Estate planning brings up a number of considerations, such as deciding which beneficiaries will receive certain assets. Moreover, some people may have difficulty determining which type of estate plan is best and we have written about some of their options on our blog. In this post, we will look into joint wills and some of the reasons why this option can be advantageous. As with any kind of estate plan, it is crucial to carefully go over the ins and outs of a joint will before you move forward.
So, what does a joint will entail? Joint wills are executed by two or more people. Often, a married couple will set up a joint will together. When one person passes away, the other person who is still alive will inherit the whole estate. For example, if a husband and wife have a joint will and the husband passes away, his wife will inherit their estate. In the event that the other person passes away, the estate will often go to the children, for example.
There are many things that you may want to consider before setting up a joint will and there may be other types of estate plans that will suit your needs better. For example, some people who have set up a joint will have struggled because they could not change the terms after their spouse passed away. Feel free to take a look at our estate planning section to view more related to joint wills and other options.