Can I Create a Joint Will with My Spouse?
Are you and your spouse both thinking about making a will and wondering if you can simply create one will that will be effective for both of you? New Jersey law does permit married couples to create a joint will (and only married spouses), but there are important benefits as well as limitations that you should consider before deciding that a joint will is right for you. Our New Jersey estate planning lawyers can provide you with more general information below, but it is critical to discuss your personal circumstances with an attorney before you move forward with a joint will.
What is a Joint Will?
A joint will is a single will — one will — that includes the wishes of two married spouses and is signed by both spouses (and otherwise executed as required under New Jersey law). Unlike individual wills, a joint will is essentially binding — after one of the spouses dies, the terms of the will cannot be altered and are permanent. This is true regardless of how the surviving spouse’s life might change or any unexpected circumstances that may arise.
Joint wills have elements in common with similar wills known as mirror wills or mutual wills, but they are different types of documents.
Benefits of a Joint Will
For some married spouses in New Jersey, a joint will has the benefit of being relatively simple (only one will must be created) when the spouses agree about everything. With a joint will, you and your spouse can decide how you both (essentially as a collective unit) want to have your assets distributed. In addition, a joint will can make legal issues easier for a surviving spouse after the first spouse dies.
Typically, joint wills are only considered seriously by older adults, and sometimes by spouses who do not have children and have no plans to have children in the future (which we will clarify below).
Limitations of a Joint Will
While a joint will does have some benefits, there are also significant limitations that you and your spouse should consider. These types of wills are notoriously inflexible, and as we noted above, they do not account for any unexpected changes in circumstances that arise.
For example, imagine that two spouses create a joint will that leaves all of their assets to their only child. The first spouse dies unexpectedly, and then the second spouse remarries and has another child. That second child cannot be taken into account in the surviving spouse’s will because that spouse is bound to the terms in the joint will.
Contact a Summit, New Jersey Estate Planning Attorney
If you have questions about creating a will in New Jersey — whether you want to learn more about individual wills or a joint will with your spouse — our firm can help you. One of the experienced Summit estate planning attorneys at Dempsey, Dempsey & Sheehan can speak with you today to learn more about your concerns and your needs, and we can begin working with you on your will and other important estate planning documents. Contact us today to find out more about getting started on your estate plan.
Sources:
law.justia.com/codes/new-jersey/title-3b/
law.justia.com/codes/new-jersey/title-3b/section-3b-1-4/
