Many long-married couples assume that they only need one joint will if they plan for the longer-surviving spouse to inherit everything and then, when both are gone, leave everything to their children or maybe a favorite charity.
In fact, joint wills are rarely used anymore and may not even be accepted by the probate court. The key problem with a joint will is that it can only be modified when both spouses are still alive and have the testamentary capacity necessary to make changes. Once one spouse dies or becomes incapacitated, the terms of the will cannot be changed.
Why a will may need to be modified
It’s easy to assume that there would be no reason to modify a simple will with straightforward terms. However, any number of things could change. An adult child who is the future beneficiary of significant assets could fall victim to mental illness, addiction or other circumstances that would make such an inheritance impractical and even dangerous.
Further, one or more laws could change that could invalidate parts of the will. Changes in the law could burden beneficiaries or the estate itself with taxes or other costs that could have been saved with some basic modifications.
How does a reciprocal (“mirror”) will work?
Married couples who want to keep their estate planning simple can create reciprocal or “mirror” wills. These are two separate wills that have identical terms. Typically, they leave all assets initially to the surviving spouse and designate that all assets remaining when that spouse passes away will go to the children and/or other beneficiaries.
If they don’t want their children to wait until both have passed away to inherit anything, they can each designate that when they pass away, the children will get a certain amount or specific assets.
Since each will has only one testator (the person who created it), it can be modified as long as that person is alive or at least has testamentary capacity. If one spouse chooses to modify their will and the other doesn’t, they just won’t be reciprocal wills any longer.
While reciprocal wills may seem relatively uncomplicated, it’s wise to have experienced estate planning guidance when creating them. This can help couples address and protect the unique needs of their family.
