Is a Joint Will Right for You? Complete Guide | Truelegacy

Learn what a joint will is, its advantages and limitations, and whether it's the right estate planning option to protect your family's future and assets.

“Why bother with two Wills when we own everything together? It’s easier this way, right?” Many clients come to us wanting to write a Joint Will because all their assets are in joint names and they believe a joint will is the most natural next step.

On the surface, the idea of a single document to reflect a shared life seems logical - and even emotionally satisfying.

But when it comes to succession planning, simplicity on paper can sometimes lead to complexity in practice.

What is a Joint Will?.

A Joint Will is a unified document created by two individuals, typically spouses, outlining how their assets should be distributed after their death.

In most cases, it states that the surviving spouse will inherit everything, and after their passing, the remaining assets will pass to specified beneficiaries, usually children.

A key feature of a Joint Will is that it is a binding agreement between the husband and wife, implying neither of them can alter the Will without the other's approval while both are alive and more importantly, once a partner passes away, the surviving spouse is locked into its terms and cannot change the terms.

Hence, the choice to create a Joint Will should be made with careful consideration of its limitations and the potential effects on the surviving partner's ability to adjust to future changes.

Why some Couples consider a Joint Will.

A few advantages that may attract couples to write a Joint Will are: Simplified Planning and Documentation - Joint Wills combine the succession planning process into a single document for both parties.

This approach can be beneficial for couples sharing the same interests for asset distribution, as it eliminates the need to create and manage separate Wills.

Mutual decisions upheld - With Joint Wills there is a certainty that both partners' wishes will be honoured after one of them passes away as the terms cannot be altered after one spouse passes away.

Cost Effective - Creating a Joint Will is more cost-effective than drafting separate Wills, saving on both the initial creation of the Will and potentially reducing legal costs during estate administration.

Protection for the Surviving Spouse - A Joint Will protects the surviving spouse, ensuring they have the necessary resources and assets to live comfortably before the estate is distributed according to the further terms of the Will.

What are the Disadvantages of a Joint Will?.

Here's why you should think twice before choosing a Joint Will: Limited Flexibility / Control for the Surviving Partner - A major drawback of a Joint Will is its limited flexibility, particularly after one partner's death.

The Will becomes irrevocable upon the death of one partner which also reduces the surviving partner's ability to exercise control over the estate.

This can be problematic as it prevents the surviving partner from modifying it to reflect changes in circumstances, relationships, or preferences such as remarriage, new dependents, altered financial plans, make fair provision for children from previous relationships etc.

Risk of Future Conflicts - A Joint Will is aimed at reducing disputes by clearly outlining both partners' wishes, but it can sometimes cause conflicts among beneficiaries, specifically if circumstances change after the death of the first partner.

Complications in Estate Administration - Joint Will can add complexity to the estate administration process, as the Will must address the distribution of assets after both individuals have passed away.

It may result in legal challenges if Will’s terms become outdated or if there are unclear instructions regarding asset distribution.

Delays in Asset Distribution - A Joint Will typically specifies asset distribution only after both partners have passed away, and it can cause delays in distributing assets to beneficiaries.

Final Thoughts.

A Joint Will may be suitable for couples who: Have fully aligned and unchanging wishes regarding asset distribution.