When you get married, it’s not uncommon to intertwine aspects of your life, from sharing a last name and password to creating a joint bank account. Another area you may want to combine with your spouse is your estate plan. As such, you may be interested in creating a joint will. However, before you begin planning, understanding the different aspects of this plan is critical. The following blog explores this option in further detail and why it’s in your best interest to connect with a PA wills, trusts & estates attorney who can help you through these complex issues.
What is a joint will?
A joint will is an estate planning document that married couples may create. Essentially, each spouse will create a will with very strict and specific terms and conditions. These wills state that the party that passes first will leave all assets to the surviving spouse, and, upon the surviving spouse’s death, the assets will go to a named beneficiary, typically any children the spouses share.
It’s important to understand that unlike a traditional will, which can be altered and modified to change the terms and conditions of the document, joint wills cannot be altered without the consent of both parties.
What are the pros and cons of this option?
One of the major benefits of creating a joint will is that it can be incredibly simple to create if you and your spouse both agree this is the best estate planning option for your needs. If you have a few beneficiaries and simple assets, creating a joint will is an easy process that can help remove some of the stress associated with this process.
However, it’s important to understand the drawbacks of creating a joint will. If your spouse passes away, it’s critical to understand that as the surviving spouse, regardless of the circumstances, you will be unable to change the terms and conditions of your will. As such, if you fall on hard financial times and want to sell your home, you will be unable to if you have it included in your will. Similarly, if you have a falling out with your beneficiary, you cannot remove them without your spouse.
If you and your spouse are looking for an alternative option, you may benefit from a mirror will, which includes nearly identical terms and conditions but is individually controlled by each spouse.
Regardless, it’s in your best interest to work with an experienced attorney who can help you explore your estate planning options, whether you want to create a mirror will or something else. At Friedman Schuman Layser , we understand how complex test matters can be, which is why we’re dedicated to helping you through these challenging time. Connect with us today to achieve the peace of mind you need to know your assets are in competent hands.
