When two people get married and are in love with one another, they make decisions that only focus on one another; they really don’t give much thought to what the future might hold. One such decision is a joint will. According to a joint will, both the parties make one single will according to which when one spouse dies, all the property and belonging will belong to the other spouse. When the other spouse dies, all the marital assets will be transferred to the children. There a number of pros of joint will, but when there are pros, there are also a few cons, which means that the couples should learn more about joint leads before deciding to write a joint will. Life can be unexpected; it can prove to be a roller coaster. It can do terrible things to you or make you have amazing experiences. In any case, you should know what you are deciding to do and give it thorough thought.
Pros of a Joint Will
One of the greatest things about a joint will is that it is very simple. It clearly indicates that once you or your spouse passes away, all the assets will belong to the other spouse and later go to your children. You can easily eliminate all doubts or misunderstandings about where your assets will go. No matter if you want your children to inherit the assets or you want a charity to have them all, the will makes sure that the assets go to the right successor. This also ensures that your rightful heir will get the assets under all circumstances.
Cons of a Joint Will
One of the greatest cons to this type of will is that it cannot be altered in case one spouse dies. Since the will is made by two parties, in order to make the slightest of change to it, both parties have to be present. The surviving spouse is stuck with the clauses of the will and under no condition will be able to revoke any clause. The Law of Illinois is very strict in this regard and doesn’t allow any changes to be made to the will in case one spouse dies.
Life can be unexpected at times, and such a will binds you for a lifetime. This doesn’t allow you to pass on inheritance to your stepchildren in case you remarry or give an early inheritance to an adult child in case of a major event such as buying a house, childbirth, or anything like that. It also puts restrictions on you to give inheritance to an adult child who is not doing financially well. A joint will also not allow you to disinherit anything that was initially to be inherited by you.
Hence, a joint will puts you in a tight spot regarding how you want to go ahead in life in case your spouse dies. Married couples should take time and learn more about joint will before they decide to pen down one together.