Mutual Wills refer to a specific type of estate planning tool in which two or more parties (typically spouses or partners) create wills that reflect a mutual intention to dispose of their assets in a predetermined manner upon their deaths.
This arrangement is characterized by the agreement that the terms of the wills will not be changed or revoked after the death of one party, thereby creating a binding commitment to the agreed-upon distribution of assets. Mutual Wills are often utilized to ensure that the surviving party honors the decedent’s wishes regarding the distribution of their shared assets, often to benefit children or other beneficiaries.
In practice, Mutual Wills typically contain provisions that detail how the assets of both parties will be divided after the death of one party. For example, if two spouses have a mutual will stating that upon the death of one, all assets will go to their children, the surviving spouse is generally obliged to abide by this arrangement and cannot alter the will to benefit new heirs or family members that may arise after the first death.
However, the enforceability of Mutual Wills can vary by jurisdiction, and they often necessitate the inclusion of specific legal language to ensure that the mutual agreement is clear and binding. In Texas, where probate laws are particularly nuanced, it’s crucial for parties considering Mutual Wills to consult with an estate planning attorney to ensure that their intentions are properly documented and legally enforceable.
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