For many, getting married means intertwining aspects of your life with your spouse. From sharing a last name and children to creating a joint bank account and buying a home, it’s common for you to feel like you share the same life. As such, you and your spouse may consider creating a Joint Will for estate planning purposes. Though this has it’s pros, familiarizing yourself with the cons is critical. If you’re considering this option, it’s important to keep reading and connect with a Medina County, Ohio Will preparation lawyer to explore your options to plan your estate.
How Does a Joint Will Work?
A Joint Will is a type of estate planning document that allows two people, traditionally a married couple, to create one single document acting as a Will for both parties. This works because both spouses will leave all assets to the other upon their passing, and the surviving spouse will leave the assets to their Beneficiaries.
For example, John and Jane create a Joint Will. John passes away first, so all his assets are transferred to Jane. Upon Jane’s passing, the assets she inherited and her own will be passed to their three children, as dictated in the Will.
It’s imperative to understand that the terms and conditions of the Will cannot be changed without the permission of both parties.
What are the Benefits and Disadvantages of This Option?
One of the primary benefits of creating a Joint Will is that it can be simple to create. If you and your spouse are on the same page about how you want to distribute your assets, setting up a Joint Will can be a simple and easier process.
However, it’s important to understand the downside to this option. As mentioned, you cannot change the terms and conditions of a Joint Will without the consent of the other party involved. This means upon the passing of your spouse, you will be unable to make changes to the document. This can be incredibly harmful, especially if the surviving spouse falls on hard financial times and could benefit from selling an asset held in the Will.
Additionally, if the surviving spouse has a falling out with the Beneficiary, that person will still receive the assets held in the Will, even if the surviving spouse no longer speaks to them.
Though there are benefits to creating a Joint Will, there are also drawbacks that must be considered. As such, if you and your spouse are ready to plan your estate, it’s in your best interest to connect with an experienced estate planning attorney to explore your legal options during these times. At Krause Law, we understand how complicated these issues can be, which is why our firm is dedicated to helping you. Connect with us today to learn how we can guide you through creating a Will that reflects your needs.
