Mutual Wills Flashcards
Mutual Wills what are they
Mutual wills are a Will that have been drafted together and are linked to dispose of property on second death in line with joint wishes of the time - Ie Wife leaves all to Husband and when Husband dies it goes to Y. If Wife dies Husband can not change will
Mirror Wills
Husband and wife make separate will but gifts are passed absolutely (unless indicated in trust) have similar content but can be run separately or be changed if one person passes
How mutual Wills work
When T 1 passes will is distributed as per wishes - i.e. all to Husband and when he passes all to kids - but its not given absolutely its essentially given in trust - therefore if Husband takes benefit he must take the consequence i.e. not able to make a separate will to deal with any benefit he received from his wife’s estate. he can however make a separate will to dispose of his half not in trust.
Are mutual wills nesscacry in todays age
No so many other ways to achieve the same goal - such as Trusts/ Tenants in common
When does the trust arise
The trust arises on the first death
What property does the trust affect
All property owned when the 1st t died
Can Survivor dispose of property
Yes Survivor to enjoy the benefit of full ownership and may convert it and expend the proceeds as he wishes but must bequeath what is left in the manor agreed upon.
Can Survivor dispose of property
Yes Survivor to enjoy the benefit of full ownership and may convert it and expend the proceeds as he wishes but must bequeath what is left in the manor agreed upon.
