Bill Walker
Well-Known Member
We have a joint will.You are right no such thing as a joint will, More likely mirror wills like me and my Mrs.
We leave everything to each other and on death of survivor it all goes to the kids.
From solicitors website..
- Just like a standard will, joint wills dictate what happens with your assets after your death. The difference is that two people have signed the will and agreed to abide by its terms, which express both of their wishes regarding their estate. The most common signees of a joint will are a married couple. When one spouse dies, the other gets the entitlement.
What is a Joint Will?
Also known as a Mutual Will, a Joint Will covers the estates of two people in a single legally binding document. This would involve appointing the same executor and beneficiaries within the one legal Will.
When one partner passes away, their estate is automatically left to the surviving person and cannot be updated.
This can make life difficult for the surviving partner if they choose to remarry or their circumstances change and they need to update their Will. For example, if the executor passes away or an asset listed in the Will no longer exists, the Will cannot be updated or changed
What are Mirror Wills?
Mirror Wills are two separate documents where two people can create almost identical Wills and leave everything to each other (or their chosen beneficiaries).
For example, you would both select the same executor (such as a trusted family member or friend) and leave your estates to the same beneficiaries – therefore ‘mirroring’ each other’s Wills
As they are two separate documents, this allows the Wills to be updated if required (unlike a joint Will).
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