If you and your spouse are among the many couples who have retired to Arizona, you may believe that having a joint will is the best choice as you prepare to begin your estate planning. You may jointly own all of your significant assets and have the mutual goal of leaving everything to your children and perhaps some non-profit organizations.
In fact, joint wills are a rarity. The primary drawback is that a joint will requires both spouses’ signatures. If one spouse predeceases the other, becomes incapacitated or no longer has testamentary capacity (for example, due to dementia), the other spouse can’t make any modifications to the document.
That means if there are unanticipated changes in your family structure, your property or tax laws, you can’t adjust your will to take those into consideration. The terms you have codified are set. Further, courts aren’t used to dealing with joint wills, so probate can become complicated for your surviving loved ones even though you likely hoped a joint will would simplify it.
Understanding reciprocal (mirror) wills
Instead of a joint will, estate planning professionals generally recommend that long-married couples with mostly shared assets and goals create reciprocal wills. These are sometimes referred to as “mirror” wills because they essentially mirror one another.
These wills typically state that when one spouse passes away, the other is the sole beneficiary of their assets. When the surviving spouse passes away, their children (or other designated beneficiaries) receive the remaining assets. They may also choose to leave a certain amount directly to their children if they pass away first.
Because each will belongs to and is signed by only the spouse, the surviving spouse is free to make whatever changes they determine are necessary after their husband or wife passes away. They’re also free to make changes to their individual wills while they’re still alive. If they don’t make the same changes, they would no longer be reciprocal wills.
If your goal is to make your estate planning as uncomplicated as possible and to make things simple for your loved ones after you’re gone, reciprocal wills may be the best choice. Of course, it’s wise to look at other options for simplifying things, such as revocable living trusts as well as advance directives and powers of attorney.
Often, a little more time and money spent on estate planning can mean less time spent in court or arguing with family members later on. Whatever your goals are, the best place to start is with individualized estate planning guidance
