Legal Definitions - reciprocal will

A reciprocal will refers to a situation where two individuals, often spouses or partners, execute separate wills that contain similar or identical provisions, and are typically made in consideration of each other. Crucially, there is often an underlying agreement, either express or implied, that these wills will not be revoked or altered by the survivor after the first person's death, especially if the beneficiaries are the same. This agreement aims to ensure that the ultimate distribution of assets follows the joint wishes of both individuals, even after one has passed away.

Here are some examples illustrating reciprocal wills:

• Example 1: Married Couple with Children

  David and Lisa, a married couple with two adult children, decide to create their estate plan. They each draft a 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. They also sign a separate contractual agreement confirming that neither will revoke or significantly alter their will after the first spouse dies, ensuring their children ultimately inherit as planned. This arrangement demonstrates reciprocal wills because their individual wills mirror each other's provisions, and they have a binding agreement not to change them after the first death, reflecting their mutual intent for their children's inheritance.

• Example 2: Unmarried Partners and Joint Property

  Sarah and Maria are unmarried partners who jointly own a home and have a shared investment portfolio. They want to ensure that if one of them passes away, the other partner receives full ownership of the home and the entire investment portfolio. They also agree that upon the death of the second partner, all remaining assets should go to a specific animal welfare charity they both support. They each execute a will reflecting these wishes and enter into a written agreement promising not to change their wills after the first partner's death. This is an example of reciprocal wills because their individual wills are structured to benefit each other and then a common ultimate beneficiary, backed by an agreement to maintain those provisions.

• Example 3: Business Partners with Specific Bequests

  Mark and Tom are long-time business partners who co-own a successful small manufacturing company. They want to ensure that if one of them dies, the surviving partner receives the deceased partner's share of the business, allowing the company to continue operating smoothly. They also agree that a specific sum of money from their personal estates should be donated to a local engineering scholarship fund they established together. They each create a will outlining these provisions and sign a formal contract agreeing not to alter these specific bequests related to the business and the scholarship fund after the first partner's death. This illustrates reciprocal wills as their individual wills contain corresponding provisions made in consideration of each other, supported by an agreement to uphold their joint intentions for the business and the scholarship.