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Mutual Wills Package with Last Wills and Testaments for Married Couple with Minor Children - Arkansas

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The document provides detailed instructions for creating mutual wills for a married couple with minor children in Arkansas. It outlines the process of completing the wills, including specific articles that cover personal information, property distribution, appointment of guardians and trustees, and other legal provisions. The document emphasizes the importance of proper execution and notarization to ensure the wills are valid and enforceable.

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What is a joint will or mutual wills?

To clarify, a joint will is different from a mutual will. A joint will is one document signed by two people. A mutual will represents two individual wills that are signed separately, but are largely the same in content.

Do couples have separate wills?

In the legal sense of a last will and testament, you each need to have your own. They can mirror each other, but they must be separate documents.

What is the difference between a joint will and a mutual will?

The Drawbacks of Joint Wills Lack of Flexibility: One of the main issues with joint wills is their inflexibility. Once one spouse passes away, the surviving spouse cannot alter the will. This could pose challenges if circumstances change, such as the birth of new grandchildren or changes in financial status.

What are the disadvantages of a joint will?

However, there are significant disadvantages to mutual wills. First, they heavily restrict a surviving spouses choices. As they cannot validly revoke the mutual will, they are stuck with it for the rest of their life.

What are the disadvantages of a mutual will?

Potential Problems With Irrevocable Joint Wills Today, estate planning lawyers advise against joint wills, and they are now rarely used. Most lawyers will tell you that married couples need separate wills, or they will point you to different types of trusts.