A mutual will is where two or more persons each agree to execute a separate will disposing of their property in a certain way.
A will details who shall benefit from your possessions and your estate (property) following your death.
Married couples often make wills in substantially similar terms, they agree to leave their property to each other, but on the second death the property generally goes to their children (or otherwise as agreed)
Each will has terms that are usually very identical or similar and confer reciprocal benefits – an example of this would be a husband, wife or civil partner may leave their property to each other with the same provision should the other predecease.
This in itself however is not enough to constitute making a mutual will. An arrangement or agreement to make such wills and not to revoke them without the consent of the other (s) must exist.
Mutual wills are usually made by spouses or civil partners to put in to effect any agreements between them that, in the event of their deaths, they shall each leave their property perhaps to any children of the marriage.
A mutual will can be executed by two or more persons.
It is important to think about what you both wish to include in the mutual will prior to the creation of the wills, it is usually a good idea to consult a solicitor before you begin the writing of the wills.
You will need to consider:
It is important to review your will every five years and after any significant major changes in your life such as getting married or divorced, having a child or buying a new house. Any changes to your will must be made by “codicil” which means an addition, amendment or supplement to your existing will, or by making a new will.
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