A joint will is a will created by two people, usually a married couple, and outlines the distribution of their assets after both parties have passed away. This type of will can be a convenient option for couples who want to ensure that their assets are distributed according to their joint wishes. Contact an NC estate lawyer to know if this will suit your interests.
There are several key features of a joint will:
- Both parties must sign the will:
In order for a joint will to be valid, both parties must sign the will in the presence of witnesses. This is to ensure that both parties agree on the terms of the will and that there is no question about the document’s authenticity.
- The will must be in writing:
Like any other will, a joint will must be in writing in order to be valid. This means that verbal agreements or promises about the distribution of assets after death are not legally binding.
- The will must be properly executed:
For a joint will to be valid, it must be executed according to the laws of the state in which it was created. This typically involves having the will witnessed by at least two individuals who are not beneficiaries of the will and, in some cases, having the will notarized.
- The will must be revocable:
A joint will can be amended or revoked by either party at any time during their lifetime as long as both parties agree to the changes. This allows couples to change their will as their circumstances or wishes change over time.
- The will cannot be changed without the consent of both parties:
One of the key features of a joint will is that the terms of the will cannot be changed without the consent of both parties. This means that if one party wants to change the will, they must obtain the other party’s agreement before doing so.
Advantages of creating a joint will
There are several potential advantages to creating a joint will:
- Simplicity: A joint will can be a simple and convenient way for couples to outline their wishes for the distribution of their assets after their deaths.
- Cost savings: Because a joint will only require one document, it can be less expensive to create than two separate wills.
- Peace of mind: A joint will can provide couples with the peace of mind that their assets will be distributed according to their joint wishes after their deaths
