Private Trust Services
Mutual Will
A Mutual Will consists of two separate legally binding testamentary document created by two individuals, typically spouses or life partners, to express a reciprocal disposition of their estates.
A mutual will often involves a binding mirror or reciprocal commitment to uphold the mutually agreed-upon terms throughout their lifetimes and beyond.
Notably, these wills are characterized by their interdependence, as changes or amendments usually require the consent of both parties, ensuring a harmonized and enduring testamentary plan that reflects the mutual wishes and intentions of the individuals involved.
Who needs this?
Do you have assets that are jointly owned?
Would you like to have those assets professionally administered for you?
This Will might be for you!
BENEFITS
- Reciprocal Commitment: A Mutual Will reflects a reciprocal commitment between individuals, typically spouses or life partners, providing a legal framework for joint decision-making on asset distribution and other testamentary matters.
- Harmonized Estate Planning: A Mutual Will ensure a harmonized and synchronized estate plan, preventing potential conflicts by establishing clear, mutually agreed-upon instructions for the distribution of assets and appointment of beneficiaries.
- Consistency in Wishes: By creating a Mutual Will, individuals can ensure consistency in expressing their wishes for the disposition of assets, reducing ambiguity and the likelihood of disputes among heirs.
- Efficient Estate Administration: In the event of the death of one of the individuals, a Mutual Will can facilitate more efficient estate administration by providing clear guidance on the distribution of assets and minimizing the potential for legal disputes among surviving family members.
Talk to a trust advisor noW
“For more information regarding setting up a Mutual Will, please contact us today.”
