What is a Joint Will?

A joint will is a single legal document that covers the assets of more than one person, which in most cases, is a husband and wife.  Given the fact that most husbands and wives will not die at precisely the same time, executing a joint will may not be the best estate planning tool in many situations. 

When Do You Need a Joint Will?

A more common scenario in the case of a married couple is for each spouse to execute a separate will, which leaves all assets to the other spouse, with stated exceptions if one spouse dies first.  In that case, both wills name an alternate beneficiary or beneficiaries in the event that the person’s spouse predeceases him or her.  Whatever type of will a married person executes, however, there are limitations on the power of a testator to completely disinherit his or her spouse in most state estate laws.

Legal Process and Requirements

Basically, a married person cannot disinherit his or her spouse unless a prenuptial agreement or other similar legal document exists that specifically provides that the person can do so.  Likewise, if a spouse does not agree with or prefer the amount of assets left to him or her by a spouse’s will, the spouse, in most states, has the option of electing to take against the will, or exercise a right of election.  In this case, the spouse is entitled to automatically take a certain percentage of his or her deceased spouse’s assets, which can be as much as one-half of the assets, despite any provisions in the testator’s will to the contrary.

Executing a Joint Will

Before executing a joint will, you and your spouse should take the time to learn about all available estate planning options for married couples from an attorney experienced in this area of the law.  You may find that a joint will is not for you, but you will also find a number of other estate planning vehicles that may better fit your specific needs.