What is Joint & Mutual Last Will and Testament?
Joint and Mutual wills are a legal document usually executed by a married couple, to ensure that their property is disposed of identically.
A joint will is a single document executed by more than one person (typically husband and wife), for the distribution of their property upon his or her death (unless he or she revokes (cancels) the will during his or her lifetime). Despite being a single document, the joint will has the effect of a separate distribution of property by each executor (signatory).
Mutual wills are any two (or more) wills which are mutually binding, so that following the first death the survivor is constrained in his or her ability to dispose of his or her property by the agreement he or she made with the deceased.
A joint will differs from a mutual will as it is not intended to be irrevocable. It merely provides a level of administrative convenience for the beneficiaries.
Do you and your spouse need to update your Will? Have you recently entered a new relationship and want to make provisions for your partner?
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