Joint Will: Definition, Origin, How to Write and Cost

Do you and your partner have shared interests and a common way that you would like to distribute your property after you are gone? A joint will help you achieve these wishes and provide ample satisfaction to the two of you. At LegalPen, we offer online will-writing services and help you draft a professionally written joint will tailored to your needs. Below is all you need to know about a joint will before embarking on this journey.

What is a Joint Will?

A joint will is a legal document made by two or more people, usually partners or married couples that directs how their shared assets will be distributed after they pass on, thus creating a mutual will. You may be wondering: Can a surviving spouse change a joint will? A joint will does not allow room for any adjustments after one party dies, regardless of the circumstances changing, thus ensuring that the initial wishes of the willmakers are upheld even in their absence.

What is the Origin of a Joint Will?

In the English common law, joint wills existed in the 18th and 19th centuries. The motive of the joint will amongst couples or partners was to ensure that their estates were distributed per their mutual wishes after their demise. The joint will was popular as it was seen to protect the interests of the surviving couple and their offspring, as it could not be altered after the death of one party. It has, however, lost its popularity due to its complexity but is still an option worth looking into before deciding the type of will you would like to use.

How to Write a Joint Will?

Writing a joint will is more complicated than an individual will; thus, drafting requires more caution. Below are the steps of how you can write a joint last will and testament that is legally binding:

1. Agree on terms. As this will is between two or more people, the parties must agree on the joint will’s terms. These could include the assets, the beneficiaries, and the percentages each beneficiary gets from the will.
2. Appoint an executor. The parties involved must appoint an executor or executor who will execute the will after your demise.
3. List all the assets. You are to list all the assets to be included in the will. These could be land, real estate properties, businesses, digital assets, and personal belongings such as cars and jewelry. Ensure that the location of all the assets is provided so they can be traced easily when needed.
4. List the beneficiaries. List the beneficiaries by name in the joint will. When you have created a joint will with a spouse, they are likely to be named as the primary beneficiary, followed by the children, if any, and family members and friends who might have been listed in the joint will.
5. Write up the joint will. This is where you now put all the plans and wishes into writing. You must expressly state that it is a joint will that represents the shared wishes of the parties involved in writing it and includes personal information of the parties. Include all the percentages to be inherited by the beneficiaries. You can go ahead and include a clause that states that the joint will is not to be altered in the future after the passing on of one party.
6. Sign the will. Ensure that you and the other party sign the will in front of at least two witnesses, who should sign it afterward. You can consider notarizing your will, which is not a legal requirement but could help add to its authenticity.
7. Store the will. Store the will safely in a place the executor can access when needed. Some places to store your will include a safe and a bank safe deposit.

What is the Cost of a Joint Will?

The average cost of a joint will is $50 – $1500, depending on the method you use to create the joint will and testament. Below are different methods of making a joint will and the corresponding prices:

1. DIY (Do-It-Yourself)

This is the cheapest option, ranging between $50 and $100. Couples who use this method could get the templates online and use them to create their joint will. However, this method could be risky if not drafted to meet all the requirements.

2. Hiring a Lawyer

The method ranges between $500 and $1500, depending on the complexity of your estate. This is the most expensive option and is primarily suitable for people with complicated estates. However, it allows your joint will to be customized to meet your needs and ensures that it meets the legal requirements.

3. Online Will Writing Services

This method costs between $150 and $400, depending on the complexity of your estate. It is an affordable option that allows you to get an online joint will tailored to your needs. A couple’s joint will cost when using LegalPen is $249.

Is Joint Will the Best Type for Married Couples?

No, a joint will is not the best type for most married couples. Joint wills are not flexible, and this could be a challenge for the surviving spouse. In cases where circumstances change, such as the surviving couple’s remarriage, a change in family dynamics, or the acquisition of an additional financial asset, the joint will limit the surviving spouse’s ability to alter the will to accommodate the new dynamics.

What Happens with a Joint Will When One Person Dies?

When one person in a joint will die, the will becomes irrevocable. This means that the remaining spouse must adhere to the terms outlined in the joint account. The remaining person inherits the assets per the stipulated terms when a person dies. However, the surviving person is limited to only distributing the remaining assets per the will’s instructions after their demise. The surviving spouse could face legal complications when attempting to alter the will.

Can a Surviving Spouse Change a Joint Will?

No, a surviving spouse cannot change a joint will. The moment one party involved in drafting the will passes on, the will becomes irrevocable. This means that even when the living circumstances change, such as the remaining couple’s remarriage, the addition of additional family members, or the acquisition of new assets, the surviving couple cannot alter or amend the already existing joint will.

Do Husband and Wife Need Separate Wills?

Yes, husband and wife need separate wills, although other types of wills for married couples could be used, too. Below are some of the reasons why they could need separate wills:

1. Flexibility. Separate will allow the married couple to make decisions independently. This means that if they need to change their will because of changes such as remarriage, addition of new members, or acquisition of a new asset, they can change the will at any time without sticking to what the other spouse wants.
2. Individual needs are met. The partners could have different priorities and wants, which could be an issue when drafting a joint will. However, the individual will allow each person to write the will to fit their wants, which is preferable.
3. Blended families. Blended families are not uncommon today. A spouse could have children from past relationships who are not necessarily the other spouse’s responsibility. A separate will allows the parents of the children to include them in their wills, which helps them be responsible and ensures that the kids are well cared for.
4. Avoid complications. Changing a joint will lead to legal complications for the surviving spouse. However, if one spouse needs to alter their individual will, they are less likely to face any complication as the decision is sorely on them.

Where to Get Joint Will Online Written?

You can get a joint will online written by LegalPen, a will-writing service company that has a diverse group of professionals, including attorneys, legal consultants, and writers who share a vision of making legal services more flexible and accessible. Writing a joint will at LegalPen costs $249, including a healthcare directive, financial power of attorney, HIPAA authorization, and 90 days of free revisions.

Pros of Creating a Joint Will?

Below are some of the advantages of creating a joint last will and testament:

1. Cost-effectiveness. The cost of creating one will is lower than drafting two separate wills, thus reducing the cost incurred in the process.
2. Simple to manage. A joint will is only one document that outlines the wishes of two individuals, which makes it easier to manage than having two separate wills.
3. Prevents disputes. A joint will does not allow will alterations when one party dies, thus ensuring that the original wishes are fulfilled. This helps to reduce conflicts amongst the beneficiaries.
4. Simplified probate process. A joint will could simplify the probate process, as the executor only deals with one will, thus saving time and reducing legal complications.
5. Mutual wishes honored. A joint will ensures that a couple’s or partners’ mutual wishes are fulfilled even after one party’s death.

Cons of Creating a Joint Will?

Below are the cons of creating a joint will:

1. Lack of flexibility. A joint will does not allow the surviving party to change the terms stipulated in the will.
2. Difficult to modify. Even when the two parties are present, a joint will can be complex to amend. This is because the parties must be on the same page regarding the change.
3. Unsuitable for complex estates. A joint will might not be the best option when the family dynamics are not straightforward. Blended families might not be able to address the issues adequately in a joint will.

What are the Three Types of Joint Wills?

Below are three types of wills or estate planning tools that are associated with joint wills:

1. Traditional joint wills.

These are single legal documents created by two or more people, usually married couples. In this will, the parties agree to the same terms for distributing their assets, which become irrevocable once one party dies.

2. Mutual Wills.

Mutual wills are separate wills made by two people who agree not to revoke or change their wills without the other’s consent.

3. Mirror Wills.

Mirror wills are separate but almost similar wills made by each spouse, where each leaves their assets to the other and provides for the same beneficiaries after both have passed away.

What are the Potential Problems of Joint Wills?

Below are the potential problems of joint wills that couples should consider before settling to use it:

1. Irrevocability after one spouse’s death
2. Unsuitability for complex estates
3. Complications in Blended Families

What are the Alternatives to a Joint Will?

There are a few options for a joint will that offer more adaptability and versatility while still tending to estate planning needs:

1. Mirror Wills
2. Mutual Wills
3. Separate Wills

Why Did People Create Joint Wills?

People created joint wills to ensure that their shared intentions for the distribution of their estate were followed after both parties passed away. This was common amongst married who needed to ensure that their resources would be taken care of in a commonly agreed-upon way, preventing the surviving life partner from modifying the estate plan.

What is the Difference Between a Joint Will vs. a Mutual Will?

A joint will is a single document created by couples. The terms of the joint will become irrevocable after one person dies, preventing any modifications by the surviving spouse. On the other hand, mutual wills are separate wills made by each spouse, but with an agreement that none of them will change their will without the other’s consent.

What is the Difference Between a Joint Will vs. a Mirror Will?

The main difference between a joint will and a mirror will is the flexibility of the documents. A joint will is one document made by a married couple, where the terms are irrevocable after one spouse dies, thus preventing the surviving spouse from making changes. On the other hand, mirror wills are two separate but similar documents that each spouse can change individually, even after the other spouse dies.