What is a joint will
A joint will is a will that is made by two people; generally a husband and wife, in order to leave the other their entire property and assets in the event of their death. A joint will is common and is closely related to mutual wills in the eyes of law. The basic principle of a joint will is to ensure the property or estate of a husband and wife is distributed or disposed of identically. When deciding to construct a joint will it is highly advised that you speak with a lawyer or professional consultancy firm to assess the pros and cons of doing so, and to find out how to proceed.
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A joint will explained
A joint will, as mentioned, is a will made by two people (typically a married couple) to ensure their estate is disposed of identically and in the event of one dying, the estate is left to the surviving spouse. However a joint will also detail what happens to the estate and how it will be distributed in the event that both the joint will owners die or when the surviving spouse eventually dies.
A joint will cannot be made by one person, it must be written by both parties to the will and signed accordingly. A joint will can also not be revoked or cancelled unless both parties agree to this.
The negative aspect to a joint will is where one of the spouses dies and the surviving spouse later wants to change the will due to a different living circumstance but cannot as their deceased spouse is not able to sign for the joint will to be invalid and a new will approved. This ultimately means the estate held in a joint will can be held for many years.
Joint wills vary in structure, and legal form depending on the jurisdiction in which the will is prepared. It is therefore essential that you are fully aware of the requirements, rights and restrictions of a joint will in your country of domicile.
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