wills and estate planning attorney draws up a joint will for people who do not want the will to be revoked or modified by one sole party. The will can only be changed or revoked through mutual consent. Also, if one of the parties dies, the will cannot be revoked at all. Even if a surviving spouse gets married again, that remaining spouse must comply with the terms of the will.
For example, if a spouse remarries and wants to leave some of his or her estate to a stepchild, it cannot be done with this type of will. Conversely, the will cannot be changed if a spouse wants to disinherit a child.
As a result, according to law firms like Duncan Disability Law S.C., joint wills are rarely drawn up in this day and age. Previously these type of wills were preferred because they saved effort and time. However, you can change a will on a computer nowadays. Therefore, the past benefits of a joint will have been superseded by technology.
Therefore, if you wish to draw up a will with your spouse, you need to discuss your wishes that are along these lines with a wills and estate planning attorney. He or she can clear up any misgivings and assist you in drawing up a document that will satisfy your inheritance wishes and requirements. You can also connect them on Facebook.
