When you and your spouse decide to write a will, is it a good idea to just write a joint will together? You can do that and it is a good option for some couples. However, a Woodland Hills will attorney from our firm can also warn you about the potential downsides of this kind of arrangement. We can help you make sure that this is the right kind of will for you and your partner.
How Does a Joint Will Work?
When you make a joint will, you and your spouse can choose beneficiaries and agree on which assets go to which family members and loved ones. When one of you passes away, the surviving spouse inherits all of the assets. When the second spouse passes away, their beneficiaries receive what was set aside for them.
This sounds like a simple enough arrangement, but it could cause issues in the future. The main complication here is that a joint will can only be changed if both spouses agree to it. So what happens if one spouse dies? You end up with a will that cannot change.
Is a Joint Will Good For Every Couple?
A joint will can still be a good idea for some couples. If your estate is not terribly complicated and you have just a few beneficiaries, it can work. Of course, you and your spouse also have to be in complete agreement about what happens to all of your assets.
You still have to think about whether you’ll want to be locked out of changing your will once your spouse passes away though. What if you have to sell off property or other assets due to unexpected expenses, but they’re already accounted for in your will? What if you want to disinherit somebody? With a joint will, you’re stuck.
What Can Be Used Instead of a Joint Will?
Other arrangements could work better for you. Trusts can be a great way to protect assets and leave them behind for beneficiaries. A mirror will is another potential option. This allows you to leave behind nearly identical wills and one spouse’s assets will pass to their surviving partner when they die, so it’s similar to a joint will. However, a mirror will does not require both spouses to agree to changes, so a surviving spouse can adjust their plans.
Do I Need an Estate Planning Lawyer?
You may be able to find guides about how to make your own will, but we recommend working with an attorney. Someone from our firm can guide you through your options and help you figure out which kind of will and what other estate planning tools are a good fit for you.
Schedule Your Consultation
When you’re making an estate plan, it’s important to properly explore all of your options. Contact the Law Offices of Yacoba Ann Feldman and ask to schedule a consultation with our team. Our lawyers can help you figure out the estate planning tools that best suit you and your assets.
