A mutual Will is a Will written by two people. However, unlike a mirror Will, both parties are in agreement that they will not amend or revoke the Will, even if one of the parties passes away.
What is an example of a mutual will?
For example, Mr and Mrs Smith draw up mutual Wills at the same time, initially leaving their entire estate to each other. Both Wills go on to state that, following the death of the second spouse, all assets will go to their children.
What does a mutual will look like?
The main problem is that there is no real duty imposed upon the survivor to account for the assets of the first die, and if the will is not drafted properly, the trust created on the death of the first to die may include assets later acquired by the survivor which cannot be given to anyone other than the beneficiaries
What are the problems with mutual wills?
Mutual Wills are wills made by spouses or partners at the same time, together with a contract to which they are both parties. In the contract the spouses (or partners) each agree to be legally bound not to change their respective wills without each others consent.
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