A Mutual Will is when two or
more testators (the legal name given to someone making a Will) make separate
Wills or a Joint Will, and agree to give each other reciprocal benefits. Alternatively, they can agree to confer
benefits to the same named beneficiaries.
For Wills to be mutual, there
must be an express agreement between the two parties that both Wills will
remain irrevocable and unaltered. Normally,
this agreement is incorporated into the Wills so as to avoid confusion and
problems at a later date.
What is the effect of a mutual Will?
If one testator dies, and
the deceased testator had not revoked or altered his Will then the surviving testator
will be bound by the mutual Will. They
will hold the property and assets of the deceased person “in trust”. If they try to revoke or alter their own
Will, they would be committing fraud and a Court would be unlikely to grant
permission for the change to be made.
Are mutual Wills a good idea?
Mutual Wills restrict the
freedom of a testator to deal with his or her property as they wish and for
this reason I advise most of my clients not to make mutual Wills. If tax laws or personal circumstances change there can be legitimate reasons for wishing to change your Will, and not being free to do so can cause problems within families.
By discussing your concerns
or queries with me, I can usually help you to find an alternative way of securing
your wishes without the need for a mutual Will.
If you have questions about
your own questions or wish to make a Will telephone me on 01992 422128 or email
Sharon@gardenhousesolicitors.co.uk
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www.gardenhousesolicitors.co.uk
Tel: 01992 422 128
Email: info@gardenhousesolicitors.co.uk
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
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