A joint Will is a Will that deals with the property of two or more people who make the Will in the one document. It is signed by two people, usually a married couple, leaving all their assets to each other. Seems simple and sensible but it is almost always a bad idea.
The joint Will becomes operative as a separate Will of each person and on the death of each person will be admitted to probate as their Will at the time of death.
Why you may not want a Joint Will?
While good in theory, joint Wills can pose challenges to a surviving spouse. This is especially true when one spouse outlives the other because both spouses must consent in order to make changes to the will.
As long as the two spouses are alive, a joint Will is revocable. That means when one person dies, the other no longer has any way to make changes to the Will. At this point it is considered irrevocable.
The challenge here is that it is difficult to predict how life may change when one spouse outlives the other. Without the flexibility to make changes, a surviving spouse can find themselves in a difficult situation.
It is also possible something happens to beneficiaries, making them unsuitable. One example is where a Will designates an organization as beneficiary, but then it stops operating.
There is no real benefit in making a joint Will and legal practitioners will generally advise against making a joint Will.
If you would like to find out more about your rights and obligations, Straits Lawyers are here to help. Simply send us an email at email@example.com or give us a call on 8410 9069 to arrange an appointment for an interview.
Alternatively if you would like your Will to be drafted, Straits Lawyers are now offering online Will services. To access these services, simply click on the link – https://straits-lawyers.square.site/product/online-will-/1?cs=true
Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.