Legal Definitions - conjoint will

A conjoint will, also known as a joint will, is a single legal document created and executed by two or more individuals, typically spouses, to express their mutual wishes regarding the distribution of their property upon their deaths. It outlines a unified plan for how their shared assets, and sometimes their individual assets, will be managed and distributed, often with provisions for the surviving testator and then for ultimate beneficiaries.

Here are some examples illustrating the application of a conjoint will:

• Example 1: Married Couple with Shared Assets

  Maria and Roberto, a married couple, own their home, a joint savings account, and several investment properties together. They have two adult children. They decide to create a single will that specifies that upon the death of the first spouse, all their assets will transfer entirely to the surviving spouse. Then, upon the death of the second spouse, all remaining assets will be divided equally between their two children. They both sign this one document.

  This illustrates a conjoint will because Maria and Roberto have created a single, unified legal document that reflects their shared intentions for the disposition of their jointly owned property, covering the succession plan for both of their deaths.

• Example 2: Blended Family Estate Planning

  Eleanor and Frank, who are in a second marriage, each have children from previous relationships. They also own a vacation home and a significant investment portfolio together. They want to ensure that the surviving spouse is financially secure, and then, upon the death of the second spouse, their combined estate is distributed fairly among all their children from both families. They draft and sign one comprehensive will detailing this specific distribution plan, including provisions for certain heirlooms to go to specific children.

  This scenario demonstrates a conjoint will as Eleanor and Frank have executed a single legal instrument to manage the distribution of their collective assets according to their mutual agreement, addressing the inheritance for beneficiaries from both sides of their blended family.