For many, creating a joint will seems cost-effective to safeguard your assets and legacy. However, a joint will seem like a good idea when both parties are alive and well and share the same objective for the future; drafting this legal document can present potential issues. Please continue reading to learn the possible drawbacks of creating a joint will and how a seasoned Montgomery County Will Drafting Attorney can help ensure your estate planning aligns with your unique goals.
When is a Joint Will a Good Idea?
A joint will, also known as a mutual will, is a legal document executed by two or more people, combining their indivduals wills into a single, integrated last will. While these wills are commonly advised against and rarely used today, they may be a good idea if you have a simple estate. If you and your spouse agree on how to distribute your property after death, neither of you gets remarried, you have only a few beneficiaries, and your circumstances don’t change, a joint will be right for you.
However, remember that you can’t predict with certainty what significant life events will occur that could warrant a change to the terms you have outlined. As an alternative, you should consider creating separate revocable wills. This way, they can be revoked anytime, preserving flexibility for both spouses. If any significant changes occur during your lifetime, you can adjust the terms of your will accordingly. A will should always reflect your current circumstances.
What Are the Potential Problems?
One of the primary issues with joint wills is their inflexibility. It’s important to understand that a joint will is irrevocable once one of the signees passes away; the terms of the will cannot be changed after that. This means the surviving spouse cannot alter the will if circumstances change. For example, you will face challenges if your financial status drastically changes in the future. They can also tie the surviving spouse’s hands regarding jointly owned property. In addition, joint wills can lead to conflict among heirs, especially if they feel slighted because the distribution of assets is unfair. Failure to mitigate disputes among heirs could result in costly litigation.
Given the potential drawbacks, contacting a trusted Montgomery County drafting attorney from JD Katz is in your best interest. Our dedicated legal team is prepared to help you utilize estate planning tools to ensure your family is protected and your wishes are honored. We can help determine if a joint will is proper for your situation. Contact our firm today to learn more about how we can assist you in preserving your assets and legacy.