One of the crucial steps in making an estate plan is establishing a will. What kind of will should you use though? If you are married and you and your spouse agree about what should happen to your assets, a joint will can seem appealing. There are potential drawbacks to this kind of arrangement though, so we recommend that you talk to a Washtenaw County wills attorney about all of your options.
What Does a Joint Will Do?
A joint will seems like a good idea on paper. You and your spouse can write one together and decide what happens to all of your assets once both of you have passed away. Once one spouse dies, the other inherits everything. Once the surviving spouse passes away, your assets are distributed to your family members and other beneficiaries.
Is a Joint Will a Good Idea For Me?
A joint will can work out well for a couple with a few beneficiaries and an estate that’s not too complicated, provided that they agree on everything. If there are no complications, your assets get passed down in the way that you want them to. This arrangement does not always work out well for everyone though.
What Kinds of Complications Could I Face With a Joint Will?
The major issue with a joint will is that it requires both parties to consent to changes. If your spouse passes away and you want to change your will, you’re stuck. Whether you need to sell off property due to unexpected medical expenses or you want to disinherit one of your beneficiaries after a falling out, you are not going to be able to change your will because your deceased partner cannot consent to the changes.
Should I Talk to a Lawyer?
This is part of the reason why we recommend talking to an estate lawyer before you commit to anything. A joint will might work for you and your spouse, but maybe it’s a better idea to explore alternatives with our attorneys first.
A trust can be a great way to pass down assets. There are all sorts of trusts that can be used to provide for loved ones after you pass away. You could even set one up to care for a beloved pet! Trusts also help your family avoid the probate process.
A mirror will is also a useful tool. Like a joint will, your partner and you must agree on the terms of the will. You would each be the primary beneficiaries of each other’s wills. If one of you passes away, the surviving spouse would be able to change their will if needed.
Meet With Our Attorneys
When you’re serious about making a new estate plan, don’t go it alone. Contact Collis, Griffor & Hendra to schedule a consultation with our team. We’ll help you figure out which estate planning tools work best for you and your family.
