Writing a will is a good idea for everyone, but it’s important to make sure that you choose the right kind of document. Our Rockland County lawyers can help you learn about the different types of wills and find the one that suits you, your assets, and your beneficiaries best. A joint will is one option you might want to explore.
How Does a Joint Will Work?
As the name suggests, a joint will has to involve two or more people. This arrangement is commonly used by married couples. When one person passes away, all of their assets go to the second person in the will. Once the surviving spouse passes away, then all of the couple’s property can be passed down to beneficiaries, like the couple’s children and grandchildren. It seems like a rational arrangement that allows the spouse who passes away first to ensure that their partner is provided for after they are gone, but it still allows them to make future plans for their assets.
When Is a Joint Will a Good Fit?
A joint will can be a good fit for couples who have the same ideas about what should be done with their assets once they pass away. We usually would not suggest it for someone with a complicated estate though. It’s also an ideal arrangement if you only have a few beneficiaries. If you have a lot of assets and many loved ones who you want to provide for after you are gone, this type of will may not be the best foundation for an estate plan.
What Problems Could Come Up With a Joint Will?
Another potential issue with a joint will is that it cannot be changed. Once two people agree on the terms, they cannot change. This is true even if life circumstances change. Let’s say a couple agrees to leave everything to their son. The father dies and leaves everything to his wife, but then she has a major fight with her son. She wants to disinherit him, but she cannot do that because of how a joint will works.
You have to be absolutely sure that there will be no need to change your will in the future if you choose this option.
Do I Need an Estate Planning Lawyer?
Writing a will on your own may look easy, but we don’t recommend it. An estate planning lawyer from our firm can write one for you and ensure that it meets all legal requirements. We can also help you with other estate planning needs. Don’t leave a potential legal headache for your relatives by drafting a will that could end up being challenged later.
Contact Our Law Firm
If you’re serious about your estate plan, contact the Lauterbach Law Firm. We can schedule a consultation and tell you more about your options. Ask us any questions that are on your mind and figure out the best way to safeguard your assets.
