A joint will is a type of will created by two (or more) people and is typically used by a married couple who wish to merge their individual wills.
This type of will is a single legal document that combines the wishes of both parties, including how they want their estate distributed when they die. Much like a single will, it specifies the testator’s wishes upon death, appoints executors, and names beneficiaries.
These types of wills are not commonly recommended due to their drawbacks, including lack of flexibility and restrictions when the first spouse dies.
In this article, we’ll explore everything you need to know about joint wills, including who they are best suited for, their benefits, and their potential disadvantages.
Who is a Joint Will Suitable For?
Joint wills often leave property, financial assets and personal items to a surviving spouse. Following their death, property and assets can be left to children. If there are no children, the estate will usually pass down to the next of kin.
A joint will is an irrevocable contract, meaning it cannot be changed or revoked without permission from both partners. Upon the death of one spouse, the will cannot be changed by the surviving spouse.
Joint Wills are suitable for two people who want to combine their wishes and plans for their estate. This will type is suited to a couple but can also be made between siblings, friends or business partners.
These wills are not commonly recommended by solicitors due to drawbacks such as restrictions and the irrevocable nature of joint wills. For those wanting more flexibility, options include a mirror will or mutual will.
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What are the Benefits and Drawbacks of a Joint Will?
Below we look at the main benefits and drawbacks of this type of will:
| Benefits | Drawbacks |
|---|---|
| Cost-effective option | Lack of flexibility as the will is irrevocable and modifications cannot be made |
| Passing the estate to a spouse could exempt it from Inheritance Tax (IHT) | A surviving spouse may not be able to sell assets (like a home) for financial support if it has been allocated to a beneficiary |
| Saves time and reduces complexity | Not suited to those with complex estates or circumstances |
| Restrictions of changes can protect the estate from rash decisions | Often not recommended or advised by solicitors |
Joint Wills vs Mirror and Mutual Wills
There can be confusion surrounding wills designed for more than one person. "Joint Wills" is sometimes used to refer to other will types, such as mirror and mutual wills, although all three are will types in their own right.
As we have highlighted, joint wills have limitations when it comes to flexibility and changes. For some couples, an alternative may suit their needs better.
Below we look at mirror and mutual wills and how they compare to joint wills:
Mirror Wills
Mirror wills are almost identical wills that offer flexibility for the surviving spouse. Unlike joint and mutual wills, these can be changed without the consent of the other party. Mirror wills are suitable for couples who have mutual wishes but want to retain individual control.
Mutual Wills
Mutual wills are similar to joint wills, but unlike a joint will, these are separate documents. They are less common than mirror wills as they do not have the same flexibility. However, they are useful for certain circumstances, such as second marriages.
For more information on the different wills available read: Understanding the Different Types of Wills in the UK
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How to Create a Joint Will
When creating a joint will, you must ensure all parties are in agreement over key decisions and intentions. A professional will writer or solicitor can advise you on the process, helping you to tailor your plans to suit the needs of you and your loved ones.
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Below we look at the key steps when creating the will:
Create an Invantory
You should conduct an inventory of your assets to ensure you have included everything in the will. This includes physical items, bank accounts and property.
Decide on Beneficiaries and Executors
Beneficiaries are people (usually children or other family members) who will inherit assets once both parties have passed away. Executors handle the probate process after you die.
Write the Will
When writing the willl, it is vital that it reflects the mutual wishes of both parties. It should be written clearly and not include ambiguities, to reduce the risk of future disputes.
Signing and Witnesses
Once the will has been written, it must be carefully reviewed and signed in the presence of two independent witnesses.
Storing the Will
A solicitor may be able to offer will storage for you. Alternatively, ensure the will is kept in a safe place and that all executors are aware of its location.
Frequently Asked Questions
Can a joint will be changed after one spouse dies?
No, a joint will is irrevocable and cannot be changed after one spouse dies. If you want more flexibility, a mirror will may be a better option. This can be changed individually, including in the event of remarriage or death of a spouse.
What is the cost of a joint will?
According to data from IRN Legal Reports, the average cost of a joint will is £255. The cost will depend on the value and complexity of your estate and whether you use a solicitor or will writing service.
