You and your partner find it too time-consuming and costly to go through the estate planning process individually. What’s more, you may find that separate estate planning is unnecessary if most of your estate consists of shared marital property, anyway. This is why you may be interested in consolidating and joining your estate planning documents wherever possible. Namely, this may start with creating a joint will. Read on to discover what you should know about a joint will and how a seasoned Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you determine whether or not you and your partner should create one.
What should I know before creating a joint will?
First of all, a joint will is one in which two testators may establish it. So, it may take the separate wills of you and your partner and combine them into a single will. That said, you should know that a joint will works for you and your partner if you are on the same page regarding who inherits your estate upon both of your unfortunate passings. In other words, who your designated beneficiaries are going to be, which of your property and assets each should receive, and the manner in which they should receive them. This is because your joint will is, after all, a single legal document that needs to entail a single list of instructions.
Therefore, you should know that a joint will is a bad idea if you are hesitant with your partner’s wishes in any way. This is because a joint will becomes irrevocable upon the unfortunate passing of one of its testators. So, if your partner sadly passes before you, you may be unable to modify or revoke the terms and conditions of your joint will from that point forward. This leaves you with little to no control over your own property and assets for the rest of your lifetime.
Should I create a mirror will instead?
If you and your partner still want to consolidate your estate planning documents, but fear the permanency of a joint will, then you may sooner consider creating a mirror will. Of note, a mirror will is different in that it is a pair of nearly identical wills rather than a single will. With this, you and your partner may use your respective wills to name one another as your primary beneficiaries, along with listing the same terms and conditions. However, you and your partner may still hold the power to modify or revoke it at any time you deem necessary.
In conclusion, if you believe you need a nudge in the right direction, you should feel comfortable turning to a competent Putnam County estate planning attorney for aid. With that being said, do not hesitate to contact the Law Office of Andres D. Gil, PLLC.