What is a Joint Will?

A Joint Will for married couples are alternatives to setting up individual wills. If you're trying to create your estate plan and are considering a joint will, consult with an estate planning attorney first. Joint wills can provide married couples with a convenient and straightforward way to manage their assets. However, joint wills also come with potential risks and limitations that couples should carefully consider.

What is a Joint Will?

A Joint Will is a shared legal document that is executed by two or more people, and serves as the last will and testament for all parties involved. Joint wills are commonly used by married couples who share the same assets and beneficiaries. 

A joint will is different from a mutual will. Joint wills are not legal in all states and are not recognized in Florida. Florida uses “mirror image” Wills or Mutual Wills instead. A Mutual Will represents two individual wills that are signed separately, but are largely the same in content. 

How does it work?

Joint wills designate how assets should be distributed upon your death. This joint Will must be signed by two people. A joint will is revocable while both partners are alive. When one partner dies, the joint will automatically become irrevocable. In the case of a married couple, the surviving spouse inherits the estate as a whole. If both partners pass, the estate is inherited by the beneficiaries as stated in the will. 

Do Husband and Wife Need Separate Wills? 

In most cases, a husband and wife need separate wills. A probate judge might even separate a joint will or even invalidate it. It is recommended that each partner has their individual separate wills for the most protection.

Is a Joint WIll or Mutual Will Right For You? 

Setting up a will jointly with your spouse could make sense if you are in agreement about what you want to do with your assets. With individual mutual wills, spouses can name one another as the primary beneficiary, with the children as the contingent beneficiaries. 

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.