A joint will is a legally binding estate planning document that combines the individual, standard wills of two or more parties. There are many valid reasons why two or more parties may want to join forces to establish this type of will. Well, follow along to find out whether you should create a joint will and how a proficient New York City wills attorney at Zimmet Law Group, P.C. can help you make a thoughtful determination.
Who is eligible to create a joint will?
Married couples typically create a joint will. However, any two partners who have made a life-long commitment toward one another may be equally eligible for this type of will. And in the case of wanting to have a joint will with a group of three or more, you may call your parents, siblings, children, or anyone else you trust and with whom you have shared most of your life.
While virtually any two or more parties may qualify for a joint will, it may be best for those who share a majority of their assets. Or, those who have a similar set of beneficiaries in mind. And lastly, those who have simple estates that, when combined, still do not become too complex to handle.
Under what circumstances should I create a joint will?
First of all, creating a joint will may work in your and your partner’s best interests if you are in full like-mindedness over your estate planning goals. That is, if you both wish to pledge your assets to the surviving partner upon one of your unfortunate passings. And then, if you subsequently desire to distribute these assets to the same beneficiaries, and in the same manner, upon the surviving partner’s unfortunate passing. Overall, creating one estate planning document may be simpler and cheaper than two. Further, there may be fewer complications and less room for contention during the probate process if only one will exists.
While a joint will may seem great when you and your partner are both still alive, this may not be the case once reality hits. In other words, once your surviving partner is on their own, they may realize that your agreed-upon terms and conditions are unsustainable. For example, it would have been nice if your surviving spouse could have sold your property to pay for their unforeseen expenses. But because of your joint will, they may be unable to touch it, as it is supposed to go to your shared beneficiary later on. This is all to say that you must understand a joint will is legally binding and irrevocable upon one of your unfortunate passings.
In conclusion, if you still need a nudge in the right direction, you should feel comfortable turning to a talented New York City estate planning attorney. With that being said, do not hesitate to get in touch with Zimmet Law Group, P.C.
