IS A JOINT WILL RIGHT FOR YOU?

Many clients come to us wanting to write a Joint Will because all their assets are in joint names, and they believe a Joint Will is the most natural next step.

- CA Sreejith Kuniyil

“Why bother with two Wills when we own everything together? It’s easier this way, right?” they ask.

On the surface, the idea of a single document to reflect a shared life seems logical - and even emotionally satisfying. But when it comes to succession planning, simplicity on paper can sometimes lead to complexity in practice.

What is a Joint Will?

A Joint Will is a unified document created by two individuals, typically spouses, outlining how their assets should be distributed after their death. In most cases, it states that the surviving spouse will inherit everything, and after their passing, the remaining assets will pass to specified beneficiaries, usually children.

A key feature of a Joint Will is that it is a binding agreement between the husband and wife, implying neither of them can alter the Will without the other's approval while both are alive and more importantly, once a partner passes away, the surviving spouse is locked into its terms and cannot change the terms. Hence, the choice to create a Joint Will should be made with careful consideration of its limitations and the potential effects on the surviving partner's ability to adjust to future changes.

Why some couples consider a Joint Will

A few advantages that may attract couples to write a Joint Will are: