Legal Definitions - joint will

A joint will is a single legal document that serves as the last will and testament for two or more individuals, most commonly a married couple. It outlines how their assets, both jointly and individually owned, will be distributed upon the death of the first person, and then how the remaining assets will be distributed upon the death of the survivor.

A distinctive feature of a joint will is that it often becomes irrevocable (cannot be changed) after the death of the first person. This means the surviving individual is legally bound by the terms of the will regarding the ultimate distribution of their combined estate, preventing them from altering the beneficiaries or asset distribution specified in the original joint document.

Here are some examples to illustrate how a joint will works:

• Example 1: Providing for a Spouse and Children

  Maria and Carlos, a married couple with two adult children, own their home jointly and have shared savings. They decide to create a joint will stating that upon the death of the first spouse, all assets will pass to the surviving spouse. Then, upon the death of the second spouse, all remaining assets will be divided equally between their two children. If Carlos passes away first, Maria inherits everything. Because it is a joint will, Maria is then legally obligated to ensure that upon her own death, the combined estate is distributed to their children as originally specified. She cannot later change her mind and disinherit one child or leave a significant portion to a new beneficiary.

• Example 2: Blended Family Estate Planning

  Sarah and David are married, both for the second time. Sarah has a daughter from a previous marriage, and David has a son. They own a vacation home together and each has separate investment accounts. They want to ensure the surviving spouse is financially secure, but also that both their children eventually receive an inheritance. They execute a joint will that stipulates the surviving spouse receives all assets, but with the condition that upon the second spouse's death, the remaining estate is divided, with specific percentages going to Sarah's daughter and David's son. This joint will legally binds the survivor to these terms, preventing them from later altering the distribution to favor only their own child.

• Example 3: Charitable Bequest After Spousal Support

  Robert and Emily, a long-married couple with no children, wish to leave their entire estate to a specific medical research charity after both have passed away. However, they want to ensure the surviving spouse has full access to all assets during their lifetime. They create a joint will stating that the first to die leaves all assets to the survivor, and upon the survivor's death, the entire remaining estate goes to the designated charity. This joint will ensures that even after Robert dies, Emily cannot later change her will to leave the combined estate to a distant relative or a different charity; she is bound by the terms of the joint will to leave it to the specified medical research charity.