Joint wills vs. separate willsYour estate plan is a way to protect the people you love and dictate the terms of your own legacy, but making decisions about inheritance isn’t always easy—especially when you have a family of your own. Many married couples try to simplify succession by creating a joint will, naming each other as beneficiaries and leaving instructions as to how their remaining assets should be redistributed after both spouses have passed away.

Joint wills can be a convenient and cost-effective way to help your family bypass probate, but they have many downsides. Here, we discuss the pros and cons of joint wills for married couples and why you may want to create separate wills.

How Your Will Impacts Your Estate Plan

A last will and testament is a common estate planning tool that most people are familiar with. It is a written, legally-binding document that details how your affairs should be handled after your death. Most people use a will to ensure the proper redistribution of their assets and designate which heirs will inherit them.

However, wills can do a lot more than structure inheritances. For married couples, they are particularly useful—and often highly consequential. Depending on your family’s present circumstances and long-term plans, establishing a last will and testament could let you:

  • Nominate an executor for your estate
  • Decide how your assets should be divided among your heirs
  • Name a guardian or secondary guardian for your minor children
  • Make critical health care decisions
  • Detail your preferences for funeral, burial, or cremation

Since married couples often have many overlapping interests, like jointly owned properties and common financial accounts, it can sometimes make sense to create a single, uniform will that covers both spouses’ needs.

The Difference Between Wills and Joint Wills

The most significant difference between a conventional will and a joint will is that ordinary wills are written for individuals, whereas joint wills are for two or more people. Similar to any other type of will, a joint will lets both testators make decisions about what happens to their property and assets after they die.

You don’t always have to be married to write a joint will, but almost all joint wills are drafted for and by married couples. Many of these wills contain provisions along the following lines:

  1. After one spouse passes away, all of the couple’s remaining property will be left to the surviving spouse.
  2. After the surviving spouse passes away, the remaining property will be left to the couple’s named heirs.

Joint wills sometimes leverage very specific language to add an extra layer of security. For example, a joint will may stipulate that no changes can be made without the consent of both spouses. This makes it difficult, if not outright impossible, for the surviving spouse to change their mind about inheritances if they later remarry, have more children, or find themselves in a tough financial situation.

When a Joint Will Might Be Your Best Option

Joint wills can make sense for married couples who have very simple estates and few concerns about probate. Your family may be best off with a joint will if:

  • Your biggest priority is guaranteeing that your spouse receives all of your assets
  • You and your spouse have many overlapping assets and a shared vision as to how your estate should be divided
  • You’re older, or you otherwise do not expect your life circumstances to change in any significant way before your death

The most obvious advantage of joint wills is that having one document can save time and money over asking your estate planning lawyer to draft two separate wills.

When a Joint Will May Fall Short

Joints wills are an attractive solution to a challenging problem, but they have their own distinct disadvantages. Before committing to a joint will, consider:

Simplicity Isn’t Always Ideal

Joint wills work best for couples who have simple estates and own relatively few, lower-value assets. If you own more complex assets, like high-yield accounts or commercial properties, you’ll need to make arrangements beyond a joint will.

Joint Wills Can Be Hard to Change

The possibility that uncertain changes, like an early death or embittered divorce, could necessitate changes to your will that your partner won’t be able or willing to endorse.

You Can’t Predict the Future

Life can change unexpectedly at any age. Joint wills provide your spouse with some security, but they can also pose serious risks. Any assets designated for eventual distribution to other heirs, such as your jointly owned home, could be very difficult to retitle or sell—even if your surviving spouse needs the money to help pay for chemotherapy or hospital bills.

Deciding if a Joint Will Is Right for You

You don’t have to tread the middle ground between an estate plan that’s easy but inherently unsafe and an estate plan that’s expensive and complex. Landskind & Ricaforte Law Group P.C. has spent years helping families in Brooklyn and throughout the New York City area secure their legacies and protect their loved ones from uncertainty.

Our experienced team of estate planning lawyers could:

  • Review your assets, talk through your immediate needs and long-term aspirations, and determine if a joint will would work for your family
  • Help you and your spouse write separate wills that complement one another and do not conflict in their terms and directions
  • Explore alternatives to joint wills, such as a mirror will or revocable living trust
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