You may have joined your life with that of your partner through your marriage. Or, you may have made your commitment to them clear in your long-term relationship. In any case, it may only make sense to combine your estate plans, as well. This may start with establishing a joint will. Without further ado, read on to discover the purpose behind a joint will and how a seasoned Broward County wills lawyer at The Probate Lawyers can offer their experienced opinion on whether you should establish one.
What is the primary purpose of a joint will?
Otherwise known as a mutual will, a joint will is a single legal document that acts as the will for two or more people, usually a couple. Meaning, this type of will ensures that a couple’s property is disposed of identically once they have been, sadly, passed on. In the meantime, though, it may ensure that the surviving partner inherits the entire estate upon the unfortunate passing of their partner.
With this in mind, couples are usually considered the target audience for this type of will because they tend to be in full agreement with how they want their estate to be administered anyway. Further, they usually share the same set of beneficiaries, making such administration less complicated as it is. Lastly, they may have mostly joint property, making their estate handling less complex in general. Ultimately, dealing with a single legal document may streamline the probate process better than interpreting two separate wills.
What are the possible pitfalls of a joint will?
You must understand that a joint will may only benefit a couple if they are under the right circumstances to allow for it. That is, the biggest possible pitfall is that the surviving spouse cannot change or revoke its terms and conditions once their partner passes. This is because, to reiterate, both partners must fully agree on the joint will’s statutes, along with any modifications made to them. This may be potentially burdensome for the following reasons:
- The surviving partner may have remarried since their partner’s passing, and they may want to include them as another beneficiary.
- The surviving partner may have welcomed new children or grandchildren since their partner’s passing, and they may want to add them as additional beneficiaries.
- The surviving partner may have incurred unforeseen medical bills since their partner’s passing, and they cannot sell the property set to go to their agreed-upon beneficiary.
- The surviving partner may have experienced a falling out with their beneficiary since their partner’s passing, and they cannot cancel their agreed-upon inheritance of property.
In conclusion, if you still need a nudge in the right direction, you should feel comfortable turning to a competent Broward County estate lawyer. With that being said, do not hesitate to get in touch with The Probate Lawyers.
