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What Is A Mutual Will Agreement

14th October 2021 • By

If you want to leave your estate (or part of it) to your spouse and you want to be sure that after his death, he will include a special gift to your children in his will. Mutual wills are a common estate planning tool. Typically, a couple agrees to leave all or most of their estate to the surviving spouse, who then agrees to give irrevocable gifts to the children. Mutual will is based on an agreement between the spouses that, after the death of one of them, the other will not change his will to overcome their current common intention. The courts explain the doctrine of mutual will as follows: it allows the court to say that the second spouse has broken an agreement and, to be fair, they cannot change the agreed allocation of assets. The recognition of these forms varies considerably from one jurisdiction to another. Some allow both, others will not recognize joint wills, and many have made a presumption that one or both of these forms create a testamentary contract. Most often, parents will prefer and expect that after the death of one of them, the survivor will enjoy the fruits of his labor, and then after the death of the surviving parent, their children (biological, adopted and stepchildren) will collectively enjoy an inheritance. .